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Advice to all potential and current customers of Early Pay Day Ltd - I have been advised by the Office of Fair Trading that their Consumer Credit Licence lapsed on 23rd January 2009 - see Public Register

 

However they are still trading as a licenced Consumer Credit company.

 

Potentally this means that as they are allegedly unlicenced they are operating illegally - All contracts entered into whilst a company is unlicenced are un-enforceable in a court of law - Furthermore I believe Royal Borough of Windsor and Maidenhead Trading Standards are investigating the company for unlawful practices.

 

Please be aware of this.

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Maybe their status is "current but expired" - similar to the licence status of Yes Loans who were recently investigated by BBC MoneyBox

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The Trading Standards web site who maintain the register shows the licence as clearly lapsed:

 

Licence Number:0548370

Licence Status:Lapsed on 23/01/2009

 

Current Applicant / Licensee:

 

Business NameCompany Registration NumberEarly Payday Loan Limited4959055

 

Categories:

 

Consumer credit Credit brokerage

 

Right To Canvass Off Trade Premises:No

 

 

Issued Date: 23-Jan-2004

 

 

Legal Formation:

 

Body Corporate (incorporated inside UK)

 

 

Furthermore, I have received the following email from Trading Standards:

 

Consumer Credit Act 1974 (the Act)

Complaint Against: Early Payday Loan Limited

Licence No: Unlicenced

Thank you for your email and attached documentations received on 6 April 2009.

 

Under the Consumer Credit Act 1974, if a business wishes to be involved in activities relating to consumer credit or hire, including debt collection and debt management, they must have a consumer credit licence. The Office of Fair Trading (the OFT) has duty to enforce the Act, along with local authority Trading Standards Services (TSS).

Upon checking the information provided in your letter, it appears that this trader does not hold a consumer credit licence. I have therefore forwarded your complaint to the TSS where the trader is based for it to consider investigating the matter of unlicensed trading in their area.

Hope this helps

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I have a loan of £480 with this company which has spiralled out of control and now stands at £810 with their ridiculous charges. Reading this thread does anyone think i should dispute the debt and invite them to take me to court where they would potentially have to explain what is essentially illegal money lending in the absence of a licence?

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Interesting.

 

I had agreed a repayment plan with them at the end of March.

 

£50 a month against an outstanding £550.

 

So far two payments made as agreed. £450 remaining.

 

Should I ask them for a reduced settlement figure in light of the above?

 

Or does this mean that I can stop paying until they get a new license?

Edited by Enfieldian
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I asked Early Payday to confirm in writing that they hold a current valid Consumer Credit Licence. They did this and quoted Licence Number 548370. The OFT website clearly states this as laspsed on 23/01/09. I contacted OFT who confirmed this and advised that I may want to seek independant legal advice. OFT have sent the following to the local Trading Standards Service :-

 

 

Dear Sir/Madam

Consumer Credit Act 1974 (the Act)

Complaint Against: Early Payday Loan Limited

Licence No: Unlicenced

The OFT has received a complaint about the above mentioned Traders. See the attached correspondence which gives further details about this.

 

Traders who are engaged in the consumer credit or hire, including debt collection and debt management do need a consumer credit licence. However, according to our records, this trader does not hold a consumer credit licence.

 

Since this trader appears to be based in your local authority’s area you may wish to investigate whether this trader has been engaging in unlicensed trading. The trader’s address is:

 

Name & Registered Office:

EARLY PAYDAY LOAN LIMITED

SUITE 4 MAPLE COURT

GROVE BUSINESS PARK

WALTHAM ROAD, MAIDENHEAD

BERKSHIRE

SL6 3LW

Company No. 04959055

 

 

Yours sincerely

 

 

I have advised EPDL that i will not make a payment until i establish the enforceability of my loan agreement which was taken out in April 2009.

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If the licence WAS in force whent the loan was taken out how does this affect things?

 

Can they not chase the debt now it has lapsed?

 

I am not too bothered eitherway, it will be paid off soon in any event...

 

But it would be nice to be able to prioritise my payments and close another account sooner by paying off more there......

