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A dentist in the Sydney suburb of North Rocks is facing charges for public mischief after refusing to make mortgage repayments on grounds his variable interest rate was unlawful.
The dentist had his property repossessed in September last year when he decided not to make repayments after his commitments rose from $2600 to around $4000 per month, The Daily Telegraph reported yesterday.
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Mr Wilson argued that according to the Magna Carter – the English legal charter dating back to 1215 – variable interest rates could not be legally binding because all contracts must provide “certainty”, which variable interest rates did not.
Unfortunately for Mr Wilson his bank didn’t agree with his reasoning and repossessed the property – which Mr Wilson then reported as stolen. He has since been charged with public mischief and trespassing and will face court on May 20.
