PRAC Financial Limited v FatallyAddictive

[FatallyAddictive]

I just don’t know what to do, I’m now in a complete panic. I forgot all about this. What should I do? Shall I call the company and try to come to some repayment plan? I am struggling to make ends meet as it is

[Amethyst]

Don't panic. You have enough going on. Wait for Di to take a look regarding that Default Notice and maybe consider giving her a call( details in her signature) - Joanna might be able to help, at least with a little advice if they can't take the case on on a CFA ( claim costs from other side). You may be able to, considering your circumstances, be able to still submit a witness statement - the hearing isn't to the 27th and you might well be okay getting it in within the next couple of days, but now you have their documents you can have a look over them and decide. It seems they have provided everything except for the Default Notice, which is why they have tried to rectify. You've got a complaint in about the affordability original loan so if that comes out in your favour you could use that to get this settled off, seems that you main concern is avoiding the CCJ and you're not in a position to pay in a lump sum if it went into court and you had a judgment awarded against you, so if you can't get the WS in in the next couple of days then you may be needing to negotiate ( examples of consent/tomlin orders here http://legalbeagles.info/forums/foru...-credit-claims so you have an idea what we mean with that)

[Amethyst]

I don't know the links between all these companys t/as Payday Express ( Instant Cash Loans Ltd and Express Finance Bromley Ltd ) but worth checking out who the loan actually was with and how they morphed from Express finance ( agreement) to Instant Cash ...

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Payday Express is a trading name of Instant Cash Loans Limited. We are registered in England and Wales under company number 2685515 and we have our registered office at 6 Bevis Marks, London, EC3A 7BA. VAT Number: GB 896 1022 16. Instant Cash Loans Limited is authorised and regulated by the Financial Conduct Authority for credit related activities under registration number 681750 on the Financial Services Register.

Express Finance https://beta.companieshouse.gov.uk/company/03841946

Instant Cash https://beta.companieshouse.gov.uk/company/02685515

They did share a reg'd address for a bit in 2015/16 but doesn't seem to have been a change of name... therefore there must have been assignment between Express Finance and Instant Cash at some point.

But basically the credit agreement is for Express Finance t/as Payday Express and the claim is for Instant Cash t/as Payday Express. They were both owned by Dollar Financial but separate companies.

Again, I don't know if that is worth arguing. Actually Debt Camel I still haven't got my head around these relationships - do you know when / how / if Payday Express name was switched between the two companies?

Having a mooch about seems there should be a notice of assignment between the two - so PRAC will need to provide that

We are writing to inform you that Express Finance (Bromley) Ltd. (trading as "Payday Express") has transferred all of its business to another company within our group, Instant Cash Loans Limited, with effect from 28th February 2015. Instant Cash Loans Limited is a company registered in England

[GBExile]

No assignment of debt from Payday UK (MEM Consumer Finance Ltd) to Instant Cash Loans Ltd & no debt assignment from Payday Express ( Express Finance (Bromley) Ltd but Instant Cash Loans claim Payday Express & Payday UK are trading names of Instant Cash Loans Ltd.

Its funny that both companies Payday Express & Payday UK then tell the Financial Ombudsman Service they acted as separate companies independent of Instant Cash Loans Ltd. BUT in reality with the debt assignments no debt is officially transferred legally to Instant Cash Loans Ltd from either company.

It wreaks of tax avoidance & the paperwork proves it.

To the FOS they claim they are all separate companies but to court they claim to be trading names of Instant Cash Loans Ltd.

Dodgy as ****.

[GBExile]

Oh & if you find an assignment of debt from Express OR UK to Instant Cash Loans Ltd at a later date then its likely to be fraudulent due to Express & UK now defunct.

[warwick65]

No assignment of debt from Payday UK (MEM Consumer Finance Ltd) to Instant Cash Loans Ltd & no debt assignment from Payday Express ( Express Finance (Bromley) Ltd but Instant Cash Loans claim Payday Express & Payday UK are trading names of Instant Cash Loans Ltd.

Its funny that both companies Payday Express & Payday UK then tell the Financial Ombudsman Service they acted as separate companies independent of Instant Cash Loans Ltd. BUT in reality with the debt assignments no debt is officially transferred legally to Instant Cash Loans Ltd from either company.

It wreaks of tax avoidance & the paperwork proves it.

To the FOS they claim they are all separate companies but to court they claim to be trading names of Instant Cash Loans Ltd.

Dodgy as ****.

