RATIOMONEY - claiming justice for consumers

A recent judgement at South Shields county court may have far reaching effects not only for pre-2007 Consumer Credit Act agreements but also for Consumer Credit Act agreements under the new 2006 legislation.

The case which was brought against MBNA in respect of an alleged credit card debt was decided for the claimant predominantly because MBNA were unable to provide a true copy of the original credit card agreement. This is very established law and causes no surprises as this principle has been often tested since 1974. In fact the only real surprise is that MBNA decided to defend the case at all.

What is particularly significant about this case is that there had also been mis-selling of Personal Protection Insurance (PPI). The judge referred to this aspect of the case in her judgement and decided there had been an unfair relationship between the claimant and MBNA because of the way she had been sold payment protection insurance

People taking action against banks and other lenders do not need to fear ‘black marks’ on their credit rating providing that they maintain regular payments until the debt has been successfully written off or legal proceedings concluded.

That’s the advice from Altrincham-based Ratio Money, a leading claims management company, which says a High Court ruling allowing banks to refer customers to credit referencing agencies only applies if people stop paying while disputing credit agreements.

Mr Justice Flaux agreed that Royal Bank of Scotland was entitled to refer customer Philip McGuffick to credit referencing agencies when he stopped payments while seeking a copy of his credit agreement.

But Ratio Money says the judgement does not remove consumers’ legal right to take action against banks and that no ruling has been made in relation to a claimant’s credit rating when the agreement is ruled unfair or irredeemably unenforceable.

“Many millions of people are yet to awake to the harsh reality that they have been duped into a lifetime of debt,” said Ratio Money’s managing director, Matthew Porteus.

“In many cases, if the minimum repayments are made then the credit card is mathematically impossible to ever pay back.

“However, many of these debts could be unenforceable if the credit agreement doesn’t comply with the Consumer Credit Act. Consumers have every right under law to request a copy of the original credit agreement which they have entered into.

“It’s imperative that payments are maintained, even when a creditor has not provided a copy of the agreement within the allowed timeframe, or else the individual could find their credit rating affected.

“However, no judgement has been made in relation to the credit rating where a debt is irredeemably unenforceable or where there has been an unfair relationship, and no court enforcement action can take place while the creditor is in default.”

David Berkley QC, of St Johns Buildings, has 30 years’ experience of consumer credit law.

“The High Court decision has its limitations in terms of its scope,” he said. “Despite an invitation to do so Mr Justice Flaux did not expand his judgement to deal with the range of hypothetical situations.

“There is nothing to suggest that, on appropriate facts, the court might not intervene in order to prevent such action being taken.

“For example, this might be where it is arguable that the threat of reporting to credit reference agencies is being used coercively, or if such threat were to follow a finding by a court that a credit agreement is irredeemably unenforceable.”

Judge believes floodgates to claims could open

A Wetherby man has had over £15,000 of credit card debt written off after Bank of Scotland backed down from a showdown with claims management company Ratio Money hours before the case was due to be heard in a Leeds court.

Judge Langan at Leeds County Court believes that the lender didn’t fight the case because it feared highlighting failings and opening the floodgates to further claims.

Self-employed Mr Mitchell, 60, had a judgement against him after delaying payments to his credit card while he waited for the bank to supply specific information that he had requested on a number of occasions.

He successfully appealed that this judgement should be set aside and turned to support from claims management leader Ratio Money.

Ratio Money confirmed that his credit card application didn’t contain the prescribed terms and conditions – and therefore didn’t comply with the Consumer Credit Act.

Bank of Scotland argued that the terms and conditions had been given as a separate document when Mr Mitchell applied for the card at the Wetherby branch of Halifax, but he denies ever receiving them.

However, under the law, a credit agreement is only binding if it is a single document that has been signed by both parties and contains all the prescribed terms.

“This is another victory for the consumer,” said Ratio Money director Michael Le Vell, who also plays Kevin Webster in the TV soap Coronation Street.

“Although the Bank of Scotland gave up its fight and agreed to write off Mr Mitchell’s debt, amazingly they refused to pay his costs.

“However, as a final blow to the lender Judge Langan ruled that the bank needed to pay all the costs in full and said that the company was trying to shy away from highlighting this issue.

“We believe hundreds of thousands of people in this country who have loans and credit card agreements over more than one document can look to have their debt written off and any adverse credit rating removed from their records.”

Mr Mitchell, while delighted with the outcome, is disappointed that the issue needed to go to court.

“I hit problems because the bank kept increasing my credit limit and in the end I was struggling to simply pay the interest,” he said.

