Pursuing banks when you have been wronged- how far do you go?
We recently put a case study on our website with respect to a £6k settlement of a £300k personal guarantee claim.
Quite often people have been wronged by banks for serious money and, for all the headlines of a few successful cases to be compensated for such wrongs, people in this situation have to weigh up the cost of undertaking a lengthy, time consuming and very costly fight against the real potential for a positive outcome.
Even if they decide to pursue because of the potential for a windfall outcome, such efforts require great time and energy and every moment they have to spend on that (and every pound they spend) are moments they are not using to earn income and although the courts might eventually find in their favour, the level of recompense might be limited.
And, of course, they may lose.
We know people who have been pursuing a bank for very justifiable reasons for 17 years, and they are no closer to any real closure; that is a long, long time.
As we frequently say to clients, there is no justice, the court system is, at best and can only ever be, an approximation of justice. All justice systems will generally favour the wealthy that can afford the best advice or at the very least afford to drown the other side in costs and time.
But it is always refreshing to see when a David slays a Goliath!
31 January By Mel Loades