Microlend.co.uk - SUSPENDED

[charles34c]

MICRO LEND Micro (Unit 3, Colindale Business Park, 126 Colindale Avenue, London, NW9 5HD)

 

http://www.oft.gov.uk/news-and-updates/press/2014/11-14#.UyMMQfl_t8E

 

Good news one of the worst most aggressive and abusive lenders has finally had its wings clipped by the OFT.

 

Without giving too much away the evidence the OFT has is so overwhelming that closure is a certainty pending any miracle.

 

It is fantastic news that these companies are now suspended from operating in examples such as this.

 

A big thanks to everyone (You know who you are) that also stood witness statement against these less that desirable characters..

 

If anyone is interested the local news paper in the area this company traded are interested in hearing anyone with horror stories to add to their portfolio.

 

Please contact:

 

Mr Daniel Obrien (Whetstone & Barnet Press)

 

[email protected]

 

Charlie

[renegadeimp]

Cant say ive heard of them. What were their trading names?

[charles34c]

Hello,

 

They simply traded as Micro Lend UK Limited. (Micro Lend)

 

There are lots of articles online if you care to google them.

 

Best regards,

 

Charlie

[citizenB]

Ok, so if anyone has a loan with this company - what do they need to do about repaying if the company is not permitted to operate ?

[silverfox1961]

Ok, so if anyone has a loan with this company - what do they need to do about repaying if the company is not permitted to operate ?

 

Their loan book will probably go the same way as Toothfairy's (on the assumption they don't get their licence back)

 

As it stands, I don't think they can collect anything yet.

[citizenB]

If they are unable to collect, I would hope that they are also not being permitted to add interest !

[JOHNINYORK]

There is a newspaper that is asking for details of personal experiences with this company.

 

http://www.barnet-today.co.uk/News.cfm?id=7680&headline=OFT%20suspends%20licence%20of%20payday%20lender%20in%20Colindale

 

Regards,John.

[Zombiefan61]

Hi I have a loan due out to Microlend on 21st March, do you think I should cancel the CPA with my bank? and also what happended with Toothfairys loan book?

[silverfox1961]

Hi and welcome to CAG

 

Cancel the CPA NOW! You can do this with your bank. Let whomever takes over the loans contact you rather than do the chasing yourself. If Microlends licence is fully cancelled, the new owners of the debt will contact you.

 

As for Toothfairy:

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?414289-Toothfairy-loan-book-sold-to-Loads-of-Dosh-for-7.5-of-book-value&highlight=toothfairy

[Zombiefan61]

Thanks will do that now.... do you think the new owners will accept a kind of payment plan then

[silverfox1961]

Thanks will do that now.... do you think the new owners will accept a kind of payment plan then

 

If you cannot afford to clear the loan then they should offer a payment plan based on you financial circumstances.

 

When the chasing starts, start a new thread and the others will be able to offer assistance.

[Zombiefan61]

Will do thanks for your advice

[Shaza40]

Hello,

 

We are WPPL Ltd. We now are the administrator of your loan and all correspondence and payments will now be handled by ourselves.

By now you should have received the letter from Microlend Uk Ltd explaining this.

 

All future payments must be made to the account details below and if you are paying by card please advise me of the card details today.

 

Your interest and amounts due have not changed and it is important that you make payment today.

 

Please advise us how you would like to do so.

 

00447831503791

 

Form of Notice of assignment

 

[DEBTOR’S NAME]

 

 

 

Dear Sirs,

 

NOTICE OF ASSIGNMENT

 

We refer to the consumer credit loan agreement and the loan of £[AMOUNT] made

by Micro Lend UK Limited (“the Assignor”) to you (“the Debt”).

 

On and with effect from 2014 the Assignor assigned to Wage Payment

and Payday Loans Limited (“the Assignee”) all its rights, title, interest and benefits

in and to the Debt.

 

All future correspondence, dealings, deliveries and payments in respect of the

Assigned Documents or the Debt should be made to the Assignee whose details

are as follows:

 

NAME: Wage Payment and Payday Loans Limited t/a Payday Overdraft

 

ADDRESS: Cambridge House, 27 Cambridge Park, Wanstead, London, E11 2PU

 

TELEPHONE: 0207 205 4443

 

BANK ACCOUNT DETAILS FOR PAYMENT:

Bank: Barclays

Account Name: WPPL Limited t/a Payday Overdraft No. 2 Account

Account No: 83361829

Sort Code: 20-58-51

 

You will need to contact the Assignee and provide up-to-date debit card details and

to arrange repayment of your loan.