“The bank didn’t seem to listen to me. I had made the same arguments as Ratio Money and its QC, but it took them make these points in court before the Bank of Scotland finally agreed that it was in the wrong.”

Ratio Money claims justice for consumers against mis-sold payment protection insurance (PPI), excessive bank charges, unfair credit agreements and flawed mortgage offers.

The company is the only financial claims management specialist to provide comprehensive manual audits of client credit agreements.

When the audit shows the agreement is unfair or unenforceable, Ratio Money works with a panel of specialist solicitors to fight for recompense.

Ratio Money’s fees to support consumers with unfair credit agreements are low-cost, transparent and fixed. It costs just £295 for each credit agreement but this is fully refundable if the audit shows that lender has complied with the law.

Competitors’ upfront fees are generally much higher and many also charge a percentage of any settlement that is recovered. Ratio Money seeks to write off all outstanding debt and consumers receive 100 per cent of any settlement.

ALTRINCHAM based Ratio Money has reinforced its commitment to people who have been ripped off by banks and lenders by becoming the only financial claims management company to retain a top barrister.

David Berkley QC, from St Johns Buildings, the north’s biggest and fastest growing chambers, will advise Ratio Money on how to develop and improve its business, he will support panel solicitors and, when needed, represent clients in court.

“We are leading the claims management sector by ensuring that our clients and panel solicitors receive the very best support and advice to help them successfully deal with claims,” said Ratio Money’s managing director, Matthew Porteus.

“David’s significant experience will help us to claim justice for consumers. We are delighted to have secured his services through this exclusive retainer.”

While remaining an independent barrister with no financial interest in Ratio Money, Berkley’s retainer will see him supporting Ratio Money’s growing network of panel solicitors by offering training, master classes, seminars and ongoing support.

“Laws are there to protect consumers and so there is in my view a core legitimacy to the market of supporting borrowers, particularly in the present economic climate” said David Berkley QC.

“I’ve worked in this area of the law for 30 years, initially appearing for finance houses. I find it interesting and satisfying work and I am particularly looking forward to getting involved in Court of Appeal cases which should clarify some of the issues currently being raised by claimants and banks.”

Ratio Money claims justice for consumers against mis-sold payment protection insurance (PPI), excessive bank charges, unfair and unenforceable credit agreements and flawed mortgage offers.

The company recently made the headlines when Coronation Street actor Mike Le Vell, who is a director of Ratio Money, attended a Leeds court and successfully helped a Yorkshire man to write off £15,000 of unenforceable credit card debt.

Ratio Money successfully highlighted that the Bank of Scotland credit card application didn’t contain the prescribed terms and conditions – and therefore didn’t comply with the Consumer Credit Act.

While Bank of Scotland argued that the terms and conditions had been given as a separate document, under the law a credit agreement is only binding if it is a single document that has been signed by both parties and contains all the prescribed terms.

Ratio Money charges just £295 for any unenforceable or unfair credit agreement case.

The fee is fully refundable if the manual audit of the client’s credit agreement, prepared by specialist solicitors, shows that the lender has complied with the law and the client keeps 100 per cent of any settlement.

A businesswoman from Wilmslow has been promoted to the board of fast-expanding financial claims management company Ratio Money.

The firm, which recently announced the creation of 125 new jobs, helps people who have been ripped off by banks and lenders with mis-sold payment protection insurance, excessive bank charges, unfair credit agreements and flawed mortgage offers.

Zoe Nicholls originally worked for the Cheshire-based company as a part-time business development manager.

Now full time, she has built and manages a network of over 1,000 introducers. Accounting for 70 per cent of the company’s business, the introducer network sells claims management services that are then handled by Ratio Money.

Zoe, who previously ran her own successful property business in Spain, is now being promoted to the board as a business development director.

“I’m thrilled to be given this opportunity,” said Zoe. “I’m working with some great people who are passionate about claiming justice for consumers who have been ripped off by banks and other lenders for decades.

“I get enjoyment from being part of an expanding and successful company and from the fantastic stories that I hear about how our work is helping relieve people’s financial stress and hardship.”

Ratio Money’s managing director, Matthew Porteus, said: “Zoe’s contribution over the last year has been outstanding. She has shown great commitment to the business and has achieved more than we ever imagined in such a short time.

“This promotion recognises Zoe’s hard work to date and the important role that she is going to play in building upon this success.”

Ratio Money is the only financial claims management specialist to provide comprehensive manual audits of client credit agreements.

These audits scrutinise the credit agreements much closer than computer-generated reports and address all areas of mis-selling.

