Debt shark has £12,000 car repossessed by dealership

Nov 30 2008 By Steve Dinneen

A BANKRUPT businessman, who lost thousands paid to him by families desperate to get out of debt, has had one of his luxury cars repossessed.

James Johnstone had his top-of-the-range Jeep Grand Cherokee seized by car dealer Arnold Clark after failing to pay the £12,000 bill.

An Audi A6 driven by his associate Eddie Docherty was also taken back.

Johnstone has also bounced a company cheque paid to bailiffs.

He is banned from financial involvement in his firm MidScot after being declared bankrupt in September.

Johnstone, of Bannockburn, Stirlingshire, is listed as a director of at least 15 different companies.

They are all under investigation by liquidators French Duncan and the Financial Services Authority.

The FSA also struck MidScot off their list of trustworthy companies.

Johnstone vowed to rearrange debt payments for struggling families and falsely claimed to represent a charity chaired by Archbishop Desmond Tutu.

At least 10 families have lost thousands to him. One couple signed over £66,000 but have no idea if any of it went towards their debts.