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My loan was taken out on 20/02/09 and a top-up on 06/04/09. Both agreements clearly entered into after their Consumer Credit License lapsed. This is my issue. The total cash advanced was £480. I have repaid £360 in interest. I am happy to pay another £120 to repay the total amount advanced to me. What I find unacceptable is the behaviour of these people. It typifies all that is wrong with the consumer credit market in general and the bottom rung of that ladder in particular. At the first sign of genuine difficulty meeting repayments these people imply that you are of dubious character and untruthful and hence do not qualify for the common courtesy and respect one might reasonably expect to be extended from one human being to another. This is bad in itself but compound this with the fact that they are (if my information is correct) actually flouting the law themselves and their bullying tactics become all the more unpalatable. Sorry, had to get that off my chest!

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Good morning all - long time lurker to the site finally taking the plunge and posting! I am unfortunately exposed to this lot as well and about to find myself in difficulty with them (and others!). They have been very persistent in pursuing new debit card details (I did genuinely have a card replaced as it was damaged!) and this including leaving a message at home and work saying who they were and what they wanted! I was about to let them have new card details but might just hold off for now.... ;)

MJC 007.5 :cool:

 

Advice or opinions offered by mjc 007.5 are personal, offered in good faith and without prejudice or liability. Your decisions and actions are your own and should you be in any doubt then please seek the opinion of a fully qualified and insured professional

 

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Forgot to say huge thank you to O P - will be challenging them about this tomorrow when they call (whilst I am trying to sleep following a night shift!!)

MJC 007.5 :cool:

 

Advice or opinions offered by mjc 007.5 are personal, offered in good faith and without prejudice or liability. Your decisions and actions are your own and should you be in any doubt then please seek the opinion of a fully qualified and insured professional

 

:) If you think I have helped you please feel free to click on my scales :)

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Thank you very much - sound advice and on checking the website is currently down with message (from search engine)

 

"Due to unforeseen circumstances EPDL is unable to offer any credit at present. Please check back soon"

 

Me thinks will respectfully advise that will continue with standing order payment for the time being (and explains perhaps why they have been excessive in pursuing card details??). :smile:

MJC 007.5 :cool:

 

Advice or opinions offered by mjc 007.5 are personal, offered in good faith and without prejudice or liability. Your decisions and actions are your own and should you be in any doubt then please seek the opinion of a fully qualified and insured professional

 

:) If you think I have helped you please feel free to click on my scales :)

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I too have discovered their website is down. After many calls and emails to me I have heard nothing since last week when I sent them this email :-

 

"Further to my email sent 11/06/09, I have contacted Trading Standards, The Office of Fair Trading and the Citizens Advice Bureau. I have stated previously that I fully intend to return the cash advanced to me. To that end, I am now in a position to make you an offer of £120 in full and final settlement of my account. This payment will take the total amount I have paid to your company to £480 which is equal to the total amount of cash which you have advanced me. This offer will remain open for 7 days from the date of this email. Should you wish not to accept this offer then I invite you to raise legal proceedings against me for a small claims action in the Scottish Sheriff Court. At this hearing I intend to challenge the enforceability of Loan ID XXX (signed 20/02/09) and Loan ID XXX (signed 06/04/09). I have kept a record of all correspondance which I intend to submit as evidence in support of my defence. For your files I have forwarded

written responses from the OFT.

 

Please reply to this email within 7 days.

 

Regards,

 

I too would like to add my thanks to the OP and sincerely hope that it has been rammed home to this company that they are actually, in fact, NOT above the law!

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Fantastic, go get them Duncan. I have emailed them this morning confirm I will accept no further phone contact (bear in mind to this point the account is in fact in order and they are pursuing debit card details) and that I have become aware they have been trading without a consumer credit liscense and will be seeking advice on the impact of this in relation to their dealings with me.

 

My question following on from this (given that I will have bigger fish to defend!) is this - do I understand correctly the impact is similar to a credit card or loan company not producing a valid and legal agreement? The monies still need to be repaid (I have always intended that this is the case) but it can be at a realistic level which I can propose and they cannot expect to add charges/further interest??

