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Litigation and dispute resolution news
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Credit industry warned over court action
29 June 2010
The credit industry has been reminded that it must not seek to take legal action against debtors outside their home jurisdiction. The Office of Fair Trading (OFT) highlighted the growing problem after an investigation into Creation Consumer Finance, which was attempting to use English courts to sue Scottish debtors.
Situations such as this are in breach of the OFT's Debt Collection Guidance, the body stressed, with action to be taken against any company found to be non-compliant. Ray Watson, OFT Director for Consumer Credit, said: "Lenders must also be aware that they are fully responsible for the actions of third parties acting on their behalf and must ensure those third parties do not breach our guidance."
He added that Creation Consumer Finance had "taken swift action" to amend its ways and will now set an example to the industry of how not to operate.
Posted by Suzanne Smith
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