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London Scottish Bank collapses

London Scottish Bank, the lender which specialises in customers with poor credit histories, plunged into administration this morning after regulators stopped the group from accepting customer deposits.

London Scottish Bank collapses - Times Online

 

As you all know these are the backers of our good friends Robinson Way & Co (RW&c)

 

What a shame how sad..... NOT !!!!!!!! :D:D:D:D

Be VERY careful whose advice you listen too

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When you've had all the help you need, make sure you stick around to help others too!

Just think, if everyone left the site after they'd got their help, there might not be anyone left the next time YOU come back needing more assistance!!!!!!!

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I got a letter this morning from Revenue Collection Services Debt Collectors in Sunbury on Thames, in lovely pink paper, the first letter states We have been appointed DCA on behalf of Southbank Capital Lttd reference an outstanding HBOS account and it then staates what is deffo a Credit Card Number that has still not been satisfied. blah blah blah about a Solicitor being involved etc This is a serious matter and dont ignore.

 

On the second page which is just white it says

 

PLEASE NOTE THIS IS NOT A PAYMENT DEMAND

 

On 13 November 2008 your credit loan account with London Scottish Finance Ltd was assigned to Southbank Capital Limited who are now the legal owners of the debt. This letter is to notify you that all future payments under your credit loan account are to be made to Revenue Collection Services and their contact details.

 

Never heard of this company and not sure if the London Scottish Finance Ltd is the same as in the posts here.

 

Hvae been dealing with DCAs as my previous threads as the debts are not mine, I have checked all the letters I have received and never seen that LSF

 

Any advice

 

Ni

Im learning more every day :)

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What a shame. Actually, looking at the Robinson Way website, the Head of Bought Debt Operations looks cute, hope she gets a decent job after everyone is laid off...

Edited by saintly_1
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Hi found this posted on another consumer forum

 

So, Robinson Way will keep on going;

wonder is they will be swallowed up by another?

 

To date RW Data Protection Act Number has been registered under London & Scottish;

same applies to the Consumer Credit Licence.

 

They are in trouble with the credit license................they will have to apply for their own until they obtain one they cannot collect a penny or even write a single demand letter.

 

 

dpick

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Hi found this posted on another consumer forum

 

So, Robinson Way will keep on going;

wonder is they will be swallowed up by another?

 

To date RW Data Protection Act Number has been registered under London & Scottish;

same applies to the Consumer Credit Licence.

 

They are in trouble with the credit license................they will have to apply for their own until they obtain one they cannot collect a penny or even write a single demand letter.

 

 

dpick

 

That's what I was thinking, RW are a wholly owned subsidiary of L&S so my guess is they will either be closed down (unlikely), go on their own (management buyout?) or bought up by another company. Chances are that would be another DMC and job losses would result, just like any other merger...

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Hi found this posted on another consumer forum

 

So, Robinson Way will keep on going;

wonder is they will be swallowed up by another?

 

To date RW Data Protection Act Number has been registered under London & Scottish;

same applies to the Consumer Credit Licence.

 

They are in trouble with the credit license................th ey will have to apply for their own until they obtain one they cannot collect a penny or even write a single demand letter.

 

 

Unfortunately I am not sure that is the case.

 

They, L & S) are in administration, not liquidation, (although that may well follow).

In other words the company still exists, they are just not in charge of their own destiny anymore.

 

David

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They are in trouble with the credit license................they will have to apply for their own until they obtain one they cannot collect a penny or even write a single demand letter.

 

Don't they have their own? Is this not them?

 

Licence Number: 0000400

Licence Status: Current

Current Applicant / Licensee:

Business Name: Robinson, Way & Company Limited

Company Registration Number: 885896

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Cashin u could have warned me earlier. I just mass mailed a load. All with no stamps on as well. the printer has broke so i cant print them off.

 

Oh well a bit of advanced warning

OFT debt collection guidance

 

Please remember the only stupid question is the one you dont ask so dont worry about asking the stupid questions.

 

Essex girl in pc world looking 4 curtains 4 her pc,the assistant says u dont need curtains 4 a computer!!Essex girl says,''HELLOOO!! i,ve got WINDOWS!!'.

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if you go to the administrators site the have issued a statement that states business as usual for the moment, trying to find a buyer.

 

Who is going to buy the pile of sh*t that is Robinson Way? How much of the debt they have is illegal and realistically non collectable? Look out for full and final settlement offers from the administrators as this is probably their best way to recoup some of the capital they have tied up.

 

Best time to send sar and cca?

Advice & opinions given by spartathisis are personal, are not endorsed by Consumer Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.:)

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Subscribing with interest.

 

I had an old loan with BOS, that was assigned to Robinson Way.

The loan now appears to be held by someone called "Chester Loans", although I was never informed of this, I've never heard anything from them, and all contact has been through Robinson Way.

I have since been paying off a nominal sum by direct debit, and the payee appears on my statements as London Scottish finance.

 

I am interested to see what now happens here?

 

According to the LSF website, those with loans should continue to keep paying. Which I will do for the time being.

 

However, if LSF goes into liquidation, what happens to the debt ?

 

I presume the administrators are presently trying to sell on these loans to another institution.

If so, I don't imagine their being much interest in the current market, or even if sold, they will probably be sold very cheaply.

This then presents the option of my offering a low settlement figure.

 

If on the other hand LSF cannot find a buyer for the loans....... does this mean that the debts may just be written off ??

 

Any thoughts ?

 

 

PM

All opinions and advice I offer are purely my own, and are offered without any liability. If unsure seek the help of a licensed professional

...just because something's in print doesn't mean its true.... just look at you Banks T&C's for example !

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  • 9 months later...

Hi NONIRONGIRL08,

 

I notice the last post on this thread was in December 08, so you may not check back anymore, but if you do you should check out my thread about Southbank Capital Limited.

 

They do not have a consumer Credit licence with the Office of Fair trading, so should not be engaged in debt collection activity.

 

They are also not registered as Data controllers with the ICO so are not leagaly entitled to process personal details, for any purpose!

 

I have fowarded this info to the relevant agencies and strongly urge any one else who can evidence them as trying to collect debts and processing data etc to also let them know.

 

Here is the link:

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/219009-southbank-capital-limited-unlicenced.html

With thanks,

ScruffyProfessor

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OH BTW RW have been sold from what credit today is saying.

OFT debt collection guidance

 

Please remember the only stupid question is the one you dont ask so dont worry about asking the stupid questions.

 

Essex girl in pc world looking 4 curtains 4 her pc,the assistant says u dont need curtains 4 a computer!!Essex girl says,''HELLOOO!! i,ve got WINDOWS!!'.

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