what if . . . ?

[kingscounsel]

Parliament repealed the unfair terms law insofar as it is applicable to banks both at common law and otherwise . . . ?

 

Now that's a thought isn't it?

[MondeoST24]

Even if that happened would it not be retrospective, i.e. the old law would apply to anything before the new law came in?

[BankFodder]

The most likely scenario to my mind is that the limitation period for contract actions will be reduced to three years. The banks may be waiting for this.

[simonjohn]

The most likely scenario to my mind is that the limitation period for contract actions will be reduced to three years. The banks may be waiting for this.

 

Well if that happens, then it should have a knock on effect in reducing the default notice period to three years also.

After all, default notices are issued for breach of contract.

[BankFodder]

Yes it should - but it won't, will it.

[BankFodder]

I have a feeling that it is 3 years in most of the EU

[simonjohn]

Yes it should - but it won't, will it.

 

I would imagine that if they change the limitation period to 3 years then it will have to be heard before the house of lords

 

Now under contract law (simple contract) a party has 6 years to bring a legal action for breach of contract, which is why a default notice is set for 6 years and not 10 years.

 

Now if the limitation period is changed to 3 years then there would have to be a fundemental change to simple contract law, of which, default notices are a part of and any change would have to be equitible, which I am sure how the house of lords would view it.

[BankFodder]

I hae me doots

[kingscounsel]

This topic was closed on 03/06/19.

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