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Finance

PAYDAY LOAN VERDICT OPENS THE WAY FOR MORE LEGAL ACTION

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A test case for regulations governing irresponsible lending could open the way for further legal action against payday lenders, according to a solicitor acting for a group of claimants who had been encouraged to enter a ‘cycle of debt’. In Kerrigan v Elevate, the High Court found that payday lender Elevate Credit International Limited – better known as Sunny – breached the requirements of the Consumer Credit Sourcebook by allowing customers to repeatedly borrow money. 

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