DIFC 086/2020
Luden Commercial Bank (PJSC) v Lieda
This case involved whether the DIFC Courts had jurisdiction over an outstanding loan and a credit card debt. The court also looked at an interest claim.
Background
The Claimant was Luden Commercial Bank a bank providing financial services including credit cards and personal loans to customers.
The Defendant was an individual customer of the Bank.
The parties entered into a written agreement on 23 January 2017, entitled ‘Luden Lest Personal Loan and Credit Card Application Form'.
On 29 January 2017, following an Application made by the Defendant, the Claimant was approved for the sale of a Lest Personal Loan of 142,000 AED , that was repayable in 48 monthly instalments of 3,683 AE.
On 14 June 2017, the Defendant made a Top-Up on the Personal Loan and the Claimant was granted a new loan number 45467 of 209,000 AED, that was repayable in 48 monthly instalments of 5,396 AED.
The Claimant settled the previous loan and, as per the Top-Up Agreement, the new loan was credited into his account.