Dramatic court action against 8 UK banks

Switch

cheeky wrote:

And what if he isnt sucessful??

Huge legal bill along with damages as well i'm sure.

I take my hat off to him, but I would not like to be wearing a pair of his shoes if he loses.

davilown

Switch wrote:

Huge legal bill along with damages as well i'm sure.

I take my hat off to him, but I would not like to be wearing a pair of his shoes if he loses.

don't know anything about the block behind it but he has to be able to repay the losses etc - if he has no or little money at the mo then even if he loses he won't lose very much - no court is going to award multimillion pound legal bills and damages against someone who has no money.

beer monster

Switch

davilown wrote:

don't know anything about the block behind it but he has to be able to repay the losses etc - if he has no or little money at the mo then even if he loses he won't lose very much - no court is going to award multimillion pound legal bills and damages against someone who has no money.

beer monster

I agree with you, but the losses could be huge in terms of an Order being made to sell any assets to contribute towards the legal bill. This would of course include but not limited too his home if in his name of course and assuming a home is owned.

I don't think the banks would hesitate in taking him to the cleaners for every penny they could including the sale of all his assets.

Thats of course if he were to lose, which I very much doubt.

davilown

Switch wrote:

I agree with you, but the losses could be huge in terms of an Order being made to sell any assets to contribute towards the legal bill. This would of course include but not limited too his home if in his name of course and assuming a home is owned.

I don't think the banks would hesitate in taking him to the cleaners for every penny they could including the sale of all his assets.

Thats of course if he were to lose, which I very much doubt.

Sod it - I'm willing to give him some money towards his fight - it may not be much but I'm sure any will help

beer monster

dchurch24

Stephen doesn't own a home, thankfully.

Turning_into_scrooge

To be entering into such a high risk area then he must either be truley dedicated, which i'm sure he is or really feel he is in with a good chance of winning. One thing i certainly do NOT think he is and that is stupid as i am sure he will of researched this thouraghly. I wish him all the luck in the world, has anyone come forward to back him? or has he sought backing at all?

exil

He might have borrowed money from a bank to fund the court case....

inmypocketnottheirs

exil wrote:

He might have borrowed money from a bank to fund the court case....

:rotfl: :rotfl: :rotfl:

Now that would be good to see!!

Tim_L

In fact I think this is a dreadfully bad idea, unfortunately.

Faced with the prospect of having to repay billions, the banks will fight this tooth and nail - the main reason they have repaid peoples money so far is because the numbers claiming are relatively small in comparison with the total of people charged.

Meanwhile any claims in progress can reasonably be placed on hold pending the resolution of the case. And this could take years: it will be hugely complex and may well involve several appeals.

I can see why the action has been taken, but as I say I think it's a horrendous tactical error at this time.

trickytrolleys

Ive been watching this and will continue to do so - legally Im sure he is right but as somebody said before would any judge be willing to go against the banks? I really really hope he wins, which if it ended up in the ECJ i actually think he would!