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jan78worsfold

1st Credit and Halifax credit card debt

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Has anyone had any dealings with this company or know anything about them.

 

They buy debts from banks, credit card companies and utilities but after looking at the companies house website,

it seems they have many variations, from

1st Credit Finance (1) Limited and so on up to

1st Credit Finance (10) Limited, 1

st Credit (Management) Ltd (which has been dissolved.

 

I had a Halifax credit card assigned to 1st Credit Finance (5) Limited and had a letter saying they have now changed their name to CAI Finance Limited.

 

Edward James Intl Ltd was a previous company whom was liquidated in January 2012. Charles James Trevenen Holland is one of the directors of all these companies.

 

What is it they are trying to do, creating all these separate companies. Something very suspect maybe?

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Yes they are well known, I'll alert the site team to this.

 

Can you post a link to the data please.


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Yes, I became aware of the name change via a friend, today.

 

It does make you wonder why they want to keep splintering.


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I've asked the OP for a link to the data, can see anything on a google search at the moment, my guess is they are splitting up because of censure by regulators parts of bthe group are on thin ice I'm told.


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Is that CA 1 or CAP1? This is a very confusing name if they are not CAP1.

 

Whenever I see CA 1 for a debt collection firm I think of CAP1.

 

I wonder how many other people are confused by these very similar names.


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1ST Credit Finance 1 the original Debt Purchase Company of the group based Reigate |Surrey

Capital One credit card issuer.


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Dorabells thread,

letter informing of name change.

 

#186


Illegitimi non carborundum

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Ahhh this is their 5th portfolio company then, wonder why they are doing this.


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Yes this change is 1st Credit Financial 5, so prob no effect on ypurrs.


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got letter yesterday with 1st credit heading at top then 'COMPANY NAME CHANGE'

"]'we write to inform you that 1st credit(finance)5 Ltd Co number 7212016 has changed the name to CAI Finance Ltd it retained the same company no 7212016. This will not have any impact on your debt which is still being serviced by 1st Credit.

yours sincerely

Gavin Flynn head of collections'

No sign of Cai with DBSG or CSA company check no sign of CAI FINANCE....SOMETHING FISHY GOING ON!

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What is going on with these companies. They are trying to avoid detection of some sort, I think.

 

If you look on Companies House a lot of these companies with so many name changes, definitely something fishy going on and think will write to the OFT about their practices.

 

1st Credit (Finance) Limited 9/03/2001 HILLGATE (210) LIMITED

1st Credit (Finance) 8 Limited 27/07/2011 DE FACTO 1880 LIMITED

1st Credit (Finance) 7 Limited 05/08/2011 DE FACTO 1879 LIMITED

1st Credit (Finance) 6 Limited 27/07/2011 DE FACTO 1878 LIMITED

1st Credit (Finance) 2 Limited10/12/2003 OVAL (1926) LIMITED

1st Credit (Funding) Limited 28/10/2004 DE FACTO 1161 LIMITED

1st Credit (Holdings) Limited 04/01/2002 HILLGATE (272) LIMITED

1st Credit ((Investment) Limited 26/11/2010 DE FACTO 1816 LIMITED

1st Credit (Management) Limited 05/04/2001 HILLGATE (212) LIMITED

05/04/2001 HILLGATE (212) LIMITED

 

(nature of business) 82911 - Activities of collection agencies

 

Many have no accounts filed

 

CAI FINANCE LIMITED 21/11/2012 1ST CREDIT (FINANCE) 5 LIMITED (Last Accounts Made Up To: 31/12/2011 (DORMANT)

 

One of the directors James Trevenen Holland previous company Edward James International Ltd (No 03008304) recent filing history 20/1/2012 form GAZ2 final Gasette: dissolved ex-liquidated, return of final meeting in a members voluntary winding up. Liq case no. 1 (filed 20/10/2011). Other directors for this company also directors for 1str Credit Limited.

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Many debt purchaser companies seem to have dormant companies that hold number portfolio of debt, eg Lowell prtfolio 1 &2.


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some further information for 1st Credit (Funding) Limited

 

Accounts reference date: 31/12

Last registered accounts: 31/12/2011*

Accounts next due: 30/09/2013

Accounts overdue: no

Accounts category: GROUP

Accounts document available: yes

Annual turnover: £80,164,000.00

Annual profit: £-4,666,000.00

Turnover per employee: £319,378.49

Profit per employee: £-18,589.64

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I think many of these companies are very unethical and prey on people's fears and worries. I think the OFT or Watchdog need to look in to the practices of these companies which have become big over the past years since the recession and banks off-loading their debts. I wonder what percentage they pay for debts?

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I wonder what percentage they pay for debts?

 

On average, between 5 - 15% of the total balance.

 

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A very lucrative business for them and misery for millions, they seem to be of the same type as Wonga and Payday loans. I'm going to lodge as many complaints as I can against 1st Credit

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Companies often split into several entities for legal or financial reasons, and so there can be many companies as part of the same family. These entities are listed as subsidiaries of this company.

 

 

more infoquestionmark.png

Shareholders

 

 

 

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This sort of thing is standard practice in the industry, and especially where investment capital companies are concerned.It's a way keeping the investors at arm's length from any trouble, amongst other things.

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There's nothing illegal or unlawful in having a number of companies. What 1st Credit and many of their cronies in this grubby industry do is generate profit for (often offshore) investors. Buying debt for a fraction of the book value and then collecting the full amount can realise very large profits - which is why investment companies have moved in to the sector - and lots of DCAs are now ultimately owned by them - and why they need to be ever more tightly regulated. In short, it can be easy money.

 

That it causes misery for many people doesn't matter to those involved in it; the drones who work for DCAs get commission, and the investors get dividends. This money no doubt eases their consciences no end.What they do is morally repugnant, but it's not illegal, even if it ought to be.Now, it may be that the process, and all this money (some of which is, of course, just numbers on a spreadsheet), could be attractive for those who seek to launder money, but there's no evidence to suggest that 1st Credit or any other DCA is doing this.

 

In the financial sector anything that turns a profit seems to be acceptable, as HSBC's money-laundering activities demonstrate, and DCAs are certainly masters of the 'it was an admin error, honest' excuse. I don't think that FOS, the FSA or any of the other regulators (who mostly employ ex finance sector people anyway) will be looking into this anytime soon.

 

What is needed is a change in legislation to either prohibit selling and buying debt, or a cap on the profit that can be made - in other words, buy a debt for 10% of it's value, and you can only collect 25% of the original value.

Apologies for the usual spacing gremlins.

Edited by citizenB
formatting

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Annual turnover: £80,164,000.00

Annual profit: £-4,666,000.00

 

Maths was never really my strong point nor economics for that matter, but even I would think that was either an extremely bad business model or are assets being transferred between trading names & possibly sent offshore to offset tax liabilities?


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Whatever they are doing, legal or otherwise, I smell a rat. Annual turnover £80m and annual loss £4 million

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