Landmark UK decision for consumers who have debt
In a landmark decision that is being hailed by consumer rights bodies, a Liverpool County Court has wiped out a couples debt of £384 000 which had spiralled out of control from an original loan of less than £6 000 taken out 15 years ago.
Tony and Michelle Meadows, from Southport, Merseyside, faced losing their home after they were taken to court for failing to keep up repayments on the loan which had an annual percentage rate of 34.9%, reports The Scotsman. But Judge Nigel Howarth dismissed the claim brought by London North Securities. I know an extortionate agreement when I see one and this is one of them, he said. Full report in The Scotsman