This notice and any dispute or claim arising out of or in connection with it or its

subject matter or formation (including non-contractual disputes or claims) shall be

governed by and construed in accordance with the laws of England and Wales.

[renegadeimp]

So they sold it to payday overdraft?

[Shaza40]

So they sold it to payday overdraft?

 

I've had 5 (yes 5!!) emails already today (different people but same message) and my loan is not due out for a week yet! Will be cancelling my CPA immediately.Have emailed back the same thing 5 times in response to theirs and have gotten nowhere.

[sequenci]

Is that still ran by Andrew Hart?

[Shaza40]

Is that still ran by Andrew Hart?

 

Yep, 2 of the emails are from him and the others from Alex Gray.

[silverfox1961]

Is that still ran by Andrew Hart?

 

And Ian Hart.

 

 

Found the above on their website on the section that deals with charges. Anyone able to work out what it means?

[Shaza40]

came into 3 emails this morning all saying payment is overdue (which it isnt).

 

they have given me no reference number to use so how will they know the money is from me?

 

not sure what to do to be honest, if i pay the full amount, how are they going to know its from me and if they are now saying that's its overdue and adding charges, that's not what was agreed with microlend? i can afford to pay what i borrowed but dont want to pay charges which are not relevant.

 

having heard so many stories regarding Andrew Hart.......bit scary to be honest.

[sequenci]

And Ian Hart.

 

 

Found the above on their website on the section that deals with charges. Anyone able to work out what it means?

 

That's how interest is calculated. Changed from the 'rule of 78' a few years back.

[RobbingHood]

Oh dear, if Andrew Hart has taken these debts over that's not good news for anyone. He'll chase and chase - there are some real horror stories on here about him, seems he doesn't mind a trip to the courts either.

 

Quite frankly I am amazed he still has a license, I thought the FCA were going to crack down on rogue lenders and he is the very definition of one

[silverfox1961]

Oh dear, if Andrew Hart has taken these debts over that's not good news for anyone. He'll chase and chase - there are some real horror stories on here about him, seems he doesn't mind a trip to the courts either.

 

Quite frankly I am amazed he still has a license, I thought the FCA were going to crack down on rogue lenders and he is the very definition of one

 

Yes, I recall reading some of the terms and conditions on his websites. As for the FCA, they take over from next month. Wonder what they will do?

[RobbingHood]

Although they take over next month, I think they have had to get permission from them to keep lending on an interim basis, then at some point this year they'll have to undergo a full application. I've read the FCA website, looks like they're going to be quite strict on criteria so all we can hope for is that the really dodgy companies get rejected! I would have thought that the FCA would take into consideration forums like this as well, I bet they look at them

[charles34c]

Hello Shaza,

 

Firstly do not worry – try and relax. It would be very stupid of Wage Payment and Payday Loans Limited t/a Payday Overdraft to start harassing anyone.

The first thing to do is forward on the correspondence you have received to the OFT investigating Micro Lend Ltd to: [email protected]

 

Mark the first line of your text:

 

FAO: Team investigating Mirco Lend Ltd, Unit 3, Colindale Business Park, 126 Colindale Avenue, NW9 5HD.

 

Tell the OFT you have received a multitude of demands for payment from a company claiming to have been assigned the loan book of Micro Lend and you are unsure if you should pay this company in respect of the on-going investigation in the Micro Lend.

 

I would be very surprised if the OFT would approve the loan book to be passed from one dodgy lender to one equally as dodgy with an appalling history of breaches against their guidelines.

 

I mean what is the point of the OFT closing down Mirco Lend if the loan book is just passed to an other unscrupulous lender.

 

There may even be some links between Mirco Lend and Wage Payment and Payday Loans Limited t/a Payday Overdraft. Although not easy to prove.

 

This could be an attempt by the owner of Mirco Lend aided and abetted by someone else he knows in the industry to get around the OFT suspension.

 

The most important thing though is to make the OFT aware what is going on in case they do not know.

[Ocelot0411]

Wow this is fastinating. Especially as the FOS think this is a perfectly reputable company and when I complained about them they told me that they had done 'nothing wong' and told me to pay them £1,500 for a £250 loan when they refused to send me a statement of account so I had no idea what the £1500 comprised of. Turns out £650 of that was debit cars fees charged during their total disregard of CPA rules....Don't you just love the FOS?