Clearly you have some insight into this

I am sure it would help people if you could link to where the info came from so they could use it in their cases.

[Amethyst]

Express are still live - just dormant since 2016. Excerpt from last full accounts attached

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https://beta.companieshouse.gov.uk/company/03841946

[Amethyst]

"Hived up" - nice technical term there lol

[Amethyst]

Diana M could you take a look at the BW legal alleged default notice pls... is that something they do in other cases?

[Diana M]

Diana M could you take a look at the BW legal alleged default notice pls... is that something they do in other cases?

I've discussed this legal issue with Jo and asked her to post on the thread (tomorrow hopefully).

Di

[GBExile]

Clearly you have some insight into this

I am sure it would help people if you could link to where the info came from so they could use it in their cases.

Look at the headers & footers of the debt assignment letters. Then look at Companies House & then put in a complaint to the FOS.

To the FOS Payday UK (Mem Consumer Finance) & Payday Express.(Express Finance) both claim they operate as independent companies & are were not governed by Instant Cash Loans.

However, on the debt assignments Instant Cash Loans claim Payday UK & Payday Express are just trading names of Instant Cash Loans Ltd.

So there is a gap. No debt assignments exist between MEM & Express Finance to Instant Cash Loans.

Therefore Instant Cash Loans have no legal right to produce dodgy paperwork to a DCA claiming the sale of debt that they never actually owned.

I would say more but I have 2 cases with the FOS involving MEM & Express Finance & Instant Cash Loans.

The FOS & MEM & Express Finance are adamant that they operated totally independently of Instant Cash Loans.

Which means any document for debt assignments by Instant Cash Loans saying Payday UK & Payday Express were trading names cannot be enforceable in a court.
Unfair advantage & technically fraud by false representation either to the FOS or your local County Court.

Does that clear it up for you Warwick?

[Joanna C]

Clearly you have some insight into this

I am sure it would help people if you could link to where the info came from so they could use it in their cases.

If you check the FCA Register for the name Instant Cash Loans Limited you will see that both Payday UK and Payday Express are registered as a Trading name/Brand name

[Amethyst]

I believe the question on this thread - and how this subject came up - is that the particulars of claim is for a loan 'Instant Cash Loans t/as Payday Express' however the actual agreement is ' Express Loans ( Bromley ) t/as Payday Express ' - and is that something can be used in defence ( even if only to force the claimant to amend their particulars of claim )

Agreement - http://legalbeagles.info/forums/file...tch?id=1400169

POC

The Claimant’s Claim is for the sum of £664.03 being monies due from the Defendant to the Claimant under a loan agreement regulated by the Consumer Credit Act 1974 between the Defendant and Instant Cash Loans Limited t/a Payday Express under account reference xxxxxxxx and assigned to the Claimant on 09/12/2016, notice of which has been given to the Defendant. The Defendant failed to maintain the contractual payment under the terms of the agreement and a default notice has been served and not complied with. The claim also includes statutory interest pursuant to section 69 of the County Courts Act 1984 at a rate of 8.00% per annum (a daily rate of £0.15) from the date of assignment of the agreement to 20/10/2017 being an amount of £47.40.

There is also the issue of BW Legal issuing a 'second' "Default Notice " - see http://legalbeagles.info/forums/file...2&d=1523868938 ( although no actual default notice seems to have actually been sent just a letter saying it has )

[GBExile]

I believe the question on this thread - and how this subject came up - is that the particulars of claim is for a loan 'Instant Cash Loans t/as Payday Express' however the actual agreement is ' Express Loans ( Bromley ) t/as Payday Express ' - and is that something can be used in defence ( even if only to force the claimant to amend their particulars of claim )

Agreement - http://legalbeagles.info/forums/file...tch?id=1400169

POC


There is also the issue of BW Legal issuing a 'second' "Default Notice " - see http://legalbeagles.info/forums/file...2&d=1523868938 ( although no actual default notice seems to have actually been sent just a letter saying it has )

Whichever way it is Instant Cash Loans Ltd (& all) cannot refer to the FOS saying the companies acted as independent companies & then claim to court they are trading names of the same company.

[warwick65]

Whichever way it is Instant Cash Loans Ltd (& all) cannot refer to the FOS saying the companies acted as independent companies & then claim to court they are trading names of the same company.

I guess timing is the important thing here
I know MEM and Express Finance were at one time separate companies but there were lots of mergers and acquisitions at some time in the last 6 years so what they are now is different to what they were then if you see what I mean