New blow for the finance industry
There was a new blow to the finance industry announced today, millions of people across the UK may be able to claim money back on loans taken out that have errors on the loan agreements. While this may be good news for a few people struggling to pay loans ,this will mean everyone else will have to cover any shortfall in payments by paying higher rates.
The Consumer Credit Act means that any errors (including the wrong rate or other details) could mean that loans are written off, with many lenders settling out of court rather than fight a losing battle in court
The chances of this happening are higher if loan insurance (PPI premium) was taken out-at least there was some use for PPI!
This is all speculation, but this could be exactly what the average person in the UK does not want, just as the finance industry was starting to get back to something like normality.