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.’

Full Story

The Guardian, 6th August 2020

Source: www.theguardian.com

Three Month Moratorium on Consumer Credit Debts – Henderson Chambers

‘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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

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.’

Full Story

BBC News, 18th December 2019

Source: www.bbc.co.uk

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

‘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.’

Full Story

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.’

Full Story

Law Society's Gazette, 15th November 2019

Source: www.lawgazette.co.uk

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

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

Full Story

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.’

Full Story

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.’

Full Story

Litigation Futures, 15th July 2019

Source: www.litigationfutures.com

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

‘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.’

Full Story

The Guardian, 10th June 2019

Source: www.theguardian.com

HMRC wins ‘unallowable purpose’ case – OUT-LAW.com

Posted May 31st, 2019 in interest, news, taxation by tracey

‘A UK company had an “unallowable purpose” in issuing a promissory note and therefore could not deduct the interest payable to a US group company, the First-tier Tribunal in the UK has decided in a case concerning a company in the Oxford Instruments group.’

Full Story

OUT-LAW.com, 30th May 2019

Source: www.out-law.com

Payday loan complaints reach five year high – BBC News

‘Complaints against payday lenders have soared to a five year high, the industry watchdog has said.’

Full Story

BBC News, 15th May 2019

Source: www.bbc.co.uk

Part 36 offer that included unpleaded counterclaim ruled valid – Litigation Futures

Posted May 8th, 2019 in appeals, construction industry, delay, interest, negligence, news, part 36 offers by tracey

‘A part 36 offer made by a defendant in respect of both a claim and a proposed counterclaim which has yet to be pleaded is valid, the Court of Appeal has ruled.’

Full Story

Litigation Futures, 7th May 2019

Source: www.litigationfutures.com

City watchdog told to review London Capital & Finance collapse – The Guardian

‘Government orders FCA inquiry into £236m scandal surrounding investment firm.’

Full Story

The Guardian, 1st April 2019

Source: www.theguardian.com

Supreme Court: income tax must be deducted from creditor interest – OUT-LAW.com

‘Income tax must be deducted before administrators can pay out statutory interest to the creditors of an insolvent company, the UK’s highest court has confirmed.’

Full Story

OUT-LAW.com, 14th March 2019

Source: www.out-law.com

RBS sued by Newham council over the terms of £150m in loans – The Guardian

Posted February 7th, 2019 in banking, interest, loans, local government, news, time limits by tracey

‘Newham council is suing Royal Bank of Scotland over the terms of about £150m in complex bank loans, making it the latest UK bank to face a lawsuit over lending terms that critics say piled undue pressure on local services.’

Full Story

The Guardian, 6th February 2019

Source: www.theguardian.com