“The Office of Fair Trading is revoking the consumer credit licence of one of the UK’s largest unsecured credit brokers for ‘deceitful and oppressive business practices’. If successful, it will put payday loans broker Yes Loans out of business – but the firm has 28 days to appeal and can continue arranging new loans in that time due to limitations in consumer credit regulations.”
The Guardian, 8th March 2012
Source: www.guardian.co.uk
“Payday lenders should be forced to limit the rolling over of loans, stop allowing customers to switch from one lender to another, and to share information about their customers with other lenders, the business, innovation and skills committee has recommended.”
The Guardian, 7th March 2012
Source: www.guardian.co.uk
“Payday loan companies will come under fresh scrutiny after the Office of Fair Trading (OFT) launched a review of the sector amid concerns some lenders are taking advantage of people in financial difficulty.”
The Guardian, 24th February 2012
Source: www.guardian.co.uk
“Loans between pension schemes are ‘unauthorised payments’ which cannot be used as a way of unlocking pension capital before a scheme member retires, the High Court has ruled.”
OUT-LAW.com, 21st December 2011
Source: www.out-law.com
“Companies that provide expensive, short-term loans to desperate borrowers face tougher regulation by the government.”
The Guardian, 7th December 2011
Source: www.guardian.co.uk
“A 72-year-old ‘toy boy’ faces losing his home after a judge ruled that he must pay back money given to him by his long-term partner before she died, plus a hefty legal bill, because they were not married.”
Daily Telegraph, 4th November 2011
Source: www.telegraph.co.uk
“Parties in complex court cases who are forced to take out loans at a high rate of interest to pay their legal costs can recover the full amount of that interest from the other party in certain circumstances, a court has said.”
OUT-LAW.com, 3rd November 2011
Source: www.out-law.com
“The Office of Fair Trading (OFT) is taking steps to close down a company which claims to process thousands of loan applications a week.”
BBC News, 29th October 2011
Source: www.bbc.co.uk
“The UK government has unveiled plans to give the Scottish Parliament more financial powers. Holyrood will be able to borrow more money, issue bonds to access cash from capital markets and protect itself from sudden changes in spending levels. The powers will be brought forward in an enhanced Scotland Bill, which is already going through Westminster.”
BBC News, 13th June 2011
Source: www.bbc.co.uk
“A decision over whether action should be taken against firms making unsolicited loan offers is due from the fair trading regulator later.”
BBC News, 1st June 2011
Source: www.bbc.co.uk
“At the hearing of a taxpayer’s appeal against a closure notice determining an inquiry into a limited liability partnership’s tax return, the revenue was not confined to relying on the precise reasons for the decision given by the investigating officer in his closure notice.”
WLR Daily, 11th May 2011
Source: www.iclr.co.uk
Please note that once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed
DCC Holdings (UK) Ltd v Revenue and Customs Comrs [2010] UKSC 58; [2010] WLR (D) 333
“When interpreting a deeming provision in a taxing statute it was important not to take the hypothesis further than was warranted. It followed that the deeming provisions in corporation tax legislation on sale and resale ‘repo’ transactions — whereby the parties’ accounts were to be debited and credited on the basis that it was a deemed loan relationship between them — were to be construed so that they reflected the statutory purpose of taxing such transactions on a uniform basis and not so that one party could claim a debit which could be set off against other liabilities.”
WLR Daily, 16th December 2010
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
“Where, in the course of a contractual transaction, a document had been altered unilaterally, and the other party sought to rely on the rule in Pigot’s case in submitting that the underlying transaction was thereby rendered void, it was important to draw a distinction between documents which contained or evidenced the transaction and documents which were required to carry it into effect.”
WLR Daily, 25th November 2010
Source: www.lawreports.co.uk
Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.
“Ministers are to consider capping interest rates as a campaign launches demanding action to stamp out legal loan sharking.”
The Guardian, 2nd August 2010
Source: www.guardian.co.uk
Link Lending Ltd v Hussain and another [2010] EWCA Civ 424; [2010] WLR (D) 103
“A person, who had been taken into psychiatric care under s3 of the Mental Health Act 1983 and had been involuntarily placed elsewhere, was still in actual occupation of her own home under the land registration legislation. Where therefore the owner, lacking legal capacity, had transferred the property to a swindler for no consideration and the swindler had secured a loan on the property from a lender which he had failed to repay, the lender as the registered chargee was not entitled to dispossess her on the ground that she was not in actual occupation of her home.”
WLR Daily, 26th April 2010
Source: www.lawreports.co.uk
Please note once a case has been fully reported on one of the ICLR series the corresponding WLR Daily summary is removed.
“A loan shark who charged an interest rate of more than 8,000,000% has been jailed for eight months.”
BBC News, 8th June 2009
Source: www.bbc.co.uk
“Loan sharks who use violence and intimidation to get money from their clients could soon be prosecuted by an agency tackling illegal lending.”
BBC News, 24th November 2008
Source: www.bbc.co.uk
“An eminent West Country law firm is at the centre of a probe by the legal watchdog into allegations that sub-prime loans may have been mis-sold to farmers.”
The Times, 31st August 2008
Source: www.timesonline.co.uk
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