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

[PGH7447]

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

[PriorityOne]

[citizenB]

Disgraceful.

[Mark&Janice]

Terrible:x

[sillygirl1]

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.

[twoman]

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.

[intend]

Truly shocking - every CAG member should email their local MP a link to the article. Action needs to be taken

 

Intend

[the_shadow]

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.

[Satterthwaite]

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.

[DonkeyB]

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.

[rebel11]

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.

[Alloyz1]

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.

[BRIGADIER2JCS]

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

[the_shadow]

ALL off topic posts removed

[rockwell304]

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!

[BRIGADIER2JCS]

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.

[Ell-enn]

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

[PGH7447]

ditto to ell-enn

[BRIGADIER2JCS]

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''

[Ell-enn]

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

[citizenB]

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

[BRIGADIER2JCS]

Well it was accepted.

Praise for CAG:madgrin:

[BRIGADIER2JCS]

Mine has been:jaw:

[the_shadow]

Perhaps the usual moderator is off till monday

 

Well done all.

[BRIGADIER2JCS]

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