Q&As

Are time orders under section 129 of the Consumer Credit Act 1974 (CCA 1974) an available remedy for all Regulated Mortgage Contracts (RMCs) because of the effect of CCA 1974, s 126(2)?

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Published by a LexisNexis Financial Services expert
Published on: 30 August 2022
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A debtor under a regulated consumer credit agreement, a consumer hire agreement or a Regulated Mortgage Contract (RMC) may be granted more time by the court to repay a debt, if the court considers it just to make such an order. This protection enables the court, if it is just to do so, to redraw the terms of an agreement to reasonably reflect the customer’s ability to repay the debt within a reasonable period. The court’s discretion is based on balancing the interests of the firm and the customer.

The time order provisions

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United Kingdom
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