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TQLS

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  1. Authorisation is not a mandate of excellence by the FCA; it is simply that the company concerned has met the basic criteria to qualify for a license to operate in the sector. All PDL companies undergo periodic reporting processes post authorisation to ensure that they adhere to their pledges when they applied for full authorisation. So if they get a significant number of complaints, this could have a very negative effect upon their ability to keep that license.
  2. Hi OP, I'd be contacting the various company's Trade Associations (CCTA etc) and the FCA before FOS. As a small Lender myself, I would not approve any loans to anyone who appears vulnerable to unmanageable debt. If this had been my company making this kind of poor judgement, you would have had your debt written off immediately. Present yourself as a vulnerable person (i.e. someone who has unmanageable debt due to too many loans approved by Lenders not performing due diligence checks) to the FCA and see what they have to say. I'd also contact the moneyadviceservice.org.uk and perhaps StepChange.
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