Consumer Credit Act 1995

Power of court to re-open credit agreement where charge is excessive.

48

48.(1) Where the Circuit Court has decided by virtue of section 47, that the total cost of credit is excessive, it may re-open the credit agreement so as to do justice between the parties and may decide to do any one or more of the following:

(a) relieve the consumer from payment of any sum in excess of the sum adjudged by the court to be fairly due in respect of such total cost of credit;

(b) set aside, either wholly or in part the agreement against the consumer;

(c) revise or alter the terms of the agreement; or

(d) order the repayment to the consumer of the whole or part of any sums paid.

(2) Where an agreement to which subsection (1) relates is a F85[high cost credit agreement] the court may also order the F86[Bank] to revoke, suspend or alter the F85[high cost credit provider’s licence] of the holder concerned either immediately or as from such date as the court may decide.

Annotations

Amendments:

F85

Substituted (14.11.2022) by Consumer Credit (Amendment) Act 2022 (13/2022), s. 15(1) and sch. 1 part 1 item 6, S.I. No. 575 of 2022.

F86

Substituted (1.05.2003) by Central Bank and Financial Services Authority of Ireland Act 2003 (12/2003), s. 35(1) and sch. 1 part 21 item 15, S.I. No. 160 of 2003, subject to transitional provision in s. 36 and sch. 3 para. 20(1).