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FOS ruled in my favour Against Fat Prophets - but!!!!!


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Hello all,

 

I have recently been awarded a judgement by the FOS against an FCA regulated company for not providing a service I had paid for.

The company in question now wants to pay the award in monthly installments. They initially offered to repay over 3 years.

 

I rejected that outright because it's far too long, and the Ombudsman will not get involved if I agree to a payment scheme and the company fail to pay.

Now the company has offered a new repayment plan to repay in 12 months.

 

This is far more attractive as they claim they cannot pay it all in one go but based on past experience with them I have doubts as to their sincerity and honesty.

 

Could someone please advise me if there is some way I can get guarantees that the sum will be paid and what my options would be were they to stop paying before the full amount is repaid?

 

Any advice/suggestions will be most appreciated.

Regards

Scara

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Hi

 

Without appearing to want want know all the details....can you define " a judgement by the FOS " ?

 

Not a court judgment ?

 

Which Company is this?

 

Andy

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Well I certainly would like to know the details - please. Apart from satisfying curiosity, it will help to inform the advice that we are able to give you.

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Thanks for your interest guys.

 

I made a complaint to the FOS and the ombudsman ruled in my favour.

 

I accepted the ruling which was then binding on both me and the company which is called Fat Prophets.

 

I hope this helps.

 

PThanks

Scara

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Thank you. So it is Fat Prophets - https://www.fatprophets.com/

 

Well that is great news. Well done. I suppose you realise that this still tells us nearly nothing and maybe we've got to start teasing the information out of you. In particular, what kind of value are you talking about? What reasons have they given for not being able to pay all at one go? What was the complaint? Are you prepared to go to court about this? http://www.financial-ombudsman.org.uk/publications/factsheets/enforcing-an-ombudsmans-decision.pdf

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Thread title amended to include Company name.

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Thanks again for the replies,I was trying to be brief but now I'll be more specific.

 

In 2009 I paid Mint Financial T/A Fat Prophets £9400 for a stocks/shares advisory service.

This service was never provided as agreed for various reasons especially personnel changes and after numerous exchanges of letters and broken promises I made a complaint to the FOS.

 

I was awarded a decision for the amount I had paid plus interest at 8% and £500 for "trouble and distress".

The total awarded is just under £15,000 to date.

 

I accepted the award in July 2016 making it binding on us both.

They recently offered to pay £500/month which I immediately rejected.

They have now raised their offer to £1500/month.

 

Their reason for not being able to pay the full amount in one go is:

 

"In any event we are still not able to make pay the amount noted in full. We are not trying to be difficult and are looking to resolve this but are a small company now. A court enforcement would take time, and involve costs."

 

The dilema for me is accepting their proposal means the FOS "cannot facilitate the settlement or oversee progress. In the event that there was a problem with those arrangements you would not be able to ask us to intervene again on your behalf."

 

On the other hand while court would not be my preferred choice I will proceed that way if necessary. Am I being unreasonable to think they should pay the full amount in one go?

 

Thanks in advance for your replies.

Scara

Edited by Andyorch
Paras
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Fat Prophets: https://www.fatprophets.com/

 

Fat Prophets is a Trading Name of Mint Financial (UK) Limited

 

FCA link: https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfMOtAAN

(go down webpage and click on 'Trading/brand names')

 

Mint Financial (UK) Limited

3 Newhouse Business Centre

Old Crawley Road

Horsham

RH12 4RU

 

Company Number: 04255908

 

Company Type: Private Limited Company

 

Directors: Mr Angus Geddes & David Stapleton

 

Companies House link: https://beta.companieshouse.gov.uk/company/04255908

 

Endole link: https://suite.endole.co.uk/insight/company/04255908-mint-financial-uk-limited

 

BizDb link: http://www.bizdb.co.uk/company/mint-financial-uk-limited-04255908/

 

OpenCorporates link: https://opencorporates.com/companies/gb/04255908

 

The actual Parent Company of Fat Prophet & Mint Financial (UK) Limited is an Australian Company Called:

 

Fat Prophet Pty Ltd

SYDNEY

2000

New South Wales

Australia

 

Company Number: 094448549

 

Opencorperates link: https://opencorporates.com/companies/au/094448549

 

Opencorporates link (this link go down webpage to 'Statements of control (by this company)' directly below is the link between

Mint Financial (UK) Limited & Fat Prophets Pty Ltd: https://opencorporates.com/companies/gb/04255908

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I advise to the best of my ability, but I am not a qualified professional, benefits lawyer nor Welfare Rights Adviser.

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Do you think they are “cash flow insolvent”?.

 

Is it an option to serve them a statutory demand, rather than going to Court? I’m unsure if the FOS decision is sufficient to create a debt owed, or if it has to go to Court first.

 

It might be worth investigating the protection you might get from the FSCS that is referred to in the link given by a previous reply

http://www.financial-ombudsman.org.uk/publications/factsheets/enforcing-an-ombudsmans-decision.PDF

I wonder if there is any sanction on the directors from allowing a “regulated business” to go insolvent that might focus the minds of the directors ........

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No, I don't think you're being unreasonable.

