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Test cases to impact credit industry - 09/10/2009
Five financial consumer claims cases will go before the High Court as test cases, in a move that will lead to decisions binding on all county courts.
The decision to hear the test cases came after counsel acting on behalf of Cartel Client Review, a financial claims management company, persuaded Manchester County Court to take five of its cases to a preliminary hearing on 30 November. Justice Waksman then decided that these five cases will be selected as test cases and treated as High Court decisions.
Decisions emerging from the test cases will have a profound impact on banks, financial claims companies and consumers.
Carl Wright, chief executive of Cartel Client Review, said: "This is a momentous decision as the banks and the credit card companies have tried desperately hard to avoid fighting any test cases, which they cannot avoid any longer."
This decision to hear test cases was precipitated by Justice Holman at an earlier case management hearing where it became clear that the courts had decided to take a firm stand to ensure that banks and credit card companies are forced to settle claims rather than using the courts needlessly.
Wright added: "We have been fighting the banks and credit card companies for two years on behalf of consumers, achieving settlements across many of the areas which will be judged at the test case preliminary hearings.
"Our clients will be able to bring financial claims against banks and credit card companies, without the prolonged delays they have had to endure to date. Justice will be delivered to all Cartel clients who have had to wait for far too long. We welcome both the initiative and the decision by the courts to determine some of the legal arguments used by Cartel in the area of consumer financial claims."
Wright added that clients can be unaware of exactly how they have been disadvantaged and therefore unable to seek redress. He said it is important that all consumers ensure that their credit agreements are checked by a reputable company free of charge before proceeding.
He said: "The test cases starting on 30 November will ensure that all UK consumers are made aware of their rights and what claims management companies can do to help them."
Test cases to impact credit industry - 09/10/2009
Five financial consumer claims cases will go before the High Court as test cases, in a move that will lead to decisions binding on all county courts.
The decision to hear the test cases came after counsel acting on behalf of Cartel Client Review, a financial claims management company, persuaded Manchester County Court to take five of its cases to a preliminary hearing on 30 November. Justice Waksman then decided that these five cases will be selected as test cases and treated as High Court decisions.
Decisions emerging from the test cases will have a profound impact on banks, financial claims companies and consumers.
Carl Wright, chief executive of Cartel Client Review, said: "This is a momentous decision as the banks and the credit card companies have tried desperately hard to avoid fighting any test cases, which they cannot avoid any longer."
This decision to hear test cases was precipitated by Justice Holman at an earlier case management hearing where it became clear that the courts had decided to take a firm stand to ensure that banks and credit card companies are forced to settle claims rather than using the courts needlessly.
Wright added: "We have been fighting the banks and credit card companies for two years on behalf of consumers, achieving settlements across many of the areas which will be judged at the test case preliminary hearings.
"Our clients will be able to bring financial claims against banks and credit card companies, without the prolonged delays they have had to endure to date. Justice will be delivered to all Cartel clients who have had to wait for far too long. We welcome both the initiative and the decision by the courts to determine some of the legal arguments used by Cartel in the area of consumer financial claims."
Wright added that clients can be unaware of exactly how they have been disadvantaged and therefore unable to seek redress. He said it is important that all consumers ensure that their credit agreements are checked by a reputable company free of charge before proceeding.
He said: "The test cases starting on 30 November will ensure that all UK consumers are made aware of their rights and what claims management companies can do to help them."
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