 

Thank you to all on here - given me hope (together with payplan and a very helpful local credit union) that there is a light at the end of the tunnel :D

MJC 007.5 :cool:

 

Advice or opinions offered by mjc 007.5 are personal, offered in good faith and without prejudice or liability. Your decisions and actions are your own and should you be in any doubt then please seek the opinion of a fully qualified and insured professional

 

:) If you think I have helped you please feel free to click on my scales :)

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Good morning all - well the saga continues, have told them to swing for the new debit card details and that I am seeking advice on the enforceability of their agreement as their consumer credit license was invalid (note account still for now in order and absolutely no suggestion on my part that I will not repay what I borrowed just disputing their right to decide under what terms this will be). No reply to my email detailing this but They have taken a "test" payment against the old card details today (for 50 pence) and put it straight back again. I am annoyed with the back as this card was supposed to clearly be cancelled by them! I have asked the bank to decline any further card payment to them (I am in the process of moving to a parachute account as my non-secured financial world is about to come tumbling down around my ears - primarily because of trying to re-cycle credit and pay day loan debt and now have nowhere to go - I have had my lightbulb moment though!). I note their website is back up this morning - possibly not good although equally it still contains the out of date consumer credit liscense details?? Any thoughts or suggestions gratefully reiceved. Many thanks :confused:

MJC 007.5 :cool:

 

Advice or opinions offered by mjc 007.5 are personal, offered in good faith and without prejudice or liability. Your decisions and actions are your own and should you be in any doubt then please seek the opinion of a fully qualified and insured professional

 

:) If you think I have helped you please feel free to click on my scales :)

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RESULT!!!!! Emailed them today to inform them that my 7 day offer to pay £120 in full and final settlement (they said I owed £810 inc charges!)pending court action had expired and subsequently I would have my day in court with them. Got this email reply :-

 

"Please take this email as notification that your account with us has been closed, and no further payments are required.

 

Thank you for bringing to our attention the admin oversight, which I assure you is now in the process of being rectified.

 

Any queries please do not hesitate to call me on 0870 165 1365.

 

Regards"

 

 

My advice to all would be to check the dates on your agreements. If issued post 21/01/09 I would seriously challenge their validity. For agreements pre 21/01/09 I am unsure as I believe their credit licence number 0548370 was still valid at this time.

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Excellent and well done Duncan. I have only so far paid back around half of what I originally borrowed on a role over basis. Not sure I can go the full and final route but in light of your result what do you think to trying say £50 a month for three months? (this would total the original principle loan) - along the lines of knowing the agreement is worthless but being an honourable type etc wanting to pay back what I have borrowed?? :confused:

 

In the meantime where do I go with fradulent testing of the old debit card? There will not be any money in there on due date (I will be starting my first month with a new bank by then!) but if the bank do not act as I have asked think I would risk some charges from them??

 

Have to say this is just the tip of the iceberg for me but potentially some very welcome good news so thank you very much :-)

MJC 007.5 :cool:

 

Advice or opinions offered by mjc 007.5 are personal, offered in good faith and without prejudice or liability. Your decisions and actions are your own and should you be in any doubt then please seek the opinion of a fully qualified and insured professional

 

:) If you think I have helped you please feel free to click on my scales :)

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When did you sign your agreement? If it was after their license lapsed on 23/1/09 then i think you are in a strong position to negotiate your own repayment terms if you want to return the original sum advanced to you. I would send an email along the lines of what I did making it clear that if they do not accept what you are comfortable with then the onous is on them to prove the enforcibility of your agreement in court. If they were able to do this then why would they write off the £810 they said I owed them? They didn't even take the extra £120 I offered them to settle.

 

On the second issue, I had a similar experience with my bank about 6 months ago. I cancelled my card and 2 weeks later a payday company took £10 out of my account using the cancelled card. I was livid to say the least! On the plus side I was glad it was only £10 because I had just been paid so it could have potentially been much more. However, I raised the issue with my bank and let rip on the basis that my account was no longer secure and that it seemed anyone I had financial dealings with in the past could plunder my account if they so desired. I was told that as I had given authority in the past then the bank had assumed a standing arrangement was in place and authorised the payment. I found this unnacceptable and much arguing and threatening with FSA / BOS resulted in a refund of the money and an assurance that no future payments would be authorised on that card. I still changed my bank though.

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Agreement was signed after 23/01/09 so think I will follow your advice and fire off a second email to them along the lines of yours.

 

The card/bank issue is a bit sad really - have been with First Direct for around 12 years and they have generally been very good indeed. More recent times have been pretty militant and the intial response to my complaint to them was the same as yours with a tag line to the effect of "if you will deal with these firms what do you expect..." :eek: and generally patronising statments from someone who sounded about 12 about being more financially responsible! This is the thing that really grates - I know I am responsible (well mainly) for the dark place I am in at the moment but why they all focus on this rather than my trying to take responsibility for it and improve things is beyond me!

