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£15000 Loan turns into £250,000 **Truely Shocking**


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Byron, 55, is a perfectly respectable man — he worked as a head chef — whose only crime was to put his trust in a bank when he took out a five-year loan for £15,000.

 

Last month he lost his house and from the initial £15,000 loan he has been saddled with interest, fees and costs amounting, astonishingly, to more than £250,000. The result? He felt he had no option but to kill himself.

 

and the firms involved in this tragic story

 

Lombard Bank, part of the Royal Bank of Scotland Group

 

debt-collection agency called 1st Credit, which sued him for bankruptcy, saying the debt had grown to £19,000, once interest had been added.

 

Kingston Smith’s fees and those of its solicitors, Ashfords, soon totalled more than £100,000, according to a statement prepared in March 2010.

 

Byron bought his Payment Protection policy from Lombard but the actual insurer was a company called Cardif Pinnacle

 

Read more: http://www.dailymail.co.uk/news/article-2015342/Ive-just-doused-petrol-Im-going-set-alight-The-chilling-words-victim-left-250-000-debt.html#ixzz1SGOFBUIk

PGH7447

 

 

Getting There Slowly

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Advice is given freely but is in no way meant to be taken as Gospel:-)

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Disgraceful.

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Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Surely the solicitors can be done for overcharging - and 1st Credit again have been implicated - the companies involved need to have all their books immediately seized and forensically investigated for these 'errors'. I wonder how many other customers will have been treated the same appalling way.

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There's comments today in "Credit Today" moaning that DCA'S are over regulated and that the CAG site should be regulated..

 

PURE AND UTTER ****.

 

When is something going to be done about these **** bags.

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These firms and people involved truly have no morals, how a debt of around £15k can turn into £250k worth of debt is astounding... thank god he was talked out of lighting the match however :/

 

S.

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The CAG is a free help site,should you be offered help that requires payment,please report it to site team.

 

Deal with your debts:

STEP ONE - Dont Panic! | STEP TWO - Priority & Non Priority Debts | STEP THREE - Personal Budget Sheet | STEP FOUR - A SAFE bank Account | STEP FIVE - Dealing with Priority Debts | STEP SIX - Non-priority Debts | STEP SEVEN - Non-Priority Debt-Repayment Opt1 | STEP EIGHT - Non-Priority Debt-Repayment Opt2 | STEP NINE - Perils of Consolidation | STEP TEN - RE-Evaluate Frequently

 

***** SERIOUSLY IN DEBT, DONT KNOW WHAT TO DO, TRY NationalDebtLine's MoneySteps *****

 

 

IMPORTANT: Please take my advice in the spirit it is given and on the basis that I am expressing my opinion, These opinions are not endorsed by CAG in anyway and are offered informally without prejudice or warranty of any kind. These opinions are solely based upon the knowledge I've gained from this fantastic site and life in general. I have NO legal training.

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Tip of the iceberg, I believe there are thousands of people such as Byron Fraser.

 

PPI is a scandal that is being dealt with. An ever bigger scandal is the banks selling a debt for pennies in the pound to debt purchasing companies who then hound people with whatever underhand technique that they come up with to get their money. The banks have already written off the debt against tax so they don't care what the debt purchasing company do.

Dispatch, “We have a 911, Armed Robbery in progress, see Surplus Store corner of Peebles Drive and West 24th Street”

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Another massive problem is that the insolvency industry is essentially unregulated (ie. self regulation). They are, IMO, far more greedy, ruthless, conniving, irresponsible, untruthful and devious that any DCA. And untouchable.

“The industry is rotten to the core, whether it is in-house recovery and collection, or where agents are used, or where the debt has been sold.” Andrew Mackinley MP, House of Commons, 22 April 2009

 

If a Cagger helps you, click their star. Better still, make a donation however small, so that CAG can continue to help others.

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Mr. Fraser should be asked to go infront of The Treasury Committee to tell his story. I'd also like to find out what his MP has to say about the matter, I can't find the right adjective, it just wouldn't do it justice.

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These people end up working as phone monkeys for DCA's because they are some of lifes most inadequate, intellectually challenged parasites ever to evolved out of the early stages of life form.

 

Why would anyone want to regulate CAG? Desperation that the truth will get out there and enlighten, empower and support the victims of these deluded bullies???

 

Its about time the regulatory bodies that are supposed to keep these underhand, lying, cheating extortionists in check, flexed some muscle, grew a back bone and stood up for whats right.

 

God knows what the situation would be like if it wasn't for the great work people do on this site.

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I am disgusted so much I cannot comment further!!!!

