Victory for banks on credit cards

Published on 1 January 1970 by Raffick Marday

Customers who have been trying to avoid paying their debts by calling on their credit card companies to produce the original loan or card agreement have been foiled.

The High Court has ruled banks only need to provide a "reconstituted" copy of the agreement, and that just because a signed copy hasn't been produced doesn't mean it was never made.

It could affect thousands of cases in the hands of claims management companies.

But the judge stressed the importance of providing an honest and accurate copy, pointing out that banks could not create loan agreements from scratch retrospectively, and that they cannot use the courts to chase a debt until they come up with a satisfactory copy.

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