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

Couple must repay £10.4 million after ripping off struggling firms to live high life on yachts – Crown Prosecution Service

Posted September 13th, 2019 in assets recovery, banking, bankruptcy, fraud, loans, news, proceeds of crime by tracey

‘A couple who made a fortune bankrupting companies to fund their lavish lifestyle have today been ordered to repay more than £10million.’

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Crown Prosecution Service, 12th September 2019

Source: www.cps.gov.uk

Failure to attend trial “means more than turning up late” – Litigation Futures

Posted September 5th, 2019 in appeals, civil procedure rules, debts, delay, loans, news, striking out, trials by tracey

‘The High Court has set aside an order made by a recorder striking out a claim because the claimants were two hours late for a trial in Cornwall.’

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Litigation Futures, 5th September 2019

Source: www.litigationfutures.com

Defamation and church discipline: Otuo – Law and Religion UK

‘In Otuo v Watch Tower Bible and Tract Society of Britain [2019] EWHC 1349 (QB), Mr Otuo had been “disfellowshipped” by the Jehovah’s Witnesses and an announcement to that effect had been made at a meeting of the Wimbledon Congregation [1 & 2]. Further, during a meeting at which he sought to be reinstated, he had recorded surreptitiously one of those present making what he alleged to be a defamatory statement.’

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Law and Religion UK, 20th June 2019

Source: www.lawandreligionuk.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.’

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The Guardian, 10th June 2019

Source: www.theguardian.com

Tribunal confirms surcharge on pension liberation scheme user – OUT-LAW.com

Posted May 30th, 2019 in HM Revenue & Customs, loans, news, penalties, pensions, taxation by tracey

‘An unauthorised payment surcharge imposed on an individual who participated in a pension liberation scheme was confirmed by the tax tribunal as it said the individual had not acted reasonably in entering into the scheme.’

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OUT-LAW.com, 29th May 2019

Source: www.out-law.com

Solicitor’s “atrocious” conduct over child contact case condemned – Legal Futures

‘The Solicitors Disciplinary Tribunal (SDT) has struck off a solicitor whose conduct in a sensitive child contact case it described as “atrocious”.’

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Legal Futures, 16th May 2019

Source: www.legalfutures.co.uk

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.’

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BBC News, 15th May 2019

Source: www.bbc.co.uk

Law firm insolvencies hit new high amid ‘loan stacking’ warning – Legal Futures

Posted April 10th, 2019 in debts, insolvency, law firms, loans, news, statistics by sally

‘The number of insolvencies among solicitors’ firms reached a new high last year, Insolvency Service figures have shown, and a funder has warned that the practice of ‘loan stacking’ will only make things worse.’

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Legal Futures, 10th April 2019

Source: www.legalfutures.co.uk

FCA to focus on affordability and culture in regulation of consumer credit – OUT-LAW.com

Posted March 27th, 2019 in banking, consumer credit, financial regulation, loans, news by sally

‘The UK’s Financial Conduct Authority (FCA) has set out its priorities for the future regulation of the consumer credit sector, including the impact of the Senior Managers and Certification Regime (SMCR).’

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OUT-LAW.com, 27th 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.’

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The Guardian, 6th February 2019

Source: www.theguardian.com

Howard Grossman: Northampton Town ‘missing millions’ developer banned – BBC News

Posted February 5th, 2019 in accounts, company directors, fiduciary duty, insolvency, loans, news, sport by tracey

‘A property developer has been banned from running companies for 10 years after failing to provide accounting records to explain more than £5m missing from a football club loan.’

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BBC News, 5th February 2019

Source: www.bbc.co.uk

Repatriation fees for forced marriage victims abolished – The Guardian

Posted January 10th, 2019 in fees, forced marriages, loans, news, victims by sally

‘The Foreign Office has bowed to public outrage and dropped its requirement for victims of forced marriage to pay sometimes crippling fees to cover the cost of their repatriation.’

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The Guardian, 9th January 2019

Source: www.theguardian.com

Payday loan firm accused over ‘cynical Christmas ad’ – The Guardian

Posted January 9th, 2019 in advertising, loans, news, select committees by sally

‘The chair of the Commons business select committee has demanded the financial regulator take action against the payday loan firm Provident, after it “cynically” advertised 535% APR loans over the Christmas period.’

Could student loans ruling mean the system is redesigned? – BBC News

Posted December 18th, 2018 in education, loans, news, universities by sally

‘An announcement on Monday could affect the future of the student loans system.’

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BBC News, 16th December 2018

Source: www.bbc.co.uk

Tycoon Vijay Mallya can be extradited to India, UK judge rules – The Guardian

Posted December 11th, 2018 in airlines, banking, debts, extradition, fraud, loans, news by sally

‘Vijay Mallya, the multimillionaire former owner of the Force India Formula One team and self-proclaimed “King of the Good Times”, can be extradited to India to face allegations of fraud.’

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The Guardian, 10th December 2018

Source: www.theguardian.com

Council wins Court of Appeal battle over stadium and state aid – Local Government Lawyer

‘Coventry City Council has won a Court of Appeal case in the latest round of a four-year long litigation saga over the city’s sports stadium the Ricoh Arena.’

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Local Government Lawyer, 15th October 2018

Source: www.localgovernmentlawyer.co.uk

Financial Remedies and Divorce Update, September 2018 – Family Law Week

‘Rose-Marie Drury, Senior Associate, Mills & Reeve LLP analyses the news and case law relating to financial remedies and divorce during August 2018.’

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Family Law Week, 6th September 2018

Source: www.familylawweek.co.uk

UK loan-based crowdfunding platforms face tighter regulation – OUT-LAW.com

Posted July 31st, 2018 in consumer protection, financial regulation, loans, news by sally

‘The largest loan-based crowdfunding platforms operating in the UK could be required to establish “an independent compliance function” and “independent risk and internal audit functions”, according to new rules proposed by the Financial Conduct Authority (FCA).’

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OUT-LAW.com, 31st July 2018

Source: www.out-law.com

Lenders court new controversy over misleading loan rates – The Independent

Posted June 8th, 2018 in advertising, consumer protection, interest, loans, news by sally

‘UK consumers are paying millions more than they expect for personal loans as the gap between advertised and actual interest rates on such borrowing grows.’

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The Independent, 7th June 2018

Source: www.independent.co.uk