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Article: Wiped out, the [pounds sterling]2,000 debt that grew to [pounds sterling]100,000; Legal victory for couple who sold wedding rings to survive.
- Article from:
- Daily Mail (London)
- Article date:
- November 4, 2005
CopyrightCOPYRIGHT 2005 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JAMES TOZER;REBECCA CAMBER
A COUPLE who saw a [pounds sterling]2,240 loan spiral until they owed [pounds sterling]100,000 were celebrating yesterday after a judge effectively wiped out the debt.
Frank Sharratt, 68, and his wife Jeanette borrowed the money 18 years ago to help raise their five children after he had to stop work following an accident.
But a punitive interest rate and stiff charges for missed repayments saw the debt mushroom and, despite paying back the original loan four times over, they found themselves facing ruin.
They even sold all their furniture and Mrs Sharratt's wedding and engagement rings.
With the couple both now retired ...