Director General of Fair Trading vs First National Bank

[Paul.]

http://www.publications.parliament.u...025/fair-1.htm

This case deals with claims for post judgment interest.

Paragraph 6 of the judgment of Lord Bingham of Cornhill sets out the position clearly, i do not think i will need to say anything more than that,

[Never-In-Doubt]

Re: Director General of Fair Trading vs First National Bank

Para 6:

****6. Thus a lender under a regulated credit agreement who obtains judgment against a defaulting borrower in the county court will be entitled to recover the principal outstanding at the date of judgment and interest accrued up to that date but will not be entitled to an order for statutory interest after that date, and even if the court had power to award statutory post-judgment interest it could not do so, in any case where an instalment order had been made, unless there had been a default in the due payment of any instalment. The lender may recover post-judgment interest only if he has the benefit of an independent covenant by the borrower entitling him to recover such interest. There is nothing to preclude inclusion of such a covenant in a regulated credit agreement, unless it falls foul of the fairness requirement in the regulations.