Charges for Credit under the Consumer Credit (Agreements) Regulations 1983: Guidance from the Supreme Court

    July 2010

    The Supreme Court yesterday handed down its opinion on the borrowers' appeal against the Court of Appeal's judgment. In short, the issue before the Supreme Court was whether a regulated consumer credit agreement correctly recorded the amount of credit for the purposes of the Consumer Credit Act 1974 (the "CCA 1974"), the Consumer Credit (Total Charge for Credit) Regulations 1980 (the "CCTCCR 1980") and the Consumer Credit (Agreements) Regulations 1983 (the "CCAR 1983"). Lenders will be pleased to note that the Supreme Court dismissed the appeal and agreed with the Court of Appeal that the agreement was wholly enforceable.