Raging Bull,
Nobody seems to be mentioning the elephant in the room, that been the unfair term in schedule 3(p) in S.I. 27/1995. Schedule 3 of S.I. 27/1995 gives a list of various unfair terms that a court may interpret as being unfair, this is an indicative but non exhaustive list. Term schedule 3(p) states
" Giving the seller or supplier the possibility of transferring his rights or obligations under the contract where this may serve to reduce the guarantees for the consumer, without the laters agreement."
Consumers would do well to look at this schedule especially in light of recent sales of loan books to vulture funds. I know the Government is planning legislation in the new year to plug this dreadful reduction in consumer protection. If a consumers mortgage loan was sold to one of the early arrival vulture funds and they have changed interest rates or instigated legal proceedings for possession, a High court Judge may well be entitled to the view that the actual transfer of the loan was an unfair term, thus unbinding the consumer from the contract with the new owner of the loan.
Financial Crusader