When the audit shows the agreement is unfair or unenforceable, Ratio Money works with a panel of specialist solicitors to fight for recompense.

Competitors’ upfront fees are generally much higher and many also charge a percentage of any settlement that is recovered. Ratio Money seeks to write off all outstanding debt and consumers receive 100 per cent of any settlement.

Ratio Money, the leading financial claims management company, has recruited Tracy Daly as account manager to support its expanding introducer network.

Altrincham-based Ratio Money helps people who have been ripped off by banks and lenders with mis-sold payment protection insurance, excessive bank charges, unfair credit agreements and flawed mortgage offers.

The company works with over 1,000 debt management companies, mortgage brokers, independent financial advisors and other introducers which sell claims management services that are then handled by Ratio Money.

Introduced business accounts for over 70 per cent of Ratio Money’s work and 29-year-old Tracy from South Halewood, Liverpool will be tasked with ensuring that the introducers are given the support they need to prosper in this booming market.

With over eight years’ experience in financial services, most recently at Northwich-based IT finance provider Syscap, Tracy will provide marketing materials and advice, ongoing liaison regarding the progress of clients’ claims and training seminars.

“By partnering with Ratio Money, mortgage brokers, debt management companies and other financial services businesses are able to offer their clients a market-leading claims management solution to write off unfair debt,” said Tracy.

“My role is to give these businesses the professional support they need to help them successfully market and sell the product and to keep them up-to-date with the progress of their clients’ claims.”

Ratio Money is the only financial claims management specialist to provide comprehensive manual audits of client credit agreements.

These audits scrutinise the credit agreements much closer than computer-generated reports and address all areas of mis-selling.

When the audit shows the agreement could be unfair or unenforceable, Ratio Money works with a panel of specialist solicitors to fight for recompense.

Competitors’ upfront fees are generally much higher and many also charge a percentage of any settlement that is recovered. Ratio Money seeks to write off all outstanding debt and consumers receive 100 per cent of any settlement.

Ratio Money welcomes the Solicitors Regulation Authority (SRA) warning that lawyers should not accept business from claims management companies that mislead people about the prospect of getting their loans written off.

However, the company’s managing director, Matthew Porteus, says that every consumer has a legal right to challenge a credit agreement if they believe that it is unfair and that solicitors should only work with reputable claims management companies

“It’s completely irresponsible for companies to make the type of misleading statements that the SRA has identified. We have been alarmed about this for some time,” said Ratio Money’s managing director, Matthew Porteus.

“Consumer protection is not a loophole and some of the leading solicitors and barristers in the country are engaged in supporting a high volume of claims on our behalf.

“The statements being put out by some businesses, mainly new entrants to the market, are of concern to the legal industry as a whole and highlight why consumers should be wary about where they turn for support.

“Consumers should ask detailed questions such as which solicitors will conduct the initial audit, which solicitors are members of the company’s legal panel and who provides the company’s after the event insurance.

“Our solicitors carry out comprehensive manual audits of our clients’ credit agreements. We find that eight of ten contain significant problems that could deem them unfair and in breach of the Consumer Credit Acts of 1974 and 2006.

“However, we always maintain that it is for the solicitors, and if needed the courts, to ultimately decide whether the agreement is unenforceable and whether the client is due for any recompense.”

Ratio Money, the leading financial claims management company, is creating 125 new jobs at its head office in Altrincham, Cheshire.

The company helps consumers who have been ripped off by banks and lenders with mis-sold payment protection insurance (PPI), excessive bank charges, unfair credit agreements and mortgage offers that have not complied with the law.

Demand for its services is soaring. In the last three months alone, Ratio Money has seen its customer base double in size and the company expects the rate of growth to increase further as people look for help with unfair credit agreements.

“People in this country are suffering hardship and stress from unfair credit agreements and substantial overcharging by the banks,” said Ratio Money’s managing director, Matthew Porteus.

“We are claiming justice for these consumers by seeking to have unfair debt written off – and we are doing so with low and transparent fees.

“It’s an offer that is being extremely well received by consumers and our rapid growth means that we will be recruiting another 125 people over the next year.”

For its expansion, Ratio Money will be looking for claims handlers, customer services consultants and panel managers who will be responsible for dealing with a national team of specialist lawyers.

The company sets itself apart from the competition by being the only financial claims management specialist to provide comprehensive manual audits of client credit agreements.

These audits scrutinise the credit agreements much closer than computer-generated reports and address all areas of mis-selling.

When the audit shows the agreement is unfair or unenforceable, Ratio Money works with a panel of specialist solicitors to fight for recompense.

