OFT suspends credit licence of online payday lender* – Micro Lend UK Ltd

[Legal Beagles]

The OFT has suspended the consumer credit licence of Micro Lend UK Limited (Micro Lend), an online payday lender based in Colindale, North West London. This is the first time the OFT has suspended a payday lender’s credit licence and is part of its ongoing action in the sector. The OFT took this step after […]

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[Justin888]

Re: OFT suspends credit licence of online payday lender* – Micro Lend UK Ltd

Good afternoon, as a current customer of Microlend, I am obviously concerned that they have had their license suspended, I note from the OFT website that :-
“The suspension means it is now a criminal offence for Micro Lend, or any other person, for example an employee of Micro Lend, to engage in any consumer credit or credit broking activity using the company's credit licence.”

Please can you tell me what constitutes ‘consumer credit or credit broking activity’ ? does this include the enforcement of loans already issued i.e. collecting payments etc ?

Your comments would be much appreciated:tinysmile_hmm_t2:

[Amethyst]

Re: OFT suspends credit licence of online payday lender* – Micro Lend UK Ltd

http://www.legalbeagles.info/forums/...Credit-Licence is the main thread.