• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

CREATION FINANCE - Food for thought

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • CREATION FINANCE - Food for thought

    I wonder how many CREATION/SYGMA cardholders have been duped into believing they were dealing with a bona fide lender who conformed to all the UK regulatory requirements?

    It appears that CREATION hold themselves out to be regulated by FSA, when in fact the FSA do not regulate consumer credit agreements.

    Furthermore, CREATION is only regulated by FSA for insurance mediation purposes,
    and appears to have never held a consumer credit licence. It is deemed a criminal offence to conduct such business without a licence.

    Under section 40 (1) of the CCA the Courts are precluded from enforcing such agreements; -

    40 Enforcement of agreements made by unlicensed trader.
    [F1(1)A regulated agreement is not enforceable against the debtor or hirer by a person acting in the course of a consumer credit business or a consumer hire business (as the case may be) if that person is not licensed to carry on a consumer credit business or a consumer hire business (as the case may be) of a description which covers the enforcement of the agreement.
    (1A) Unless the OFT has made an order under subsection (2) which applies to the agreement
    Tags: None

  • #2
    Re: CREATION FINANCE - Food for thought

    As a creation customer, what does this mean for me.. who has paid them nearly £1000?

    Comment


    • #3
      Re: CREATION FINANCE - Food for thought

      Im in the same boat

      Comment


      • #4
        Re: CREATION FINANCE - Food for thought

        And others of other lenders, found out that last week that when we got our mortgage the cmpany was not regulated at the time and ere not until the October of 2004 (Kensington/TML) TML have ceased trading in 2006 or there abouts.
        Never give up, Never surrender.

        Comment

        View our Terms and Conditions

        LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

        If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


        If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
        Working...
        X