Ratio Money’s fees to support consumers with unfair credit agreements are low-cost, transparent and fixed. It costs just £295 for the first credit agreement and £195 thereafter – and all but £50 of each is refundable if the agreement is indeed valid.

Competitors’ upfront fees are generally much higher and many also charge a percentage of any settlement that is recovered. Ratio Money seeks to write off all outstanding debt and consumers receive 100 per cent of any settlement.

Ratio Money welcomes today’s announcement from the Ministry of Justice that it will take action against businesses that make misleading claims about how they can arrange to have unpaid loans, credit card debit and other consumer debt written off.

“It’s completely irresponsible for companies to make the type of misleading statements that the Ministry of Justice has identified, and that we have been alarmed about for some time,” said Ratio Money’s managing director, Matthew Porteus.

“Consumer protection is not a loophole and some of the leading solicitors and barristers in the country are engaged in supporting our clients with a high volume of claims.

“The statements being put out by some businesses, mainly new entrants to the market, are of concern to the legal industry as a whole and highlight why consumers should be wary about where they turn for support.

“Consumers should ask detailed questions such as which solicitors will conduct the initial audit, which solicitors are members of the company’s legal panel and who provides the company’s after the event insurance.

“Our solicitors carry out comprehensive manual audits of our clients’ credit agreements. We find that eight of ten contain significant problems that could deem them unfair and in breach of the Consumer Credit Acts of 1974 and 2006.

“However, we always maintain that it is for the solicitors, and if needed the courts, to ultimately decide whether the agreement is unenforceable and whether the client is due for any recompense.

“Furthermore, at Ratio Money all but £50 of our fixed and modest upfront fee is refundable to clients if our comprehensive manual audit of their credit agreement finds that it is indeed valid and can’t be taken to court.”

Corrie star’s court success writes off credit card debt- floodgates to further claims could open, says judge

Coronation Street star Michael Le Vell, who plays Kevin Webster in the TV soap, has helped a Wetherby man to successfully get £15,000 of credit card debt written off.

Le Vell, a director of claims management company Ratio Money, attended Leeds County Court with a leading QC to support self-employed Mr Mitchell, 60, in his long-running dispute with Bank of Scotland.

Mitchell originally had a judgement against him after delaying payments to his credit card while he waited for the bank to supply specific information that he had requested a number of times.

He successfully appealed that this judgement should be set aside and turned to support from claims management leader Ratio Money, which found the original credit card application didn’t comply with the Consumer Credit Act.

“This is another victory for the consumer,” said Le Vell.

“Although Bank of Scotland gave up its fight and agreed to write off Mr Mitchell’s debt, amazingly they refused to pay his costs.

“However, as a final blow to the lender, Judge Langan ruled that the bank needed to pay all the costs in full and said that the bank didn’t fight the case because it feared highlighting failings and opening the floodgates to further claims.”

Ratio Money successfully highlighted that Mr Mitchell’s credit card application didn’t contain the prescribed terms and conditions – and therefore didn’t comply with the Consumer Credit Act.

Bank of Scotland argued that the terms and conditions had been given as a separate document when Mr Mitchell applied for the card at the Wetherby branch of Halifax, but he denies ever receiving them.

However, under the law, a credit agreement is only binding if it is a single document that has been signed by both parties and contains all the prescribed terms.

“We believe thousands of people in this country who have loans and credit card agreements that do not comply with the law can look to have their debt written off and any adverse credit rating removed from their records,” added Le Vell.

Mr Mitchell, while delighted with the outcome, is disappointed that the issue needed to go to court.

“I hit problems because the bank kept increasing my credit limit and in the end I was struggling to simply pay the interest,” he said.

“The bank didn’t seem to listen to me. I had made the same arguments as Ratio Money and its QC, but it took them to make these points in court before the Bank of Scotland finally agreed that it was in the wrong.”

Ratio Money claims justice for consumers against mis-sold payment protection insurance (PPI), excessive bank charges, unfair credit agreements and flawed mortgage offers.

The company is the only financial claims management specialist to provide comprehensive manual audits of client credit agreements.

When the audit shows the agreement is unfair or unenforceable, Ratio Money works with a panel of specialist solicitors to fight for recompense.

Ratio Money’s fees to support consumers with unfair credit agreements are low-cost, transparent and fixed. It costs just £295 for each credit agreement but this is fully refundable if the audit shows that lender has complied with the law.

Competitors’ upfront fees are generally much higher and many also charge a percentage of any settlement that is recovered. Ratio Money seeks to write off all outstanding debt and consumers receive 100 per cent of any settlement.