Credit, Collections & Insolvency News
Motor finance customers are likely to receive less than £950 in compensation after the Financial Conduct Authority (FCA) announced it will consult on an industry-wide compensation scheme. Many motor finance firms were not complying with rules or the law by not providing customers with relevant information about the commission paid by lenders to the…
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The Supreme Court has announced that it will deliver its long-awaited ruling on the motor finance cases this Friday (1st August), which could kickstart one of the country’s largest mass redress schemes. Commenting on the announcement, Brian Nimmo, Head of Redress at Broadstone said “The Supreme Court ruling could kickstart one of the largest mass…
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The Court of Appeal has sided with consumers against banks and lenders in a motor finance test case, ruling that a broker could not lawfully receive a commission from the lender without obtaining the customer’s fully informed consent to the payment. Consumers who complained about ‘secret’ commissions on car loans, in a landmark ruling. Lawyers…
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A new survey by the High Court Enforcement Officers Association (HCEOA) has found the vast majority of court users are calling for greater freedom of choice over how their judgments are enforced with 97% supporting the right to use a High Court enforcement route when recovering money owed to them. The HCEOA says that the…
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