Update ‘archaic’ laws to protect used car buyers, says Law Commission – The Guardian

Posted September 12th, 2016 in consumer credit, Law Commission, legislation, loans, news, repossession by sally

‘Anyone buying a secondhand car privately is in danger of having it repossessed without warning by finance companies under “archaic” Victorian legislation, the Law Commission has warned.’

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The Guardian, 12th September 2016

Source: www.guardian.co.uk

Does a judge have to consider Article 8 in possession proceedings brought by a private landlord? – UK Human Rights Blog

‘Fiona McDonald was a private sector tenant. The landlords were her parents who had purchased the property by obtaining a secured loan from a private company. They fell into arrears of the monthly payments, and the company sought possession pursuant to a s.21(4) Housing Act 1988 (‘HA 1988’) notice. The arrears were not substantial, but they had persisted for some time.’

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UK Human Rights Blog, 25th August 2016

Source: www.ukhumanrightsblog.com

High Court: part 36 offer meant party could not accept earlier ‘without prejudice’ offer – Litigation Futures

‘The High Court has ruled that a claimant’s part 36 offer was a counter-offer, meaning that an earlier common law offer by the defendants no longer remained open for acceptance.’

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Litigation futures, 15th July 2016

Source: www.litigationfutures.com

City watchdog battles to ban ‘reckless’ payday lender – Daily Telegraph

Posted July 15th, 2016 in financial regulation, loans, news, unfair commercial practices by tracey

‘The City watchdog faces a legal battle in its attempts to ban a payday lender from the industry, as financier Andrew Barry Hart fights claims he “took a reckless approach” to lending and “failed to address unfair business practices”.’

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Daily Telegraph, 14th July 2016

Source: www.telegraph.co.uk

Court of Appeal: lender entitled to recover full refinancing loan in negligent property valuation case – OUT-LAW.com

Posted July 8th, 2016 in appeals, banking, insurance, loans, negligence, news, surveyors, valuation by sally

‘A lender was entitled to recover the full amount of a refinancing loan it granted after relying on a negligent property valuation, and not just the ‘top-up’ funding, the Court of Appeal has ruled.’

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OUT-LAW.com, 6th July 2016

Source: www.out-law.com

State aid ruling will help inform future investment of public funds, say experts – OUT-LAW.com

Posted May 25th, 2016 in appeals, competition, EC law, loans, local government, news, sport, state aids by sally

‘A recent ruling by the Court of Appeal in London will help public bodies invest public funds into business ventures without breaching state aid rules.’

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OUT-LAW.com, 23rd May 2016

Source: www.out-law.com

Judges reject state aid challenge to £14.4m council loan to stadium operator – Local Government Lawyer

Posted May 17th, 2016 in appeals, loans, local government, news by sally

‘The Court of Appeal has dismissed a judicial review challenge to Coventry City Council’s decision to lend £14.4m to ACL, a company which operates the Ricoh Arena.’

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Local Government Lawyer, 17th May 2016

Source: www.localgovernmentlawyer.co.uk

Crackdown on student loan repayment avoiders – BBC News

Posted February 12th, 2016 in education, loans, news, prosecutions by sally

‘Graduates in England and Wales who fail to repay their student loan in time could be prosecuted, ministers warn.’

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BBC News, 11th February 2016

Source: www.bbc.co.uk

Martin Lewis begins legal challenge over quiet student loans change – Daily Telegraph

Posted December 15th, 2015 in loans, news, repayment by sally

‘Campaigner Martin Lewis has engaged lawyers to investigate whether the Government has acted illegally in asking students to repay more.’

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Daily Telegraph, 14th December 2015

Source: www.telegraph.co.uk

Dickinson and another v UK Acorn Finance Ltd – WLR Daily

Dickinson and another v UK Acorn Finance Ltd [2015] EWCA Civ 1194; [2015] WLR (D) 479

‘The fact that a loan the subject of litigation was rendered unenforceable by statute did not mean that a judge was not entitled to determine whether it would be an abuse of process for a party to proceed with its submission that it would be an abuse of process for another party to be permitted to proceed with its claim which was founded on that loan.’

WLR Daily, 25th November 2015

Source: www.iclr.co.uk

Teenager killed himself hours after Wonga cleared out his account – The Guardian

‘A disabled teenager killed himself on the same day that the payday loans company Wonga cleared out his bank account, it has been revealed.’
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The Guardian, 25th September 2015

Source: www.guardian.co.uk

NUS begins legal action to prevent government scrapping maintenance grants – The Guardian

Posted September 25th, 2015 in budgets, education, equality, loans, news, trade unions, universities by sally

‘The National Union of Students has begun legal action to prevent the government scrapping maintenance grants.’

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The Guardian, 23rd September 2015

Source: www.guardian.co.uk

Solicitor who forged client’s signature on witness statement struck off – Legal Futures

‘A solicitor who forged his client’s signature on a witness statement has been struck off, even though the client himself expressed surprise that disciplinary action had been taken.’

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Legal Futures, 24th September 2015

Source: www.legalfutures.co.uk

Is equity release still a dirty word? – BBC News

Posted September 21st, 2015 in interest, loans, mortgages, news by sally

‘Whether you’re considering a cruise, a new kitchen, or just giving money to the children, the thought of liberating that cash from the value of your house is enticing.’

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BBC News, 19th September 2015

Source: www.bbc.co.uk

Unfair law fails to protect logbook loan consumers – Law Commission

‘Logbook loan borrowers have too little protection – and those who unwittingly buy cars subject to logbook loans have none at all. Today the Law Commission opens a consultation to reform the archaic law underlying logbook loans – the “Bills of Sale Acts” – which remains unchanged since Victorian times.’

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Law Commission, 9th Spetember 2015

Source: www.justice.gov.uk/lawcommission

Unfair (banking/credit) Relationships – Relief under Sections 140A–140D of the Consumer Credit Act 1974 – No. 5 Chambers

Posted September 7th, 2015 in banking, consumer credit, judiciary, loans, news, unfair contract terms by sally

‘Under sections 140A-140D of the Consumer Credit Act 1974 credit transactions may be re-opened as a matter of judicial discretion. These wide judicial powers were added to the Act in 2006 (and came into force on 6 April 2007) in substitution of the previous, more limited, “extortionate credit bargains” regime which had routinely failed to provide an effective remedy to borrowers and guarantors seeking to challenge the terms of their agreement with the lender.’

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No. 5 Chambers, 3rd September 2015

Source: www.no5.com

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

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

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

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