Credit card protection compensation package set to total £1.3bn – The Guardian

Posted August 22nd, 2013 in banking, compensation, consumer credit, financial regulation, insurance, news by sally

“Around 7 million people are set to share up to £1.3bn in compensation after 13 high street banks and credit card companies agreed to offer redress for mis-sold credit card and identity theft protection.”

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The Guardian, 22nd August 2013

Source: www.guardian.co.uk

£5m compensation for 1,000 who had holiday from hell – Daily Telegraph

Posted July 19th, 2013 in compensation, consumer credit, holidays, insurance, news by sally

“Around 1,000 holidaymakers will share a total pot of £5m from First Choice, Thomas Cook and My Travel after a “holiday from hell” court case concluded.”

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Daily Telegraph, 18th July 2013

Source: www.telegraph.co.uk

Crackdown on payday loans advertising – The Guardian

Posted July 2nd, 2013 in advertising, consumer credit, financial regulation, news, young persons by sally

“A crackdown on payday loan advertising is on the cards following a summit between regulators, ministers and lenders to address concerns over widespread problems in the sector.”

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The Guardian, 1st July 2013

Source: www.guardian.co.uk

Will Article 6 come to the rescue after the legal aid reforms? – UK Human Rights Blog

“The absence of legal representation for defendants to an action for debt who contended they could not speak English resulted in the High Court granting an application that the trial be adjourned for a second time. The judgment is a good example of the interaction of Article 6 ECHR (right to a fair trial) with the Civil Procedure Rules (CPR).”

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UK Human Rights Blog, 26th June 2013

Source: www.ukhumanrightsblog.com

Payday loans industry to face competition inquiry – BBC News

Posted June 27th, 2013 in competition, consumer credit, consumer protection, inquiries, loans, news by sally

“The Office of Fair Trading (OFT) has referred the payday lending industry to the Competition Commission because of concerns about ‘deep-rooted problems with the way competition works’.”

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BBC News, 27th June 2013

Source: www.bbc.co.uk

SDT rulings send out warning to law firms over relationships with debt recovery companies – Legal Futures

“Law firms must not allow arrangements with debt recovery companies to compromise their independence, the Solicitors Regulation Authority (SRA) has warned, after two solicitors were fined heavily for allowing litigation to be carried out in their name.”

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Legal Futures, 17th June 2013

Source: www.legalfutures.co.uk

Interesting times – New Law Journal

Posted May 14th, 2013 in agreements, consumer credit, costs, interest, law firms, loans, news by sally

“In Jeffrey Jones v SoS for Energy and Climate Change [2012] EWHC 2936 (QB) the High Court considered the use of credit agreements between a law firm and its clients.”

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New Law Journal, 13th May 2013

Source: www.newlawjournal.co.uk

Excessive credit card surcharges outlawed – The Guardian

Posted April 8th, 2013 in consumer credit, consumer protection, fees, financial regulation, news by sally

“A ban that comes into force on Saturday will ensure that payment surcharges reflect the actual cost of processing the payment.”

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The Guardian, 6th April 2013

Source: www.guardian.co.uk

BIS issues guidance on what costs can be passed to consumers through payment surcharges – OUT-LAW.com

Posted April 5th, 2013 in consumer credit, consumer protection, costs, news, regulations by sally

“The Government has issued guidance that sets out the kind of costs businesses incur that they are legitimately able to claim back through payment surcharging under new rules set to come into force this weekend.”

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OUT-LAW.com, 5th April 2013

Source: www.out-law.com

Payday lender shut down by OFT over identity fraud – The Guardian

Posted March 19th, 2013 in consumer credit, identity fraud, loans, news by tracey

“Payday lender MCO Capital has been shut down by the Office of Fair Trading, after it failed to stop fraudsters taking out loans using more than 7,000 stolen identities.”

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The Guardian, 19th March 2013

Source: www.guardian.co.uk

VFS Financial Services Ltd v JF Plant Tyres Ltd – WLR Daily

Posted March 8th, 2013 in consumer credit, debts, law reports by tracey

VFS Financial Services Ltd v JF Plant Tyres Ltd: [2013] EWHC 346 (QB);   [2013] WLR (D)  91

“A ‘disposition’ of goods for the purposes of section 29(1) of the Hire-Purchase Act 1964 was limited to a transaction where the goods had been transferred for money.”

