OFT secures conviction of unlicensed company and significant compensation for victims

[Legal Beagles]

The OFT has secured a conviction against London North Securities Limited (LNS) at Southwark Crown Court for trading without a consumer credit licence between March 2007 and February 2010.

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[Angry Cat]

Re: OFT secures conviction of unlicensed company and significant compensation for vic

London North Securities - previously known as North Mount Securities and Abdane Finance Limited - and subsidiary Broadwick Financial Services.

[Amethyst]

Re: OFT secures conviction of unlicensed company and significant compensation for vic

Hurrah !

LNS was ordered to pay £400,000 under a confiscation order; money that will be used to compensate up to 56 customers of LNS, with payments ranging from a few hundred pounds to £50,000.
LNS is also required to remove approximately 70 charges that secured debts on borrowers' properties.
In passing judgment Judge Rivlin, the Recorder of Westminster, said that the way LNS continued to vigorously chase debts while knowingly unlicensed involved 'very serious instances of unfair and oppressive business practices' and that it was 'not difficult to imagine the distress and aggravation suffered by those subject to demands', which would 'rightly be regarded by most people as utterly heartless'. The Judge made reference to the company's 'merciless exploitation of ordinary, vulnerable people' and commented that 'those who have suffered … should be compensated as quickly as possible'.

[pt2537]

Re: OFT secures conviction of unlicensed company and significant compensation for vic

lets not forget this http://www.bailii.org/cgi-bin/markup...method=boolean either

[jumper999]

Re: OFT secures conviction of unlicensed company and significant compensation for vic

Priceless :2w32gd1: