BRITAIN: A couple who saw a judge wipe out their debt of £384,000 which had spiralled out of control from an original loan of £5,750 said last night they were delighted with the result.
Tony and Michelle Meadows, from Southport, faced losing their home after they were taken to court by London North Securities for failing to keep up with repayments on their loan, which had an APR of 34.9 per cent.
The ruling by Judge Nigel Howarth at Liverpool County Court is expected to have far-reaching implications for consumers and lenders alike.
Mr Meadows (45), a car windscreen salesman, said he felt like "a ton of weight has been lifted off me. We're absolutely delighted. You can see the effect this has had on me - I used to have dark hair."
"I would advise people thinking of taking a loan to read the small print very carefully." The couple's barrister, Mr Paul Brant, said the decision would be welcome news to other people in serious debt.