 

I would begin an immediate legal action against them in using the information I set out in the link which I gave you my previous post.

 

The judgement you will get will be almost automatic. If you then feel inclined to give them time to pay then I would insist that there is a charge on some asset within the UK. In this way, you are protected.

 

Frankly I would think about getting the judgement and then putting in HCEO. You can be almost 100% certain that if you take this action, they will find the money to pay you.

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Thanks everyone for your advice. I'm going to have a look through the various links and have a think about how to proceed. I'll post back once I've decided on a course of action.

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I wouldn't hang around

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I've decided to go with Bankfodders advice and not accept their offer of payment by installment. To this end I have drafted a letter to the Adjudicator dealing with my case to advise them of my decision. I have copied a draft of the letter below. Any advice , thoughts , opinions will be appreciated. Thanks Scara.

 

I have taken independant legal advice on this matter and after considering all the options I have decided that I will not accept the offer from Fat Prophets to pay the award in monthly installments.

 

 

The main reasons for my decision are that I have serious doubts as to the trustworthiness of Fat Prophets and most importantly as you have previously stated,

 

"if you should decide to accept the proposal then we cannot facilitate the settlement or oversee progress. In the event that there was a problem with those arrangement you would not be able to ask us to intervene again on your behalf."

 

 

Furthermore I have accessed information on Mint Financial/Fat Prophets from the FCA website (https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfMOtAAN#ShPo_PermissionsAnchor) and details of their latest accounts from the companies house website (https://beta.companieshouse.gov.uk/company/04255908/filing-history).

 

 

In my opinion they have more than sufficient funds available to them to settle this matter as set out in the Ombudsmans ruling.

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This is probably a good decision. I think you now need to issue the claim very quickly. As I have already suggested, you need to get the judgement against them and then if you feel charitable you can arrange an instalment plan which suits you – but I would make sure that you have a security such as a charge on some of their assets. Frankly I would simply put in HCEO and get it sorted once and for all without any more mucking around.

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Either tell them this is what you are going to do (they may just settle!), or just go ahead and do it;

 

Raise the court claim.

Tell them they have no realistic prospect of defending.

Tell them you are going to go for summary judgment.

Offer them a Tomlin Order for:

a) them paying all the costs and the original FOS sum

b) secured by a charge,

c) then repaid over a period agreed between you.

 

This gives you security (arising from the charge) if they fold, yet gives them the timescale they are asking for.

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I sort of agree with the above advice – except that as you are simply enforcing an ombudsman decision, there is absolutely no need to go for Tomlin order.

 

You may as well just go for the judgement and then if you have enough goodwill you can accept the instalments – but on condition that there is a charge.

 

The Tomlin order as good – but not quite far enough in this instance

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It depends on how long you’d have to wait for judgement, even with going for summary judgment (which would attract another application fee, too)

 

Getting a TO agreed may be quicker, and TO’s offer far more flexibility in what can be agreed.

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Well there you are. I think that's all the pros and cons.

Where we are agreed is that you should issue the claim as quickly as possible. After that you play it according to the way they react.

 

Please keep us informed

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  • 1 month later...

Thanks for bearing with me, I've finally received the "Order of recovery of award" from the county court.

 

I don't know if Fat Prophets will be aware of this award or whether the onus is on me to notify them and request that they pay up or face court enforcement procedures.h

 

Any advice on the next steps to take will be most appreciated.

 

Regards Scara

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If its over £600 pers id spend a small fee and send in an HCEO

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Thanks for bearing with me, I've finally received the "Order of recovery of award" from the county court.

 

I don't know if Fat Prophets will be aware of this award or whether the onus is on me to notify them and request that they pay up or face court enforcement procedures.h

 

Any advice on the next steps to take will be most appreciated.

 

Regards Scara

 

http://wbus.westlaw.co.uk/forms/pdf/cpf02094.pdf

 

https://www.gov.uk/government/publications/form-n322a-application-to-enforce-an-award

 

Regards

 

Andy

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PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHER

 

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Whatever you do, begin enforcement proceedings immediately and don't bother to give them a warning.

 

What is the value?

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In fact I just noticed that the claim is probably for about 15,000.

 

Do as recommended by team member DX – contact HCEO and for about 60 quid you can have the case transferred up to the High Court and then enforced by High Court Enforcement Officers. Before you do this make sure that the deal is that if they don't manage to carry out the enforcement, then you don't have to pay anything else. Make sure that any fees will be borne by the defendant.

 

Instruct them straightaway. Don't hang around. Don't give warnings.

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for a claim of this magnitude 'the sheriffs are coming tv prog' is the ones to contact...:madgrin:

 

I attained and installed a 36/7'1ch mixers desk sometime back

the studio quibbled about the screening of certain cat 5 cables were not sufficiently screened for audio break through.

 

I attained judgement ,,,sent them in.

 

they made +£3k out of the defendant ...we got taken for a slap up meal and had 6mts bar bills met at the same est'mnt by them...

 

use the internet well.

 

particularly sites like the fca register / 192.com..etc , get the names and addresses of all the company directors/treasures/secretaries etc

add those details to the info you send to the HCEO..

 

good luck

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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