Category: interest

Repayment prevented by sanctions – Law Society’s Gazette

Posted May 30th, 2023 in debts, interest, loans, news, repayment, Russia, sanctions by sally

‘In a novel application of the ancient equitable jurisdiction that protects a debtor’s right to redeem mortgaged property, after a short trial, Mr Justice Green granted Fortenova Grupa’s redemption action against LLC Shushary Holding – a subsidiary of VTB Bank PJSC, sanctioned in the UK, EU and US. The action concerned €1.157bn of senior secured floating rate notes issued by Fortenova and due to mature in September 2023; 38% of the notes were owned by Shushary.’

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Law Society's Gazette, 26th May 2023

Source: www.lawgazette.co.uk

The whistleblowing bankers who were sent to jail – BBC News

Posted March 1st, 2022 in banking, fraud, interest, news, whistleblowers by sally

‘Two traders jailed for rigging interest rates were the original whistleblowers of the scandal, the BBC has learned.’

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BBC News, 1st March 2022

Source: www.bbc.co.uk

No interest on general damages in police actions – UK Police Law Blog

Posted February 23rd, 2021 in damages, interest, news, police by tracey

‘The Court of Appeal has reiterated, in Rees v Commissioner of Police of the Metropolis [2021] EWCA Civ 49, that since non-pecuniary damages in civil claims against the police. e.g. for loss of liberty, or distress and inconvenience, are generally assessed by reference to all matters leading up to the judgment, there will usually be no need for an additional award of interest. A substantial award of exemplary damages – £150,000, split between three claimants, was upheld on the basis that the case had involved an egregious prosecution set in motion by an officer of very senior rank (a Detective Chief Superintendent).’

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UK Police Law Blog, 22nd February 2021

Source: ukpolicelawblog.com

New rules promise clarity on issue of interest in Part 36 offers – Law Society’s Gazette

Posted February 4th, 2021 in amendments, civil procedure rules, interest, news, part 36 offers by sally

‘Legislation to give litigators certainty about the issue of Part 36 offers and interest is to be introduced this spring, the government has announced. The rule change, effective from 6 April, is one of a raft of amendments to the civil procedure rules published yesterday as statutory instruments.’

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Law Society's Gazette, 2nd February 2021

Source: www.lawgazette.co.uk

CA: Judge was wrong not to order all of part 36 enhanced awards – Litigation Futures

Posted November 18th, 2020 in appeals, costs, indemnities, interest, news, part 36 offers, telecommunications by sally

‘Making one of the four enhanced awards of beating a part 36 offer does not “in any way” undermine or lessen entitlement to the others, the Court of Appeal has ruled.’

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Litigation Futures, 18th November 2020

Source: www.litigationfutures.com

SONIA and the ‘Tough Legacy’ of LIBOR – Henderson Chambers

Posted October 30th, 2020 in banking, chambers articles, financial regulation, financial services ombudsman, interest, news, rates by sally

‘At the end of 2021 the London Interbank Offered Rate (LIBOR) will be discontinued. In its place the Financial Conduct Authority is proposing a different rate to become the market standard, the Sterling Overnight Index Average (SONIA). What is the impact of LIBOR’s discontinuance on regulated credit agreements? How might regulated lenders approach a transfer to SONIA? Will the Government legislate to assist with the change?’

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Henderson Chambers, 7th October 2020

Source: www.hendersonchambers.co.uk

Watchdog warns UK high-cost lenders about exploitation – The Guardian

Posted August 7th, 2020 in advertising, complaints, consumer protection, debts, interest, loans, news, ombudsmen by sally

‘The UK’s financial watchdog has warned high-cost lenders about irresponsible repeat lending and exploitative marketing that risks pushing vulnerable borrowers into a cycle of debt.’

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The Guardian, 6th August 2020

Source: www.theguardian.com

Three Month Moratorium on Consumer Credit Debts – Henderson Chambers

Posted April 17th, 2020 in chambers articles, consumer credit, coronavirus, debts, delay, financial regulation, financial services ombudsman, interest, news by sally

‘The Covid-19 crisis has led the Financial Conduct Authority to issue authoritative guidance to consumer credit lenders which will oblige them to grant a three month moratorium on debts and to reduce interest costs.’

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Henderson Chambers, 9th April 2020

Source: 3yf6pp3bqg8c3rycgf1gbn9w-wpengine.netdna-ssl.com

FCA: credit card firms must stop suspending all users in debt spiral – The Guardian

Posted February 4th, 2020 in consumer credit, debts, financial regulation, interest, news by sally

‘Britain’s financial watchdog has warned credit card firms against the blanket suspension of cards of consumers who are stuck in a debt spiral, telling them to reduce or waive interest and other charges instead.’

