Section 7 Purpose of Part II.I1

(1)

This Part deals with the extent to which the parties to a contract to which this Act applies may by reference to contract terms oust or vary the right to statutory interest that would otherwise apply when a qualifying debt created by the contract (in this Part referred to as “the debt”) is not paid.

(2)

This Part applies to contract terms agreed before the debt is created; after that time the parties are free to agree terms dealing with the debt.

(3)

This Part has effect without prejudice to any other ground which may affect the validity of a contract term.

Annotations

Commencement

I1: S. 7 fully in force; s. 7 not in force at Royal Assent see s. 17(2); s. 7 in force for specified purposes: at 1.11.1998 by S.I. 1998/2479, art. 3; at 1.7.1999 by S.I. 1999/1816, art. 3; at 1.9.2000 by S.I. 2000/2225, art. 3(1), Sch.; at 1.11.2000 by S.I. 2000/2740, art. 3(1); S. 7 in force (E. W. NI.) in so far as not already in for ce at 7.8.2002 by S.I. 2002/1673, art. 2; S. 7 in force (S.) in so far as not already in force at 7.8.2002 by S.S.I. 2002/337, art. 2