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PRAC wound up and compensation received for unfair lending
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Brownswood
Posts: 1 Newbie
in Loans
I took out a £400 payday loan with PRAC some years ago, which increased up to £800 with interest and penalties. I fell even further into difficulties and the account was referred to BW Legal with whom I made an arrangement to pay over several months. Since then PRAC has been wound up for unfair lending practices and I have received compensation. However, due to PRAC's poor financial state prior to their winding up the potential redress from them was reduced from £2251.22 to £97.03. I am still paying off the original debt to BW Legal. Can anyone tell me if I have a case against BW Legal for enforcing a debt that resulted from unfair lending practices?
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No, you don`t unfortunately.
You are a victim of circumstance here, had the company not gone bust, you would have received your compensation to settle the debt, when companies go out of business, most everyone involved loses.
Who was the lender again ?, as PRAC are a debt purchasing company, and are very much still trading.
They buy old loans, they do not provide them.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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