Consumers dealt a bitter blow in debt battle
A court in Manchester has today dealt a bitter blow to many financially troubled consumers up and down the UK who have been attempting to wriggle out of their debt repayment obligations. There are over 100,000 similar cases awaiting the courts across the UK which are based purely and simply upon the fact that many banks have lost the original signed documentation relating to loans and debt arrangements. However, the judge in the case this week in Manchester has all but ended this particular escape route.
The judge ruled that only a copy of the original document is required, not the original document itself, thereby blowing a hole in the hopes of many financially troubled UK consumers. The judge ruled that the agreement must only contain the name, address and signature of the borrower together with the time it was completed. Both parties should also receive a copy of documentation although it is up to the bank to provide evidence if court action is required to recover any debts.
While there had been high hopes for consumer battles against the banking industry in 2009, with the overdraft charges debacle another low point for consumers, the year has ended on something of a downbeat note.
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