Update on Financial Mis-selling Claims
17 June 2009
We have now successfully insured three cases where the debts, which were governed by the Consumer Credit Act, were unenforceable. All the cases were commenced by three different banks, Co-operative, RBS and Nat West.
Despite defences and counterclaims pointing out that the debts were unenforceable because the Agreements were in breach of prescribed terms under the CCA, the banks took all three cases to the door of the Court and then effectively conceded the position rather than allowing a full hearing to take place or a detailed judgment to be provided.
In the case of RBS, they then refused to pay the defendant’s costs. However the Judge at Leeds County Court ordered them to pay costs whilst observing that the reason that the Bank did not want a reasoned judgment was because of the potential volume of these cases waiting in the wings.
We are still waiting for our first successful financial miss-selling of Payment Protection Insurance but hopefully this can not be too far away.
We remain willing to provide delegated schemes for those firms who can demonstrate the required expertise and investment for this type of litigation.
