Armstrong's Ian Carruthers discusses personal debt issues after a landmark case; OPINION.Byline: Ian Carruthers A MOTHER-OF-THREE won a landmark legal victory two weeks ago after a judge quashed her pounds 8,000 credit card debt Credit card debt is an example of unsecured consumer debt, accessed through ISO 7810 plastic credit cards. Debt results when a client of a credit card company purchases an item or service through the card system. partly because she had been wrongly sold payment protection insurance Payment Protection Insurance (PPI) is a type of insurance that provides an income to maintain a borrower’s debt repayments in the event of an accident or sickness that prevents them from working, or unemployment. (PPI (1) (Pixels Per Inch) The measurement of the resolution of a monitor or scanner. For example, a monitor that is 16 inches wide and displays 1600 pixels across its width would have a resolution of 100 ppi (1600 divided by 16). ). A county court judge ruled Lynne Thorius, 49, from South Shields, was charged thousands of pounds by MBNA MBNA Monument Builders of North America MBNA Mercedes-Benz North America MBNA Maryland Bank, National Association MBNA Maryland Bank North America MBNA Mount Baker Nurses Association (Bellingham, Washington) for an insurance policy she never asked for. Subsequent reports claimed it would open the floodgates for similar rulings. But a closer look leads me to believe this will not be the case. Ms Thorius's claim was extreme because she ticked the box saying she specifically did not want PPI - and still received it. I don't think this particular practice is widespread. But what we have seen is a massive increase in the number of people who have been told PPI cover is compulsory, meaning they have to take out PPI cover to get their loan. This simply puts desperate people in more debt. Last month, Armstrongs was successful in winning a claim against HBOS for a woman in this very situation. We obtained a declaration pursuant to Section 142 of the Consumer Credit 1974 that her loan was unenforceable. Research suggests some 40m PPI policies have been sold in Britain in the past six years, making it the second biggest-selling insurance product on the market. This is an issue that's only going to get bigger. CAPTION(S): Ian Carruthers |
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