A ruthless American firm run by an ally of Donald Trump has bought the debts of thousands of Britons on the cheap and is driving many towards financial ruin, a Mail on Sunday investigation can reveal. Cerberus Capital Management, a private equity giant behind investments in firearms and military contractors, has bought loan books valued at more than £20 billion from major British banks and the UK Government since the financial crisis. In many cases, it has snapped up these loans at discounted prices – and is now aggressively chasing the debts to make a return on its investments. Many borrowers – mostly small-business owners and mortgage holders who originally took out loans with trusted high street names such as Northern Rock and Lloyds Bank – are being forced into complex legal battles to avoid bankruptcy. Cerberus Capital Management, which shares its name with the three-headed dog that guards the gates of the underworld in Greek mythology, has been described by MPs as a ‘veritable hound of hell’. Others face eviction from their homes as Cerberus takes a hardline approach to loan terms, despite borrowers insisting that they could keep up their repayments. MPs last night describ...
British families being driven to ruin by ruthless American firm MPs call the ‘Hound from Hell’
Aug-28-2019