Consumer Credit Act, 1995

Power of court to re-open credit agreement where charge is excessive.

48.—(1) Where the Circuit Court has decided by virtue of section 47 , that the total cost of credit is excessive, it may re-open the credit agreement so as to do justice between the parties and may decide to do any one or more of the following:

(a) relieve the consumer from payment of any sum in excess of the sum adjudged by the court to be fairly due in respect of such total cost of credit;

(b) set aside, either wholly or in part the agreement against the consumer;

(c) revise or alter the terms of the agreement; or

(d) order the repayment to the consumer of the whole or part of any sums paid.

(2) Where an agreement to which subsection (1) relates is a moneylending agreement the court may also order the Director to revoke, suspend or alter the moneylending licence of the holder concerned either immediately or as from such date as the court may decide.