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Paragon Finance v Nash [2002]

Facts

  • Interest rate of loan not reduces with Bank of England Rate
  • Couldn’t afford repayments

Issue

  • Could house be repossessed? Unreasonable term allowing variation of interest rate?

Decision

  • Repossession allowed, UCTA not applicable

Reasoning

  • The interest rate is independent of the contractual performance, therefore UCTA doesn’t apply and not grossly exorbitant
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