The CCA 1974 gives the court power to reopen a credit agreement and take
action if it finds that a credit agreement is extortionate. A ‘bargain’ is defined as
extortionate when payments imposed on the debtor are grossly exorbitant or
grossly contravene the ordinary principles of fair dealing. The court will take
into account the prevailing interest, age, capacity and experience of the hirer/
debtor. In considering whether the agreement is extortionate, the court must
also consider the degree of risk accepted by the creditor and the nature and
value of the security. The court can rewrite the agreement or set aside the
contract. They do, however, seem to be reluctant to intervene on some
occasions.