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OFT imposes requirements on credit broker

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The OFT has imposed requirements on the consumer credit licence of Post Net Ltd and its associates Haymarket Lending Ltd, Financial Processing UK Ltd, and RG Debt Management Services Ltd. It also trades under the names Advantage Loans, Credit Gain Services, Tenant Loans and Loanfinder UK. Post Net is a broker of unsecured loans to people having difficulty getting a loan from a prime lender, often because of a poor credit rating or employment history. An investigation by the OFT found that Post Net was misleading customers by falsely guaranteeing access to credit. The company was also failing to properly refund fees to customers when it was unable to broker suitable credit.

 

 

Customers who use a broker and do not accept the credit offered, no matter what the reason, are entitled to a refund less £5. Those customers that accept the credit but terminate the contract within the 30-day cancellation period are entitled to a full refund. The OFT's requirements stipulate that Post Net and its associated companies must not mislead consumers by falsely guaranteeing credit or stating that consumers have been pre-approved for credit agreements. In addition, they must fully disclose the terms of the application before obtaining an arrangement fee, and refund customers who cancel agreements within a 30-day period. A breach of a requirement can lead to a fine of up to £50,000 and may lead to action to revoke the licence. Ray Watson, OFT Director of Consumer Credit, said:

 

'The OFT investigation gave rise to serious concerns with some of Post Net's business practices. We will monitor these requirements closely and will not hesitate to take further action if necessary.'

 

Link:

 

The Office of Fair Trading: OFT imposes requirements on credit broker


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I've just discovered 'Postnet t/a L' appeared under my direct debit list by chance yesterday, calling Barclays it appears they've taken 33 x £8.99 over the last 3 years, whether my stupidity or not my blood is boiling at 3am

 

I tried to submit a refund request through their website but get a '404' error so that don't even go through,

They don't seem to have a number that can be called and although Barclays are going to try raise an 'Indemnity DD case ' what ever that maybe, I need to devote some time to making known that I must have been misled and certainly haven't benefited from what ever service they provide for almost 3 years.

 

Advice on what plan of action I should take guys and with whom,

Failing any refund with Barclays I may as well take the train down to where ever their offices are and let them know exactly how I feel about them taking advantage of peoples financial difficulties when they are at their weakest, I may have applied to some payday loan and unknowingly agreed to their subscription but how can anyone justify an ongoing charge like this beats me.

 

To those who feel its my own fault, so you know I have at least twice checked with bank all the direct debits I have set up in the last year, and it appears the reason why it didn't get picked up is because the charge was the same as a mobile phone insurance policy, because the full company name isn't shown on transaction, it was never high lighted however Barclays can't guarantee my cash back because I've had at least 2 unpaid charge backs which are seen as me being notified .

 

Not happy

 

Imran

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