The preliminary hearings being heard this week should determine once and for all the areas of financial claim disputed by banks and credit card companies. Financial claims relating to regulated consumer credit agreements have increased massively during the last two years, with some industry experts suggesting that financial claims, which include PPI mis-selling and unenforceable credit agreement, have now become the leading area of claim amongst UK consumers.
During previous case management hearings, barristers representing the banks confirmed before HHJ Holman that the banks would accept the judgments arising from this week’s test cases as precedents for the purposes of dealing with future financial claims without requiring the Courts’ intervention.
Carl Wright, chief executive of Cartel Client Review said, “It is hoped that the Judgment to be provided following preliminary hearings this week will, once and for all, put an end to delays caused by banks and credit card companies when consumers seek redress in circumstances where banks and credit card companies have breached the Consumer Credit Act.”
Last week many consumers were greatly disappointed by the verdict handed down by the Supreme Court in respect of bank charges. This week’s preliminary hearings are seen by many consumers as an opportunity for the Courts to confirm the provisions and protection laid down by Parliament within the Consumer Credit Act 1974. This is an opportunity for the spirit of the Act to be reinforced by the High Court.
