27 July 2005
A couple from Merseyside have fought off an attempt by a loan company to enforce their £384,000 debt.
Tony and Michelle Meadows took out a home improvement loan at an annual interest rate of 34.9 per cent in 1989 and ended up facing repossession of their home in Southport.
Three judges ruled the Merseyside couple's loan agreement could not be enforced under the Consumer Credit Act. The court in London said that the amount of credit being advanced was wrongly stated.
The Meadow's situation may be extreme but for many consumers struggling with debt changing loan provider or consolidating debts with a competitively priced loan can ease the burden.
Compare secured and unsecured loans at uSwitch to find the most suitable loan for you.
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