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Whats the score with Pounds till Payday

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Ok thanks I like a challenge, over the years I have had some really good advise on here, I have done a lot research into reclaims and banks and consumer laws the CCA and all that goes with it, I was helped on here not so long ago with a litigation involving a parking company, they throw in the towel, so its nice to try and help someone else.

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A bit of info from America that may interest you.

Regulators Sue To Shut Down Illegal Offshore Payday Loan Network

Some info about the CFPB set up shortly before our FCA and are really getting to grips with problems in America.Or trying to.

In fact i feel they could be twins.


The Consumer Financial Protection Bureau




The Consumer Financial Protection Bureau filed a lawsuit [PDF] in federal court against NDG Enterprises – an operation consisting of 11 companies – for purportedly issuing illegal payday loans and then using aggressive means to collect those debts.

The companies named in the complaint include Canadian corporations NDG Financial Corp., Ltd., E-Care Contact Centers, Ltd., Blizzard Interactive Corp., Sagewood Holdings, Ltd., New World Consolidated Lending Corp., New World Lenders Corp., Payroll Loans First Lenders Corp., and New World RRSP Lenders Corp. Two other companies, Northway Financial Corp., and Northway Broker, Ltd., are incorporated in Malta.

According to the CFPB complaint, since at least July 2011, the companies in the syndicate have issued short-term loans in all 50 states, including those where laws impose interest rate caps and licensing requirements that essentially outlaw such costly financial products.


Just taken part of it and going to paste it.

For example, the companies – in most cases Northway and Northway Broker – would send a letter to consumers stating:

If you take a moment to review the attached loan agreement, you will see that Northway Financial Corporation Ltd. is a Financial Institution licensed and regulated in accordance with the European Union (EU) Directives. As such, the laws of the Republic of Malta (member State of the European Union), not the state of [consumer’s state of residence] applies to its terms. We provided you with this notice so that you would understand the terms of your loan.

In response to hundreds of complaints against Northway, several states issued cease and desist orders, directing the company to stop issuing loans that don’t comply with lending law protections. However, the companies continued to originate, service and collect loans in those states, the CFPB complaint alleges.

The Link



A spiders web comes to mind.All the web joined up to the centre where the predator lurks looking for prey.

Who is the prey.

You your friends,your relatives your communities.

Money is collected and jetted off out of town never to be seen again.


A fine start to the day i must say.

See you later and wonder what developments may take place today.

If nothing do not worry powers may be at work.:-)

Bye for now


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Kay 159 could you please answer the question in post 4 thanks.


No. I havent paid them anything since 2011. I defaulted on my payment as it was becomming unmanageable. I was paying 300 interest on a 650 loan and they were taking 60% of my salary on payday forcing me to have to reloan immediately...my own stupid fault I know but I was in a bad situation back then on months 1 and 2 and never got out of it until month 20. They hadnt chased payment ever but when I complained about affordability and responsible lending they declined to discuss outright however the MFSAs involvement saw them writing off the default amount. The MFSA did however advise to accept as an interim solution and to allow them to inveatigate further eapecially in light of cases brought by the US Government and the fact they are stating the FSO can adjudicate on complainta

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The CSA have sent me a email with there complaints form on it, so I might just fill it in to night.


I completed this and sent in sometime ago but have yet to receive anything other than an acknowledgement

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As an update the FSO are taking steps to ensure that the complaints procedure is amended to remove thw FSO from appearing to be the body who adjudicate. Interestingly they state that when I originally submitted the complaint they were never aware of this and feel Northway may have changed the website recently to include the FSO address which is very sneaky

With regard to online chat I spoke to a very nice man who genuinely thought I was interested in reloaning. When I sent him the screenshot of the FSO complaints procedure and asked him to explain why they were pretending the FSO could legislate and misleading cuatomera he promised that someone in a senior position would get back to me. Amazingly a week later I am still waiting for a call or email... why am I not surprised

The company is shady. Not once was I asked to provide income and wzpenditure details and was never credit checked. The only requirement to reloan was to send proof the previous loan had been paid in full

I dont think I will get anything from the MFSA. Thet state it is a complex and difficult case. My mission now is to see Northway removed from the UK loan market as they are definitely still trading as of tonight

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  • 1 month later...
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Read the link! You can now go through the FOS!

