The appeal in NRAM Plc v (1) Jeffrey Patrick McAdam (2) Ann Hartley has been heard this week by the Court of Appeal.  NRAM is appealing against the decision handed down in December 2014 which stated that on a proper construction of a loan agreement, the lender and the borrower had agreed that an unregulated credit agreement would be treated as if it were a regulated agreement, thereby giving rise to significant additional rights for the borrower.