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The Guardian, 3rd February 2020

Source: www.theguardian.com

Default Interest? That is just under 290% p.a. – KCH Garden Sq

Posted January 22nd, 2020 in interest, loans, news, repossession by sally

‘An interesting part of my work involves advising and appearing in cases in which there are loans from companies that specialise in loans to “distressed borrowers”. I have acted both for and against loan companies in that area of business, and so I have been able to see the issues from both sides.’

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KCH Garden Sq, 16th January 2020

Source: kchgardensquare.co.uk

Part 36 offers made exclusive of interest not valid, Court of Appeal rules – Local Government Lawyer

Posted January 21st, 2020 in civil procedure rules, costs, interest, news, part 36 offers by sally

‘It is not possible to make a valid Part 36 offer exclusive of interest either generally or in the context of detailed assessment proceedings, the Court of Appeal has ruled in a case involving a local authority.’

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Local Government Lawyer, 20th January 2020

Source: www.localgovernmentlawyer.co.uk

Banking litigators eye disputes from LIBOR change – Litigation Futures

Posted January 8th, 2020 in banking, class actions, contracts, interest, news, shareholders by sally

‘The replacement of LIBOR and the growth in class actions are set to come to the fore for banking litigators, according to specialist solicitors.’

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Litigation Futures, 7th January 2020

Source: www.litigationfutures.com

Part 36 offers cannot exclude interest to be valid – Litigation Futures

Posted December 20th, 2019 in appeals, civil procedure rules, costs, interest, news, part 36 offers by tracey

‘Part 36 offers which specifically exclude interest are not valid, the Court of Appeal has ruled – but one of the judges said this should be reconsidered.’

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Litigation Futures, 19th December 2019

Source: www.litigationfutures.com

‘Mortgage prisoners’ sue over ‘unfair’ rates – BBC News

Posted December 18th, 2019 in compensation, interest, mortgages, news by sally

‘Mortgage borrowers “unfairly trapped” on high interest rates when their lenders were nationalised are launching legal action against the companies they say are responsible.’

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BBC News, 18th December 2019

Source: www.bbc.co.uk

Follower notices invalid, says Court of Appeal – OUT-LAW.com

Posted November 15th, 2019 in appeals, HM Revenue & Customs, interest, judicial review, loans, news, striking out, tax avoidance, taxation by tracey

‘The Court of Appeal in England has quashed follower notices issued to a participant in a film partnership on the basis that tax authority HM Revenue & Customs (HMRC) could not have been of the opinion that the judicial ruling they were based on was relevant to the taxpayer’s case.’

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OUT-LAW.com, 14th November 2019

Source: www.pinsentmasons.com

Defendant pays an extra £65,000 after fractional Part 36 defeat – Law Society’s Gazette

Posted November 15th, 2019 in contracts, costs, damages, interest, news, part 36 offers by tracey

‘A losing party has been ordered to pay an extra £65,000 after declining to settle a case over a difference amounting to less than £5,000.’

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Law Society's Gazette, 15th November 2019

Source: www.lawgazette.co.uk

Libor rigging inquiry shut down by Serious Fraud Office – BBC News

Posted October 21st, 2019 in banking, codes of practice, fraud, inquiries, interest, news, public interest, rates, Serious Fraud Office by sally

‘An investigation into the rigging of Libor, the benchmark interest rate that tracks the cost of borrowing cash, has been unexpectedly closed.’

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BBC News, 19th October 2019

Source: www.bbc.co.uk

Wonga customers’ average compensation payout may be just £118 – The Guardian

Posted October 9th, 2019 in administrators, compensation, complaints, debts, interest, loans, news, statistics by sally

‘Customers who were mis-sold loans by the collapsed payday lender Wonga are expected to receive less than 10% of what they are owed in compensation after administrators revealed that only £41m will be put aside for claimants.’

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The Guardian, 9th October 2019

Source: www.theguardian.com

Gauke sets new discount rate at -0.25% – Litigation Futures

Posted July 15th, 2019 in compensation, indexation, insurance, interest, news, personal injuries by tracey

‘Lord Chancellor David Gauke announced this morning that he is to change the personal injury discount rate from -0.75% to -0.25%, a lower figure than was widely anticipated.’

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Litigation Futures, 15th July 2019

Source: www.litigationfutures.com

Payday lenders being ‘bombarded’ by spurious claims – The Guardian

Posted June 10th, 2019 in claims management, compensation, complaints, data protection, debts, fees, interest, loans, news, statistics by sally

‘Compensation claims management firms looking for the next big earner after the PPI scandal have been accused of bombarding the much-criticised payday lending sector with complaints that are often spurious and sometimes without the knowledge of borrowers.’

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The Guardian, 10th June 2019

Source: www.theguardian.com