They are regulated by the FCA now.


Having just spoken the the FOS this is not the case. The FOS cannot act retrospectively and as the interim license was only put in place in earlier this year along with UK offices only loans taken out after that date can e looked into by the FOS

Not to sound cynical but it would appear Northway have let a few test cases go through the MFSA and once these were not upheld have moved to the UK safe in the knowledge that complaints will not be liable for compensation

I am amazed that the MFSA have not investigated further. The response I have is that Northway performed affordability checks when clearly documentation I have sent proves otherwise and that on payday I was reliant on a reloan to live. Neither Northway or the MFSA will send copiea of the affordability checks so I suspect these may not exist

Has anyine else heard back from the MFSA



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Is there any charges you cam claim back.


Been told absolutely nothing I can do and that the MFSA are happy sufficient checks were made into affordability. Neither they or Northway will provide copy of these checks and state in taking out a reloan I was basically admitting it was affordable in signing the agreement

If checks did exist into income and expenditure they were created by Northway. None of the uk credit file companies have evidence od a aearch and Northway do not mark credit files with their loans as they are classes as overseas.

The worse example I can give is they asked for proof a loan had been paid before they would reloan to me. The focument had to show my current balance ..... the document I sent to the MFSA showed that on payday after Northway took my loan and my mortgage was paid I was £78 overdrawn. I have sent copies of every document sent to Northway asking if the MFSA think the loan was affordable or if I was trapped into reloaning ....they have failed to respond and have basically said I should think myself lucky Northway have waived the balance outstanding and basically the £3500 interest and fees paid on a £675 loan over 18 months was justifiable. Have to say it is very big of Northway to waive the balance as I have since found out that it would be very difficult to enforce any form of legal challenge for recovery as they did not have a UK base at the time.

This company needs exposing and I am happy to join forces with anyone to ensure that they do not have a full licence in the UK based on how they conducted business in ghe past. They should be closed down not welcommed onto the UK market.

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  • 3 weeks later...
I went through the MFSA last year and was turned down. Was hoping to get some joy now. I was paying off about £900 and then having to re loan straight way.


Did you manage to get any further. I have appealed the MFSA decision but have heard absolutely nothing since

Think Im fighting a losing battle with them as they seem to be siding with Northways ficticious credit checks

Good Luck


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No, the MFSA ruled against me. I have emailed the (new) company, but basically they will not deal with my case, directed me back to swift sterling/northway.


I have emailed back to the MFSA showing details of the bank statements I sent in order to reloan and have asked them to reconsider. I have asked if they feel a sum of £78 is sufficient to live on for an entire month after my mortgage and the loan payments were deducted and have stated this proves the loan was clearly unaffordable

I honestly cannot believe the MFSA are taking the side of Northway as it is very clear that no checks were carried out and this company was nothing but a glorified loan shark. Northway just sit back laughing when I ask them to reconsider

My only hope is that if we stand together on this the MFSA will see a pattern of irresponsibility and rethink things

Draft a letter asking for proof of affordability and send it back to the MFSA as an appeal - if all it costs is the time to do an email we really have nothing to lose

Good Luck

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I was in contact with the MFSA about 12 months ago, is it not the same as the UK, that there will only be a 6 month window to appeal. I would love to give it another go, but they had my bank statements etc and still turned down my complaint.


It would appear the stumbling block is that Northway have somehow convinced the MFSA that credit checks and affordability checks have been carried out. It is obvious these have not been completed as they do not show up in any credit files.

My opinion is that Northway carry out only a basic identity check and bank check to ensure they can get their hands on the repayment

They are justifying affordability as the fact we had to money on payday, regardless of how little was left following debiting the full amount and the fact that many people had to take out immediate reloans the same day to pay household expenses or because they had no money left

How the MFSA can say this practice is justifiable is beyond be. I actually feel it was entrapment with the knowledge we would be in a cycle of reloans by lending irresponsibly

To my mind a check should have been carried out each month and the loans cancelled or reduced to help customers trapped in such a cycle

In a sense I feel embarrassed I did not recognise this and default earlier but when faced with reloaning or repossession I took the preferable option

Someone needs to stop these crooks but if the US Federal Goverment is on their case s well as the UK Customers all via the MFSA and they still do not accept our complaints are justifiable I hold out very little hope of a resolution in the customers favour

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