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...