Claims Management Company European Financial Claims Begin Re-Audit of CYD UK Limited’s Unenforceable Credit Agreement Claims

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Leading claims management company European Financial Claims has begun the process of contacting the clients of troubled CYD UK Limited in order to facilitate the move of claims from the failing company to the London based CMC experts.

A leading claims management company based in London has stepped in to help thousands of unenforceable credit agreement claims after the existing claims company fell into difficulty. European Financial Claims (EFC) are experts in the claims management field which enables people with debts such as credit cards and loan agreements to challenge to terms of these contracts under the 1974 Consumer Credit Act. EFC are working on the task of re-auditing the claims originally undertaking by CYD UK Limited.

CYD UK Ltd began to struggle due a change in legal precedent set during the Carey case earlier this year and the closure of Cartel Client Review. These events impacted the ability of CYD to receive litigation funding and ATE insurance. On this basis CYD has passed their client cases on to EFC in order to help these clients proceed with attempts to write-off credit cards and other debts worth millions of pounds.

The claims management industry has been booming over the past few years, but the collapse of industry giant Cartel Client Review has led to a realignment of the industry and a greater scrutiny of practice. Companies like European Financial Claims feel they are in a better position to help clients due to their processing expertise and the way that they assess claims of this type.

CYD UK Limited clients should have by now received a copy of the first letter sent to them on the 5th May 2010 instructing them of the change in circumstances. EFC have met with the Ministry of Justice to discuss the handover of the future day to day ongoing management of the former CYD UK client. A further letter is to be sent out shortly expressing much greater detail as to needs to be done and what can be expected from EFC, this letter shall include free template letters to assist CYD clients that are being unscruplessley harrassed by lenders and or credit card companies.

Jeremy Bartholomew-White for EFC said: “We urge CYD customers to remain patient as we are undergoing the process of organising the physical and digital files only recently received from CYD. Only once this is done we can begin the enormous task of re-auditing the agreements. We ask all CYD clients to wait until they receive further instructions from European Financial Claims on how to proceed. We will be in touch with everyone as soon as we can and are working hard to inform everybody of what is happening.”

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JAMES GRAHAM