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1.2 million pound debt successfully written off
Around £1.2million in debt has been successfully written off after Stephensons Solicitors LLP challenged the validity of hundreds of loans owned by Go Debt Ltd.
Stephensons has recently settled more than 150 cases on behalf of clients who had taken out loans ranging between £1,500 and £20,000, the majority of which were to purchase cars.
Many of the clients were facing bankruptcy or county court judgments (CCJs), all of which have now been settled or withdrawn. Some clients had already been made bankrupt and in these cases Stephensons has been able to annul them and cancel the debt.
Liam Waine, Consumer law Partner at Stephensons Solicitors LLP, explains: “This is a fantastic result which has taken almost four years of hard work to bring all of them to a successful conclusion. I am delighted that our group of 150 clients no longer have to face the daily debt nightmare hanging over them.
“Many of our clients initially took out loans with a company called Yes Car Credit, which went out of business several years ago. Yes Car’s debts were then sold on to various companies including Go Debt Ltd who began legal proceedings to recover the loans.”
Among the clients who have been helped is Gary King from Wrexham, who had a £10,000 debt written off after he came to Stephensons for assistance when Go Debt obtained a CCJ against him. After securing the CCJ, they then sought to place a Charging Order on Gary’s property so that his home would have to be sold to service the debt.
Stephensons successfully proved that the credit agreement did not comply with the Consumer Credit Act and it was not valid. Not only was his debt cancelled, but the Charging Order was removed from his property and the CCJ was set aside.
Leon Benfield, from Swindon, faced a similar predicament after his Yes Car loan was sold on to Go Debt Ltd. In Leon’s case Go Debt opted to try to make him bankrupt, as he owed them £6,000. They issued a Statutory Demand for the complete debt, which if left unpaid after 21 days would result in Go Debt being able to petition the Court to issue bankruptcy proceedings.
Leon represented himself at first and asked the Court to set aside the Statutory Demand but they found in Go Debt’s favour and the lender also added on their legal costs, bringing the total he now owed to almost £7,000.
Drowning in debt, Leon turned to Stephensons who examined the credit agreement and found it to be unenforceable. Go Debt were forced to cancel the debt and set aside the Statutory Demand.
Liam Waine adds: “People suffering in debt, with Court proceedings started against them, may feel they have no way out. But they could be able to stop these proceedings if they seek the advice of a specialist solicitor as soon as possible.
“Challenging the enforceability of consumer credit agreements is very complex and technical and requires technical legal knowledge and advice.
“These cases are typical of the hundreds of people we help each year to manage their finances in a much better way.”
Liam Waine and the Consumer law team at Stephensons have been helping people across the UK get out of debt for more than 13 years. The firm is nationally-recognised in challenging unfair consumer credit agreements.
opcorn:1.2 million pound debt successfully written off
Around £1.2million in debt has been successfully written off after Stephensons Solicitors LLP challenged the validity of hundreds of loans owned by Go Debt Ltd.
Stephensons has recently settled more than 150 cases on behalf of clients who had taken out loans ranging between £1,500 and £20,000, the majority of which were to purchase cars.
Many of the clients were facing bankruptcy or county court judgments (CCJs), all of which have now been settled or withdrawn. Some clients had already been made bankrupt and in these cases Stephensons has been able to annul them and cancel the debt.
Liam Waine, Consumer law Partner at Stephensons Solicitors LLP, explains: “This is a fantastic result which has taken almost four years of hard work to bring all of them to a successful conclusion. I am delighted that our group of 150 clients no longer have to face the daily debt nightmare hanging over them.
“Many of our clients initially took out loans with a company called Yes Car Credit, which went out of business several years ago. Yes Car’s debts were then sold on to various companies including Go Debt Ltd who began legal proceedings to recover the loans.”
Among the clients who have been helped is Gary King from Wrexham, who had a £10,000 debt written off after he came to Stephensons for assistance when Go Debt obtained a CCJ against him. After securing the CCJ, they then sought to place a Charging Order on Gary’s property so that his home would have to be sold to service the debt.
Stephensons successfully proved that the credit agreement did not comply with the Consumer Credit Act and it was not valid. Not only was his debt cancelled, but the Charging Order was removed from his property and the CCJ was set aside.
Leon Benfield, from Swindon, faced a similar predicament after his Yes Car loan was sold on to Go Debt Ltd. In Leon’s case Go Debt opted to try to make him bankrupt, as he owed them £6,000. They issued a Statutory Demand for the complete debt, which if left unpaid after 21 days would result in Go Debt being able to petition the Court to issue bankruptcy proceedings.
Leon represented himself at first and asked the Court to set aside the Statutory Demand but they found in Go Debt’s favour and the lender also added on their legal costs, bringing the total he now owed to almost £7,000.
Drowning in debt, Leon turned to Stephensons who examined the credit agreement and found it to be unenforceable. Go Debt were forced to cancel the debt and set aside the Statutory Demand.
Liam Waine adds: “People suffering in debt, with Court proceedings started against them, may feel they have no way out. But they could be able to stop these proceedings if they seek the advice of a specialist solicitor as soon as possible.
“Challenging the enforceability of consumer credit agreements is very complex and technical and requires technical legal knowledge and advice.
“These cases are typical of the hundreds of people we help each year to manage their finances in a much better way.”
Liam Waine and the Consumer law team at Stephensons have been helping people across the UK get out of debt for more than 13 years. The firm is nationally-recognised in challenging unfair consumer credit agreements.
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