""Certainty" means "that which is certain" or "absolutely determined, regular, fixed, sure to happen, ... reliable, unerring ...".
The Act which the Consumer Credit Act replaced, the Moneylenders and Infants Loan Act, by stating that a loan contract, in s.22, "... shall show ... (2) ... (d) the total amount of the interest to be paid",
complied with the common law requirement of "certainty of terms". The Consumer Credit Act is in breach of common law.
The Consumer Credit Act says that a loan contract (s.35 (1) (d)) shall include "where,
at the relevant date, it is possible to express the whole of the credit charge as an amount of money, a statement of the total of: (i) the credit charge; and (ii) the amount financed;" and "(e) a statement of the APR
(annual percentage rate) in accordance with section 37". Section 37 (b) (ii) refers to "the percentage rate determined according to the method set out in Schedule 6 ... (etc.) ... whichever the credit provider
determines". In s.75, and spread thoughout the Act, the concept of "Variation of contract" is indoctrinated.
(Section 12 describes what "credit charge" means in 36 lines and cross-references to
Section 59 and Schedule 1. Schedule 6 says "the annual percentage rate may be determined in accordance with the formula: 2NF (300C + NF) divided by 2N squared + 300C (N + 1) where "F" is an amount determined in
accordance with the formula: 100C x T divided by N x A.)"
The Consumer Credit Act is 130+ pages of legal gobbledegook and a miriad of cross-references designed to confuse and repel anyone wanting to examine it.
"A course of legal proceedings according to the rules and principles that have been established in a system of jurisprudence for the enforcement and protection of private rights
... If a law may reasonably be deemed to promote the public welfare and the means selected bear a reasonable relationship to the legitimate public interest, then the law has met the due process standard". (Encyc. Brit.).
The Consumer Credit Act meets none of these criteria but sacrifices them in favour of the banks.
From that time on the borrower has been at the mercy of the lender and been denied any right of appeal when the interest rates
rose "from 5 per cent to 22 per cent" (to quote one example).
Prohibition of Compound Interest:
Another notable feature of the Moneylenders and Infants Loans Act (section 28) is that if the loan contract "provides directly or indirectly for (a) the payment of compound
interest; or (b) any increase of interest by reason of any default" then the contract "shall be illegal".
The Result of Corrupt Legislation:
Quote 1, from the Sun-Herald, 18/9/94, p.3: "In the New England area a recent survey estimated 80 per cent of
farmers had less than 20 pc equity in their farms, making four out of five farmers in the area highly vulnerable to losing their homes. I see what it does to families, it's terrible the divorce, the break-ups and the
Quote 2, from Michael Clough (State Member for Bathurst): "Case No. 6 concerns a Commonwealth Bank customer who borrowed $530,000 and then had two bad seasons. He has paid back $715,000 plus
$70,000 in overdraft, but still owes $1,239,000 surely an indictment against the Commonwealth Bank. Case No. 7 ... In this case the State Bank has been charging interest on interest ..."
Quote 3, from Jeanine McRae
of the Union of Farmers: "It is quite common for a farmer to have paid for his farm two and three times over the last ten years and still owe more than he originally borrowed."
By manipulating interest rates,
the banks can take advantage of and obtain money from innocent clients to pay for bad debts incurred by the failures of other enterprises and other loans.
The Consumer Credit Act was Assented to before the Moneylenders
and Infants Loans Act was repealed and all by the Labour Government under Mr. Neville Wran.
You cannot fool all the people all the time. Justice must be restored and the Liberal Party must show that it is truly a
government of, by and for the people.
The Consumer Credit Act must be REPEALED and, as a first step, interest rates on existing loans must be FROZEN immediately!
Written by J. Wilson, Liberal Party Membership No. 07-217-2170149