(1) A high cost credit provider shall not make or attempt to make an agreement with a borrower who has borrowed or intends to borrow credit from that high cost credit provider for any -
(a) sum,
(b) account of costs,
(c) charges,
(d) collection charges, or
(e) expenses,
incidental to or relating to the negotiations for, or the granting of, the loan.
(2) If any sum is paid by a borrower who has borrowed or intends to borrow credit from a high cost credit provider for or on account of such costs, charges or expenses that sum shall be recoverable as a debt due to the borrower, or in the event of the loan being completed, shall, if not so recovered, be set off against the amount actually lent and that amount shall be deemed to be reduced accordingly.