(1) A consumer or a person acting on the consumer's behalf may apply to the Circuit Court in whose Circuit the consumer resides or in which the agreement was made, for a declaration that the total cost of credit provided for in any agreement is excessive.

(2) Subject to this section, the Circuit Court may decide in any particular case coming before it, by an application under subsection (1), that the total cost of credit provided for in any credit agreement is excessive.

(3) In making the decision referred to in subsection (2) the court shall have regard to all relevant factors including -

(a) interest rates prevailing at the time the agreement was made or, where applicable, interest rates prevailing at any time during the currency of the agreement,

(b) the age, business competence and level of literacy and numeracy of the consumer,

(c) the degree of risk involved for the creditor and the security provided,

(d) the creditor's costs including the cost of collecting repayments, and

(e) the extent of competition for the type of credit concerned.