WLR Daily, 26th February 2013

Source: www.iclr.co.uk

Payday lenders face advertising restrictions – The Guardian

Posted March 6th, 2013 in advertising, consumer credit, consumer protection, loans, news, regulations by sally

“Ministers are to announce a clampdown on adverts for payday loans, but have rejected a cap on the cost of loans despite a report due to be published on Wednesday from the Office of Fair Trading showing widespread malpractice across the controversial industry.”

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The Guardian, 6th March 2013

Source: www.guardian.co.uk

Santander UK plc v Harrison and another – WLR Daily

Posted February 21st, 2013 in banking, consumer credit, law reports, loans, mortgages by sally

Santander UK plc v Harrison and another [2013] EWHC 199 (QB); [2013] WLR (D) 67

“The rescheduling of a mortgage agreement did not amount to providing credit ‘in the form of a cash loan’ for the purposes of article 4(1) of the Consumer Credit Act 2006 (Commencement No 4 and Transitional Provisions) Order 2008.”

WLR Daily, 7th February 2013

Source: www.iclr.co.uk

Court of Appeal gives judgment on credit reference agencies and accuracy of personal data – Panopticon

Posted February 21st, 2013 in appeals, consumer credit, data protection, defamation, loans, news by sally

“The fourth data protection principle requires that ‘personal data shall be accurate and, where necessary, kept up to date’. It does not, however ‘impose an absolute and unqualified obligation on [data controllers] to ensure the entire accuracy of the data they maintain. Questions of reasonableness arise in the application of the fourth principle, as paragraph 7 of Part II of Schedule I spells out.’ This statement by Davis LJ (at para. 80) encapsulates the case of Smeaton v Equifax plc [2013] EWCA Civ 108, in which the Court of Appeal handed down judgment today.”

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Panopticon, 20th February 2013

Source: www.panopticonblog.com

What a tangled web… – NearlyLegal

Posted February 18th, 2013 in company directors, consumer credit, loans, news, tribunals, winding up by sally

“Since our post on Barons Finance Limited, we’ve heard various things about the property and landlord related activities of Barons Finance and assorted other companies under the control of Dharam Prakash Gopee. As it appears that Mr Gopee has on at least one occasion continued to pursue proceedings (including appearing in the appeal permission in the last post) for Barons Finance Limited, despite the company having been wound up and a liquidator having been appointed by the Court, we hope this post might be of use for people acting for Defendants in possession proceedings, duty scheme advisers and hopefully members of the judiciary who are unaware of the relevant court decisions and orders.”

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NearlyLegal, 17th February 2013

Source: www.nearlylegal.co.uk

Amazon Marketplace purchases not covered by Consumer Credit Act – The Guardian

“If you pay Amazon and it passes the money on to the retailer, a loophole could leave you without redress.”

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The Guardian, 19th January 2013

Source: www.guardian.co.uk

Payday loan firms warned over lending and debt collection – BBC News

Posted November 20th, 2012 in consumer credit, consumer protection, debts, news, reports by sally

“The payday loan industry has been warned to improve the way it lends money and collects debts, or face sanctions.”

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BBC News, 20th November 2012

Source: www.bbc.co.uk

OFT sets out details of its new power to suspend consumer credit licenses – OUT-LAW.com

Posted October 26th, 2012 in bills, consultations, consumer credit, consumer protection, licensing, news by tracey

“Consumer watchdog the Office of Fair Trading (OFT) has set out details of how it intends to use a new power which will allow it to suspend the licenses of rogue lenders with immediate effect in some circumstances.”

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OUT-LAW.com, 24th October 2012

Source: www.out-law.com

Link Financial Ltd v Jones – WLR Daily

Posted August 24th, 2012 in assignment, consumer credit, debts, law reports by sally

Link Financial Ltd v Jones [2012] EWHC 2402 (QB); [2012] WLR (D) 251

“A legal assignee of the debt due under a regulated consumer credit agreement which had given notice of the assignment to the debtor was a “creditor” within the meaning of section 189 of the Consumer Credit Act 1974 and entitled to bring proceedings to recover the debt.”

WLR Daily, 22nd August 2012

Source: www.iclr.co.uk

OFT to get immediate powers to close rogue lenders – The Guardian

Posted July 20th, 2012 in consumer credit, consumer protection, news by tracey

“The Office of Fair Trading will be able to clamp down on rogue companies by suspending or revoking their consumer credit licences with immediate effect under new legislation announced by the government.”

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The Guardian, 19th July 2012

Source: www.guardian.co.uk