Edit: my post was originally in this thread but was subsequently split out into this new/separate thread...
I've seen 93/13/EEC aka S.I. No. 27/1995 - European Communities (Unfair Terms in Consumer Contracts) Regulations, 1995 (with subsequent amendments) mentioned in this thread in relation to possibly unfair clauses in mortgage contracts.
http://www.irishstatutebook.ie/1995/en/si/0027.html
As I mentioned elsewhere in this or another thread I was confident that this legislation rendered the following BoI mortgage contract clause illegal:
I have now helped them to make a complaint to the FSO on this matter but after submitting the complaint I looked more closely at the legislation (caveat - I am not a laywer!) and it seems to me that this (in particular the bit in red) may get BoI and other mortgage/financial service providers off the hook? As such I expect the FSO complaint to also be fruitless but it's in now so I/we will wait and see...
With as little jargon/presumption of legal knowledge as possible please...
I've seen 93/13/EEC aka S.I. No. 27/1995 - European Communities (Unfair Terms in Consumer Contracts) Regulations, 1995 (with subsequent amendments) mentioned in this thread in relation to possibly unfair clauses in mortgage contracts.
http://www.irishstatutebook.ie/1995/en/si/0027.html
As I mentioned elsewhere in this or another thread I was confident that this legislation rendered the following BoI mortgage contract clause illegal:
On this basis I helped somebody to make a complaint to BoI and, not surprisingly, the Final Response letter just arrived rejecting the complaint.6. Variable Interest Rates
(a) Subject to clause 6(c), at all times when a variable interest rate applies to the Loan the interest rate chargeable will vary at the Lender’s discretion upwards or downwards...
I have now helped them to make a complaint to the FSO on this matter but after submitting the complaint I looked more closely at the legislation (caveat - I am not a laywer!) and it seems to me that this (in particular the bit in red) may get BoI and other mortgage/financial service providers off the hook? As such I expect the FSO complaint to also be fruitless but it's in now so I/we will wait and see...
1. Terms which have the object or effect of:
...
( j ) enabling the seller or supplier to alter the terms of the contract unilaterally without a valid reason which is specified in the contract;
...
( l ) providing for the price of goods to be determined at the time of delivery or allowing a seller of goods or supplier of services to increase their price without in both cases giving the consumer the corresponding right to cancel the contract if the final price is too high in relation to the price agreed when the contract was concluded;
...
2. Scope of subparagraphs (g), (j) and (l)
...
( c ) Subparagraphs (g), (j) and (l) do not apply to;
Anybody with more legal knowledge than I have care to comment?— transactions in transferable securities, financial instruments and other products or services where the price is linked to fluctuations in a stock exchange quotation or index or a financial market rate that the seller or supplier does not control;
With as little jargon/presumption of legal knowledge as possible please...
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