Payday lender Cash Genie to pay £20m compensation – BBC News

Posted July 27th, 2015 in compensation, complaints, fees, interest, loans, news, unfair commercial practices by sally

‘Payday lender Cash Genie faces a £20m compensation bill after charging customers £50 to transfer them to the firm’s debt collection business.’

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BBC News, 27th July 2015

Source: www.bbc.co.uk

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Unregulated Credit Agreements: When is it safe for a lender to rely upon the business purpose exemption? – 11 Stone Buildings

Posted July 27th, 2015 in consumer credit, loans, news by sally

‘Consumer credit legislation requires lenders to negotiate a minefield of regulation and formalities. Even small errors in form, content or procedure can render a loan contract unenforceable and prevent a lender recovering the sums advanced. In the circumstances it is understandable that the exemptions within the legislation, such as that created by s.16B(1) of the Consumer Credit Act 1974 are often invoked to avoid the rigours of regulation. However, this approach can give rise to new risks as demonstrated in Woolsey v Payne [2015] EWHC 968 (Ch) [2015] All ER (D) 24 (May) and Wood v Capital Bridging Finance Limited [2015] EWCA Civ 451. Sarah Clarke, counsel in Woolsey and Payne, suggests how the lawyers and lenders should modify their approach to this exemption in light of these decisions.’

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11 Stone Buildings, June 2015

Source: www.11sb.com

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Swynson Ltd v Lowick Rose LLP (in liquidation) (formerly Hurst Morrison Thomson LLP) – WLR Daily

Posted June 30th, 2015 in accountants, appeals, contracts, damages, duty of care, law reports, loans, negligence by sally

Swynson Ltd v Lowick Rose LLP (in liquidation) (formerly Hurst Morrison Thomson LLP) [2015] EWCA Civ 629; [2015] WLR (D) 278

‘In a claim resulting from negligent advice the damages were not to be reduced to reflect a repayment to the claimant of debt made pursuant to a refinancing where such transaction, while arising because of the relevant breach of duty, did not arise in the ordinary course of business.’

WLR Daily, 25th June 2015

Source: www.iclr.co.uk

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Record PPI fine for Lloyds knocks 12% off Horta-Osório’s bonus – The Guardian

‘Lloyds Banking Group has docked £350,000 from the bonus of its boss António Horta-Osório after being hit with a £117m fine for unacceptable handling of compensation claims for payment protection insurance.’

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The Guardian, 5th June 2015

Source: www.guardian.co.uk

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Solicitors’ client accounts: whose money is it anyway? – Hardwicke Chambers

Posted April 1st, 2015 in appeals, damages, insolvency, loans, news, solicitors by sally

‘If a potential defendant is insolvent, it is a matter of critical importance to the potential claimant if they are able to assert a proprietary right over money or goods as opposed to a mere personal claim for damages.’

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Hardwicke Chambers, 24th March 2015

Source: www.hardwicke.co.uk

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Carlyle (Appellant) v Royal Bank of Scotland (Respondent) (Scotland) – Supreme Court

Carlyle (Appellant) v Royal Bank of Scotland (Respondent) (Scotland) [2015] UKSC 13 (YouTube)

Supreme Court, 11th March 2015

Source: www.youtube.com/user/UKSupremeCourt

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Tael One Partners Limited (Appellant) v Morgan Stanley & Co International PLC (Respondent) – Supreme Court

Posted March 25th, 2015 in appeals, interest, law reports, loans, Supreme Court by sally

Tael One Partners Limited (Appellant) v Morgan Stanley & Co International PLC (Respondent) [2015] UKSC 12 (YouTube)

Supreme Court, 11th March 2015

Source: www.youtube.com/user/UKSupremeCourt

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Payday lenders still misleading and threatening customers, says FCA – The Guardian

Posted March 11th, 2015 in debts, financial regulation, loans, news by tracey

‘The City regulator has uncovered a litany of unfair practices at payday lenders including sending threatening text messages, pursuing customers for the wrong amount and misleading people about the effect of non-payment on their credit rating.’

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The Guardian, 10th March 2015

Source: www.guardian.co.uk

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The pitfalls of sale and rent back – New Square Chambers

Posted December 3rd, 2014 in fraud, housing, landlord & tenant, loans, mortgages, news, sale of land, Supreme Court by sally

‘The Supreme Court has confirmed the risks of sale and rent back arrangements in Southern Pacific Mortgages Ltd v Scott [2014] UKSC 52. Mrs Scott was the vendor in a sale and rent back. Against her knowledge the purchaser had obtained a mortgage to fund the purchase of her home and defaulted, causing it to be repossessed. She was unsuccessful in arguing that her lease took priority to the mortgage.’

