Get A Loan From Pounds Till Payday...

[fkofilee]

Are you interested in a Pay Day Loan for Xmas? If so Pounds Till Payday are now re-open to new Applicants...

 

But think about it... Why would you want to?

 

High APRs & Interest Rates, a Default Charge and much more is what you're in store for...

 

But rejoice fellow members who've already had a Loan from them... I bring Festive News....

 

Have you had a loan from Pounds Till Payday?

Well I have some good news. Northway Financial has decided to continue trading in the UK. I have seen thread where people were attempting to make a reclaim on irresponsible lending.

 

 

What does this mean?

In order to continue Trading, Northway Financial have had to setup shop here in the UK with a designated UK Base and Company Name. The FCA have made this a requirement in order to give them an IP Number (Interim Permission Number)

 

 

Can I Complain now / What are my rights etc?

Previously a disclaimer at the bottom of the site stated that Northway Financial was regulated by the Maltese Financial Regulator and was exempt from any action by FOS / FCA and UK Jurisdiction.

 

Now that they have a Interim Permission Issued, parts of the requirement is that they become regulated by the FCA and are subject to the FOS Complaint Handling Criteria. They must comply with the FOS Complaint Guidelines and set it out similar to other companies...

 

IE - Summary Of Complaint

Investigation

Result / Decision / Compo...

Rights To Complain To The FOS.

 

It now essentially means that anybody who has been a customer can complain. But be aware that they may not necessarily accept the complaint in full and may reject it.

 

 

Who are Northway Financial?

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.

 

They are part of a larger umbrella of companies that offer loans all around the world. The above is taken from a US Article.

 

 

What is the best way to challenge for "Irresponsible Lending"?

There is no concrete guide, but I would suggest reading here;

 

But commonly in summary, things like;

- Excessive rollovers

- Constant reloans over an extended period

- Multiple loans ongoing at anyone time

- Failed to do Specific checks / Credit Checks

- Income to Loan / Interest Ratio was quite low - IE; Paid £750 a month but the loan would have been £625 with Interest and no extra charges.

 

these would count towards a case and many lendrs are now being caught out... Wonga... CashEuroNet... Instant Cash Loans... CFO Lending... The list goes on.

 

 

Who do I Contact?

MMP Financial Limited / TA Poundstillpayday

Forward Building

46 Windsor Road,

Slough

Berkshire

SL1 2EJ

 

[email protected]

[email protected]

 

Firm Name: MMP Financial Limited

Interim Permissions Reference Number: 648327

 

The Financial Ombudsman Service

Exchange Tower

London

E14 9SR

 

[email protected]

 

[fkofilee]

For reference, I will post a response from the new Contact for the FCA at MMP Financial when he responds to request for information.

[Guest]

They are part of a larger umbrella of companies that offer loans all around the world. The above is taken from a US Article.

in the US they (their loans) are being held to account in the courts as being illegal as they are not domestically regulated.

hence them now wanting to be regulated here (preempting any sanction here).

[getting my life straight]

Does this mean the same for Swift Sterling, who are also under the same group? I tried to make a complaint last year against them and ended up referring it to the Maltese regulators who decided not to uphold my complaint. What route should I go down now/ cheers

[fkofilee]

Does this mean the same for Swift Sterling, who are also under the same group? I tried to make a complaint last year against them and ended up referring it to the Maltese regulators who decided not to uphold my complaint. What route should I go down now/ cheers

 

Same as above... They are also under the MMP Umbrella