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

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Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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ALL off topic posts removed

Are You as Anonymous on CAG as You Think You Are? *Link*

 

The CAG is a free help site,should you be offered help that requires payment,please report it to site team.

 

Deal with your debts:

STEP ONE - Dont Panic! | STEP TWO - Priority & Non Priority Debts | STEP THREE - Personal Budget Sheet | STEP FOUR - A SAFE bank Account | STEP FIVE - Dealing with Priority Debts | STEP SIX - Non-priority Debts | STEP SEVEN - Non-Priority Debt-Repayment Opt1 | STEP EIGHT - Non-Priority Debt-Repayment Opt2 | STEP NINE - Perils of Consolidation | STEP TEN - RE-Evaluate Frequently

 

***** SERIOUSLY IN DEBT, DONT KNOW WHAT TO DO, TRY NationalDebtLine's MoneySteps *****

 

 

IMPORTANT: Please take my advice in the spirit it is given and on the basis that I am expressing my opinion, These opinions are not endorsed by CAG in anyway and are offered informally without prejudice or warranty of any kind. These opinions are solely based upon the knowledge I've gained from this fantastic site and life in general. I have NO legal training.

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Perhaps the Daily Mail journalist who wrote the article could write a follow up piece on how CAG has helped many other victims and saved numerous other Byrons from a similar fate!

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I have posted a comment on the article expressing

by feelings regarding DCA's culpability in case like Byrons,

I did not mention CAG as I not aware of the policy on these

matters, if the site team would like to enlighten me I am fully

prepared to mention CAG.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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I've posted a reference to CAG on this kind of article's comments board before, only one got through their "reviewing" process though. Always worth a go though :)

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ditto to ell-enn

PGH7447

 

 

Getting There Slowly

---------

 

Advice is given freely but is in no way meant to be taken as Gospel:-)

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Will do ELL_enn, I made my feelings clear about the complicity and culpability

of the debt collection industry in the UK in the recent tragic cases that have

made people suicidal, that seems to have got through, so maybe I''ll add a ''little more'':madgrin:

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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Just written a comment on this article and mentioning CAG - let's see if they publish it

Help us to keep on helping

Please consider making a donation, however small, if you have benefited from advice on the forums

 

 

This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

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I have posted a comment on the article expressing

by feelings regarding DCA's culpability in case like Byrons,

I did not mention CAG as I not aware of the policy on these

matters, if the site team would like to enlighten me I am fully

prepared to mention CAG.

 

 

My mention of Consumer Action Group was let through.. so I guess it is ok.

 

 

 

 

Consumer Action Group sees stories like this every day. Fortunately, not taken to such a desperate end. I am pleased to see this story taken up by the press and hope that Lombard, RBS and the DCAs it employed are brought to task over this shameful episode and that Byron is now recompensed with the return of his home.

- citizenb, Lincolnshire, 16/7/2011 12:12

 

 

Read more: http://www.dailymail.co.uk/news/article-2015342/Ive-just-doused-petrol-Im-going-set-alight-The-chilling-words-victim-left-250-000-debt.html#ixzz1SILe3xKz

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Well it was accepted.

Praise for CAG:madgrin:

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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Mine has been:jaw:

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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Perhaps the usual moderator is off till monday :lol:

 

Well done all.

Are You as Anonymous on CAG as You Think You Are? *Link*

 

The CAG is a free help site,should you be offered help that requires payment,please report it to site team.

 

Deal with your debts:

STEP ONE - Dont Panic! | STEP TWO - Priority & Non Priority Debts | STEP THREE - Personal Budget Sheet | STEP FOUR - A SAFE bank Account | STEP FIVE - Dealing with Priority Debts | STEP SIX - Non-priority Debts | STEP SEVEN - Non-Priority Debt-Repayment Opt1 | STEP EIGHT - Non-Priority Debt-Repayment Opt2 | STEP NINE - Perils of Consolidation | STEP TEN - RE-Evaluate Frequently

 

***** SERIOUSLY IN DEBT, DONT KNOW WHAT TO DO, TRY NationalDebtLine's MoneySteps *****

 

 

IMPORTANT: Please take my advice in the spirit it is given and on the basis that I am expressing my opinion, These opinions are not endorsed by CAG in anyway and are offered informally without prejudice or warranty of any kind. These opinions are solely based upon the knowledge I've gained from this fantastic site and life in general. I have NO legal training.

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I will always support what is right and truthful, I took an oath to do so.

Any Letters I Draft are N0T approved by CAG and no personal liability is accepted.

Please Consider making a donation to keep this site running!

Nemo Mortalium Omnibus Horis Sapit: Animo et Fide:

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