NRAM plc v McAdam and another – WLR Daily

NRAM plc v McAdam and another [2015] EWCA Civ 751; [2015] WLR (D) 334

‘In a specific loan agreement, which was the template for agreements between a bank and numerous customers, the protections under section 77A of the Consumer Credit Act 1974 had not been incorporated, and no estoppel arose from the existence of the statutory wording in the agreement. Nor was it possible to treat the borrowers “as if” they had been under the protection provided by the 1974 Act. However, there had been a representation (and contractual warranty) arising from the statement that the loan agreement was a regulated agreement, when it was not, which would have entitled the borrowers to sue for misrepresentation or breach of contractual warranty.’

WLR Daily, 23rd July 2015