384k Debt Pardon

Jen_Jen_5

it makes perfect sense - sadly. From what i'd heard the solicitor garble briefly the loan was unenforcible because the agreement didnt comply with the CCA. This seems to fit with what you say and thats why it was written off.

So where has all the extortionate credit bargin stuff come from, was this an aside by the judge or is it part of the decision? The press have a lot to answer for....

Also dont have speakers on my computer, when is moneybox repeated or have i missed it?

Debt_Free_Chick

it makes perfect sense - sadly.  From what i'd heard the solicitor garble briefly the loan was unenforcible because the agreement didnt comply with the CCA.  This seems to fit with what you say and thats why it was written off.

So where has all the extortionate credit bargin stuff come from, was this an aside by the judge or is it part of the decision?  The press have a lot to answer for....

I've no doubt that the Meadows described it as such  ;)

The Judge certainly used the word "extortionate" - but not in relation to the APR, alone. He actually said

"Where the rate concerned is as high as 34.9 per cent it seems to me that the combination of factors is so potentially exorbitant that it is grossly so and does grossly contravene the ordinary principles of fair dealing."

He added: "This is one of the few credit bargains which is extortionate."

In particular, he was referring to the fact that the APR applied to the charges that were added to the loan when the Meadows failed to make the repayments.

However ... I'm not convinced that the word "extortionate" was part of the ruling itself. I believe it was "obiter dictum" ... an aside, but not part of the formal judgement. Comments made obiter dictum are not part of the binding precedent (and this wasn't binding anyway).

The text is quoted from the Telegraph, here

http://portal.telegraph.co.uk/news/main.jhtml?xml=/news/2004/10/29/ndebt29.xml&sSheet=/portal/2004/10/29/ixportal.html

Also dont have speakers on my computer, when is moneybox repeated or have i missed it?

Annoyingly, it was repeated the following day. I do wish the BBC would put a text transcript of the recordings on the site - grrrr >:(

Dan29

Also dont have speakers on my computer, when is moneybox repeated or have i missed it?

You've missed the repeat, but can read the transcript on BBCi (the same link as above).

Debt_Free_Chick

Or this one

http://news.bbc.co.uk/1/shared/spl/hi/programmes/money_box/transcripts/04_10_30.txt

Thanks Dan - hadn't spotted the "transcript" link. Apologies to Auntie

Jen_Jen_5

Thank you