It is thought that 50% of Finance Agreements may be flawed!

When I first heard that figure being mentioned it sounded outrageous, unbelievable that the finance industry could leave themselves open to court action on such a large scale. My source to coin a phrase ‘worked on the inside’ and had read a document that made these allegations. Then people in the know started to talk about finance companies putting money to one side to pay off the claims, billions of pounds.

 

We all watched for the past few years as the claims for bank charges happened, the banks were not willing to go to court for fear that they would lose a court case and then the flood gates would have opened. They were able to control the situation by paying out claims and saying that it was a good will gesture.  It’s happened The Office of Fair Trading took the banks to court last year; we all wait with baited breath as the courts decide.

 

So the moral of todays blog is where there is smoke there is a fire. Over the last five years various people have been going to court and proving their finance agreements and the Terms & Conditions to be invalid and unenforceable. Follow this link for the story http://youtube.com/watch?v=iDsEzSkk1sk

 

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~ by creditcardscleared on June 10, 2008.