Victims of debt take their fight to the courts
Recent changes in the consumer credit act appear to have opened up a potential loophole which could allow thousands of UK borrowers to escape their debts. While there are upwards of 100,000 cases pending across the UK, many of which are being brought by companies offering to wipe out customer debt in exchange for large fees, a selection of senior judges will hear a number of test cases over the coming weeks and months. The outcome of these particular investigations could either open the floodgates or scupper the hopes of many across the UK.
In a rerun of the ongoing banking expenses saga, many people expect this particular subject to roll on for many months and possibly many years. The longer this particular court case drags-on the greater the chance that more and more people across the UK will be pushed over the financial abyss having paid up significant fees to the array of new advisers cropping up around the UK.
The future decision, whatever this may be, by the panel of judges already has the backing of various county courts up and down the country and will carry much sway in the legal profession. Those banking on using this potential loophole may have their hopes dashed although alternatively it could be party time!
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