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New Square Chambers, 28th November 2014

Source: www.newsquarechambers.co.uk

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AIB Group (UK) Plc (Appellant) v Mark Redler & Co Solicitors (Respondent) – Supreme Court

Posted November 5th, 2014 in breach of trust, compensation, law reports, loans, mortgages, solicitors, Supreme Court by sally

AIB Group (UK) Plc (Appellant) v Mark Redler & Co Solicitors (Respondent) [2014] UKSC 58 (YouTube)

Supreme Court, 5th November 2014

Source: www.youtube.com/user/UKSupremeCourt

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Avonwick Holdings Ltd v Webinvest Ltd and another – WLR Daily

Avonwick Holdings Ltd v Webinvest Ltd and another: [2014] EWHC 3322 (Ch); [2014] WLR (D) 424

‘Communications made at a time when there was no dispute could not, with retrospective effect, be made subject to the without prejudice privilege by subsequently rasing a dispute.

WLR Daily, 10th October 2014

Source: www.iclr.co.uk

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Causes of action in claims against banks for missold swaps: Bailey Trading v Barclays Bank – Hardwicke Chambers

Posted October 15th, 2014 in banking, financial regulation, interest, loans, news by sally

‘Interest Rate Hedging Products (“IRHP”) are financial products that enable the purchaser to limit their exposure to interest rate movements. They are often purchased at the same time as entering into a loan.’

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Hardwicke Chambers, 19th September 2014

Source: www.hardwicke.co.uk

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Payday lenders should wipe out loans in wake of Wonga ruling, experts say – The Guardian

Posted October 6th, 2014 in claims management, complaints, consumer protection, interest, loans, news by sally

‘Thousands of people who have taken out payday loans from firms other than Wonga should also have their interest and charges wiped out, say consumer and legal experts.’

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The Guardian, 3rd October 2014

Source: www.guardian.co.uk

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CoCos go pop – RPC Commercial Disputes Blog

Posted August 6th, 2014 in financial regulation, interest, loans, news by sally

‘In the wake of the banking crisis, the Financial Services Act 2012 gave the FCA a range of new and enhanced powers with which to pursue its regulatory objectives. Today, it has used – for the first time – one if its shiny new tools; the FCA has issued a Temporary Product Intervention Rule (TPIR).’

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RPC Commercial Disputes Blog, 5th August 2014

Source: www.rpc.co.uk

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Solicitor was ‘employee’ and not partner, High Court rules – Law Society’s Gazette

‘A solicitor has won a High Court battle to prove he was an employee and not a partner at a firm subject to legal action.’

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Law Society’s Gazette, 1st August 2014

Source: www.lawgazette.co.uk

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Wonga chased debt with fake lawyers, says FCA – BBC News

Posted June 25th, 2014 in compensation, debts, loans, news, unfair commercial practices by sally

‘Payday lender Wonga must pay £2.6m in compensation after sending letters from non-existent law firms to customers in arrears.’


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BBC News, 25th June 2014

Source: www.bbc.co.uk

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Last ditch attempt to thwart POCA in the consumer protection field – Six Pump Court

‘The Defendant was convicted of 8 counts of carrying on a consumer credit business without a licence (Section 39 Consumer Credit Act 1974 (“CCA”) ) (“illegal money lending”) and was sent to prison. Birmingham City Council whose team has vast experience in and has conduct of most prosecutions in this area of work applied under Proceeds of Crime Act 2002 (“POCA”) to confiscate the Defendant’s property and in particular a house he had purchased with the proceeds of his business. The case was not a “lifestyle” case.’

Full story (Word)

Six Pump Court, 12th May 2014

Source: www.6pumpcourt.co.uk

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Watchdog to investigate private colleges’ potential misuse of millions – The Guardian

Posted May 23rd, 2014 in education, loans, news, select committees by sally

‘Margaret Hodge calls in audit office after Guardian reveals colleges offer access to loans for students who don’t attend.’

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The Guardian, 22nd May 2014

Source: www.guardian.co.uk

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University tuition fees and discretionary leave to remain – Hardwicke Chambers

‘Recent press coverage1 has highlighted a black hole in the government’s finances concerning student debt. A mis-calculation in the number of graduates who will earn enough to repay their loans has meant that, should the number pass the 48% mark (which appears likely – it is currently at 45%, having already been raised from an initial figure of 28%) the government would have been better off keeping to the £3,000 a year tuition fees regime. Little comfort to those students subject to the £9,000 a year rate of fees, but there is another group of people who view students with access to university loans on any terms as the lucky ones: those with discretionary leave to remain (“DLR”).’

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Hardwicke Chambers, 8th April 2014

Source: www.hardwicke.co.uk

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Oh Mr Ghopee – NearlyLegal

Posted April 23rd, 2014 in appeals, consumer credit, licensing, loans, news, striking out by sally

‘God, we are told, loves a trier. Perhaps fortunately, the Court of Appeal takes a less emollient approach with an unlawful money lender who has been repeatedly featured on this site.’

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NearlyLegal, 23rd April 2014

Source: www.nearlylegal.co.uk

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