 

Will fire off another email to them and see what I get back - many thanks :)

MJC 007.5 :cool:

 

Advice or opinions offered by mjc 007.5 are personal, offered in good faith and without prejudice or liability. Your decisions and actions are your own and should you be in any doubt then please seek the opinion of a fully qualified and insured professional

 

:) If you think I have helped you please feel free to click on my scales :)

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Update - First Direct's response to my challenging them over inproper use of the card/access to the account:

 

"all card payments are a guaranteed method of payment and replacing the card does not remove that guarantee. This means that First Direct cannot block Maestro debits. Any further debits can be disputed if the retailer has been asked to cancel the agreement or treated as fraud if you have not authorised them"

 

What an earth is going on here? :mad: This effectively means that despite my advising them that they should not allow a company to use card details that are a from a cancelled card the bank would not block fradulent use of the same!!! (which is in effect what this company are doing as permission to use the card has been withdrawn and the card cancelled). They then expect me to do the leg work to pursue as disputed/fraud once they have let the payment go?

 

Am I missing something here? Ultimately have moved payment of salary to another bank this month (thankfully reading this) but I am astonished at the reply! Any advice greatly received :confused:

MJC 007.5 :cool:

 

Advice or opinions offered by mjc 007.5 are personal, offered in good faith and without prejudice or liability. Your decisions and actions are your own and should you be in any doubt then please seek the opinion of a fully qualified and insured professional

 

:) If you think I have helped you please feel free to click on my scales :)

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I have recieved nothing further from these people following my email challenging the validity of the agreement between us earlier in this thread (continue to remain committed to repayment of principle loan but on terms I can afford) apart from a standard extension of loan email.

 

On checking the OFT site their new liscence application is marked as pending and I see their website is back up. Are they allowed to trade with a pending liscense?

 

Many thanks

MJC 007.5 :cool:

 

Advice or opinions offered by mjc 007.5 are personal, offered in good faith and without prejudice or liability. Your decisions and actions are your own and should you be in any doubt then please seek the opinion of a fully qualified and insured professional

 

:) If you think I have helped you please feel free to click on my scales :)

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I had a loan with EPDL from last year - they continually rolled over the loan every month collecting almost £600 (against the original loan amount of £200). Then I got fed up paying them and cancelled my debit card in Feb 2009 - sent them a cheque for £50 - they never cashed it nor have they tried to contact me. I guess they would have a hard time trying to get a judgement against seeing that they collected so much interest against the principle loan amount!:)

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It would seem that the manager of this establishment is aware of and actively viewing this thread at times as it has been referred to directly in part of an email offering a repayment schedule!

 

I will be endeavouring to come to an arrangement both with these and others but given the relatively reasonable tone I have recieved in response I suspect there is a realisation that the license issue is quite significant! (given previous conduct towards me by this firm was more hostile and the general tone of others is worse than talking to a brick wall!).

 

I am sure this may have been asked before and I guess it is about taking care more than anything but is there a way to moderate access to these forums so that the firms themselves cannot attempt to track you??

 

Best wishes to all

MJC 007.5 :cool:

 

Advice or opinions offered by mjc 007.5 are personal, offered in good faith and without prejudice or liability. Your decisions and actions are your own and should you be in any doubt then please seek the opinion of a fully qualified and insured professional

 

:) If you think I have helped you please feel free to click on my scales :)

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Update - First Direct's response to my challenging them over inproper use of the card/access to the account:

 

"all card payments are a guaranteed method of payment and replacing the card does not remove that guarantee. This means that First Direct cannot block Maestro debits. Any further debits can be disputed if the retailer has been asked to cancel the agreement or treated as fraud if you have not authorised them"

 

What an earth is going on here? :mad: This effectively means that despite my advising them that they should not allow a company to use card details that are a from a cancelled card the bank would not block fradulent use of the same!!! (which is in effect what this company are doing as permission to use the card has been withdrawn and the card cancelled). They then expect me to do the leg work to pursue as disputed/fraud once they have let the payment go?

 

Am I missing something here? Ultimately have moved payment of salary to another bank this month (thankfully reading this) but I am astonished at the reply! Any advice greatly received :confused:

 

 

From reading this it seems to me that if your card was stolen then the bank would still allow the thief to use it!

 

Where is the protection.

 

bub1

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