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Sorry about the header but I wanted to get your attention
& here's why
Important read your T's & C's
PJI (Post Judgment Interest)
Under the CCA 2006 there is provision coming into force 1st October 2008 for creditors to be able to impose full contractual interest post judgment.
There are conditions in that their right to impose this contractual PJI (post judgment interest) must be in the agreements T’s & C’s pre debtor signature and following judgment the creditor must notify the debtor immediately by means of a ‘judgment interest notice’ of their intention to impose this interest after which they must also supply 6 monthly statements. Failure to comply with these conditions will negate their right to impose said interest for the period of failure
The inevitable effect of this will be that most judgment debtors will not only be unable to settle the debt and move on with their lives but it’s also highly probable that the judgment debt will grow like Topsy and within a few years the debtor could lose their home for what was once a relatively small debt of a few thousand pounds
The bank would simply ‘allow’ the debt to grow to a level when it would become cost effective to apply to the courts for payment failing which they could then ask the court for possession and disposal of any property in order to settle what would now be a substantial debt
Once again we have an example of hastily written legislation in which the government have failed completely to consider the longer term consequences on the consumer one of which will almost certainly be an increase in home repossessions and other asset seizer in the not to distant future
Not only have they now, at the further behest of the banks, removed the protection of section 127 of the CCA 1974 which in itself offered the consumer considerable protection against the mendacity and greed of lenders but they have now also allowed the banks to sway them into implementing into statute what is considered by many to be bad law written in the matter of OFT – v - First National Bank
No doubt, something for the government to be proud of in what appears to be a desperate quest to protect the finance industry whatever the cost to the consumer.
& here's whyImportant read your T's & C's
PJI (Post Judgment Interest)
Under the CCA 2006 there is provision coming into force 1st October 2008 for creditors to be able to impose full contractual interest post judgment.
There are conditions in that their right to impose this contractual PJI (post judgment interest) must be in the agreements T’s & C’s pre debtor signature and following judgment the creditor must notify the debtor immediately by means of a ‘judgment interest notice’ of their intention to impose this interest after which they must also supply 6 monthly statements. Failure to comply with these conditions will negate their right to impose said interest for the period of failure
The inevitable effect of this will be that most judgment debtors will not only be unable to settle the debt and move on with their lives but it’s also highly probable that the judgment debt will grow like Topsy and within a few years the debtor could lose their home for what was once a relatively small debt of a few thousand pounds
The bank would simply ‘allow’ the debt to grow to a level when it would become cost effective to apply to the courts for payment failing which they could then ask the court for possession and disposal of any property in order to settle what would now be a substantial debt
Once again we have an example of hastily written legislation in which the government have failed completely to consider the longer term consequences on the consumer one of which will almost certainly be an increase in home repossessions and other asset seizer in the not to distant future
Not only have they now, at the further behest of the banks, removed the protection of section 127 of the CCA 1974 which in itself offered the consumer considerable protection against the mendacity and greed of lenders but they have now also allowed the banks to sway them into implementing into statute what is considered by many to be bad law written in the matter of OFT – v - First National Bank
No doubt, something for the government to be proud of in what appears to be a desperate quest to protect the finance industry whatever the cost to the consumer.
