Personal loan firm slammed

Personal loan firm North London Securities has been roundly criticised in the media and in court over attempts to exact £384,000 in overdue payment for a £5,750 loan.Mr and Mrs Meadows of Merseyside took out the loan in 1989 to make some home improvements, but soon found themselves unable to pay spiralling debts as compound interest was added at a rate of 34.9 per cent. Judge Nigel Howarth who is overseeing the case said: “It’s agreed that 34.9 per cent is not extortionate, per se, but the com