Debt decision fires warning shot to credit lenders, says Which
Reacting to todays County Court decision on exorbitant debt...
On the decision to wipe out a consumer debt of over £300,000, Laurence Baxter, Which, said: "As yet the implications of this decision are unclear, but could, potentially, have positive repercussions for those people who find themselves saddled with extreme levels of debt. "The decision also serves to fire a warning shot across the bows of credit lenders charging exorbitant interest rates and may set a positive precedent for consumers. "The case demonstrates the huge problems with consumer debt and how easily it can spiral out of control. Which? has continually campaigned for urgent action to be taken to remedy the confusion surrounding the Consumer Credit Act and the need for its reform. "Although this decision appears to be good for consumers it should not be left to the courts. The Government has to reform the consumer credit laws in order that the unacceptable levels of debt are tackled once and for all." Financial News Feeds provided by OneCompare.com
Date published: 10/29/2004 11:11:15 AM
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