Jump to content


Please note that this topic has not had any new posts for the last 3765 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Look here:

CCR Magazine - Group of Cheshire based companies shut down after Insolvency Service investigation

A group of Cheshire-based companies offering debt management and loan brokerage services to financially distressed clients have been wound-up in the High Court following an investigation by Company Investigations of the Insolvency Service.

Carter & Carter Financial (Management) Limited, theloansupermarket.co.uk Limited, Easysteploans (UK) Limited and T.L.G Loans Limited were wound up on the grounds that their businesses served to operate against the public interest. Carter & Carter Financial Limited, which also formed part of the investigation, was wound-up separately on a creditor’s petition.

Initially a debt management service was offered by the companies whereby they established how much disposable income a client had available to meet claims by creditors and a payment plan was agreed with those creditors on behalf of the client. Regular payments were collected from clients for onward payment to creditors after the deduction of fees. However, the investigation found numerous complaints that monies had been collected from clients, but not paid over to creditors. The debt management business was found to have operated in breach of Office of Fair Trading guidelines aimed at protecting consumers.

Subsequently the companies moved into loan brokerage, representing that they would source loan finance on behalf of clients. Clients were recruited through advertising and when they contacted the companies they were asked to provide credit/debit card details, purportedly for an ‘identity verification check’. However, no system was in place by which a client was credit-checked or otherwise assessed during the course of the call. Instead the process was found to be a device to obtain a client’s card details in order to charge unauthorised brokerage fees. In addition, clients were misled as to the likelihood of obtaining a loan. Of some 10,000 applications made to one master broker approached by the companies, only 71 had successfully resulted in a loan being made to the client.

In addition to debt management and loan brokerage clients not receiving the services they had paid for, the investigation also revealed financial excess on the part of the company directors who made substantial cash withdrawals, leased a number of prestige cars and purchased Rolex watches which were passed to family members.

Commenting on the case Colin Cronin of The Insolvency Services, Company Investigations said; "Companies using deliberately misleading offers for financial gain is serious misconduct and it undermines the confidence the public have in business. I hope the action taken against these financial companies sends a clear and simple message; if you set out to rip off your clients you will be closed down.

“This action should also serve as an important reminder to anyone seeking the services of a debt management or loan brokerage company, always check the validity of any company asking for your personal banking details and quickly inform your financial provider if you notice any subsequent unusual activity.”

Delroy Corinaldi of the Consumer Credit Counselling Service (CCCS) said; “Offering to help desperate people to repay their debts and pocketing the money is despicable and the Insolvency Service has done well to get these companies shut down. Unfortunately they are not the first and they will not be the last to prey on the vulnerable and I would urge those with debt problems to look to the charitable sector for help."

(Source - Insolvency Service Press Release)

:)

We will not be intimidated.

'The pen is mightier than the sword'.

Petition to Outlaw Debt Sale and Purchase

- can't read/post much as eye strain's v.bad.

VIVA CAG!!! :)

Link to post
Share on other sites
Companies using deliberately misleading offers for financial gain is serious misconduct

 

How many DCAs do this when offering reductions on debts they know to be unenforceable or statute-barred?

Link to post
Share on other sites

and there's me hoping it WAS bryan...damn.

 

shame there no mad cabbies near him.

 

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... 

 

 

Link to post
Share on other sites
  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...