Consumer Credit Licence help

[HerMoney]

I am starting a business as a financial 'personal trainer' offering services to help people face their finances and get them in shape, addressing spending habits, setting saving goals as well as addressing debts. So, as well as offering several levels of guidance at varying prices I will also offer free services to those do in fact require a formal debt resolution. For this I will act as an 'introducer' and receive a share of the nominee fee from the 'princple'. My services to this person will continue as a support through the duration of their plan. So my question. IF I am only a 'authorised representative' passing on a contact that I come across (not giving any debt advice) do I need a CCL? Ultimately I would like to secure a Category E CCL so I can in fact act as a Debt Councellor, however, I understand that the licences are taking a long time to process and are undergoing many changes, so I am unsure if I should apply now or wait? If I wait I would still want to be in a position to refer leads. If anyone has any advise or experience in this area I would be very very pleased to hear from you. THe CCL application is very daunting and expensive so I must get it right. Thank you.

[Sparkie1723]

Re: Consumer Credit Licence help

I am starting a business as a financial 'personal trainer' offering services to help people face their finances and get them in shape, addressing spending habits, setting saving goals as well as addressing debts. So, as well as offering several levels of guidance at varying prices I will also offer free services to those do in fact require a formal debt resolution. For this I will act as an 'introducer' and receive a share of the nominee fee from the 'princple'. My services to this person will continue as a support through the duration of their plan. So my question. IF I am only a 'authorised representative' passing on a contact that I come across (not giving any debt advice) do I need a CCL? Ultimately I would like to secure a Category E CCL so I can in fact act as a Debt Councellor, however, I understand that the licences are taking a long time to process and are undergoing many changes, so I am unsure if I should apply now or wait? If I wait I would still want to be in a position to refer leads. If anyone has any advise or experience in this area I would be very very pleased to hear from you. THe CCL application is very daunting and expensive so I must get it right. Thank you.

I would think that you would require a CCA licence, .......for debt counselling and debt adjusting services. and you would also certainly require a data controllers licence isued by the Information Commissioners Office.

Sparkie

[labman]

Re: Consumer Credit Licence help

You should apply when everything is in place and ready to go. The wait is not actually that long.

What a shame you are doing as a business and not a 'Not for Profit' organisation - if you have the knowledge, it's a shame you are not willing to share it freely via a site like this. Some on here already do this, and this site's advice is ALWAYS to avoid paid Debt Management Plan providers.

[CleverClogs]

Re: Consumer Credit Licence help

You will also need to be able to spell "principal" as well as "principle", and to know when each word should be used. :grin:

[gravytrain]

Re: Consumer Credit Licence help

You will also need to be able to spell "principal" as well as "principle", and to know when each word should be used. :grin:

If he is starting a for profit DMP company perhaps principle isn't his strong suit.

[labman]

Re: Consumer Credit Licence help

I find it very sad there are people around who want to profit from others' misfortunes. Principles are things which are lacking in many of these businesses.

[gravytrain]

Re: Consumer Credit Licence help

It is a shame that the ones who toil away behind the scenes, writing stickies, helping those in trouble, starting charities etc don't get more credit Labman, but some of us do notice.

[labman]

Re: Consumer Credit Licence help

Those that do that, and there are many, do it cos they genuinely care about people. It's good they do - the world would be a poorer place without forums like this one where people give hours of their time because they care.

[FlamingParrot]

Re: Consumer Credit Licence help

It is a shame that the ones who toil away behind the scenes, writing stickies, helping those in trouble, starting charities etc don't get more credit Labman, but some of us do notice.

Absolutely! And some of us contribute in a small way, because we appreciate it! :thumb: :yo: :yo: :yo:

Those that do that, and there are many, do it cos they genuinely care about people. It's good they do - the world would be a poorer place without forums like this one where people give hours of their time because they care.

Indeed Lab, and you are a prime example! :yo: :yo: :yo:

[labman]

Re: Consumer Credit Licence help

Absolutely! And some of us contribute in a small way, because we appreciate it! :thumb: :yo: :yo: :yo:
Indeed Lab, and you are a prime example! :yo: :yo: :yo:

There's no shortage of good examples - that's why it's such a good site!

[HerMoney]

Re: Consumer Credit Licence help

Yes I agree, I would love to be a not for profit, but I have to pay the bills, so I offer a selection of fee'ed services for those who feel they can prioritise their spending this way (often they already pay for holidays, hairdressers, gyms) and are in a position to pay, and I offer plenty of free services and information and of course anyone who does in fact require a formal solution gets all I can offer for free. I agree avoiding a DMP is always the priority, in fact if you can avoid any formal debt solution that is great. I will not be advising any client to go down this route. I really appreciate your honesty, and you were very tackful, it is a sensitive area and there are many websites out to simply herd volunerable people through. I have had an IVA a very long time ago myself and have experienced the distress, what I do and offer will be honest, transparent, compassionate and ethical, once my website is complete I hope that will be apparent.

[HerMoney]

Re: Consumer Credit Licence help

I am not looking to profit from other peoples misfortune, are family lawyers making lots of money from misfortune, are Insolvency Practioners? I am investing my own money both studying and setting up a business where I want to help people. I am not starting a Debt Management company. I wish I had found a person like me to give me support through my own IVA. I went to an accountant, he of course took a portion of the nominee's fee he must have been profiting from my own misfortune, but to me he was a saviour, he helped more than the charities. As an introducer and I have researched this company and would recommend them to my own family and use them myself if I had to, I take a sml portion of the nominee's fees for arranging an IVA, a nominee is paid before the creditors as I'm sure you know and this is a legal requirement. I understand you wish to be judgemental since there are many money grabbers out there, and you are right, my spelling is very poor, something I am very sensitive about so you have as I'm sure you wished hurt my feelings. But I believe in what I am working towards and I know what I am doing is ethical, I would not knowingly enter into anything which was not. You do not know me as a person so I am trying not to take this all personally. I am a hard working mum of 3, I have had a long career working at the BBC creating budgets, spending plans, forecasting, cashflows etc, I am passionate about avoiding the trappings of debt and am angered by how modern society thrusts debt in our faces. I am sorry to have caused offence and I will remove myself from this forum.

[labman]

Re: Consumer Credit Licence help

I am not looking to profit from other peoples misfortune, are family lawyers making lots of money from misfortune, are Insolvency Practioners? I am investing my own money both studying and setting up a business where I want to help people. I am not starting a Debt Management company. I wish I had found a person like me to give me support through my own IVA. I went to an accountant, he of course took a portion of the nominee's fee he must have been profiting from my own misfortune, but to me he was a saviour, he helped more than the charities. As an introducer and I have researched this company and would recommend them to my own family and use them myself if I had to, I take a sml portion of the nominee's fees for arranging an IVA, a nominee is paid before the creditors as I'm sure you know and this is a legal requirement. I understand you wish to be judgemental since there are many money grabbers out there, and you are right, my spelling is very poor, something I am very sensitive about so you have as I'm sure you wished hurt my feelings. But I believe in what I am working towards and I know what I am doing is ethical, I would not knowingly enter into anything which was not. You do not know me as a person so I am trying not to take this all personally. I am a hard working mum of 3, I have had a long career working at the BBC creating budgets, spending plans, forecasting, cashflows etc, I am passionate about avoiding the trappings of debt and am angered by how modern society thrusts debt in our faces. I am sorry to have caused offence and I will remove myself from this forum.

I fear you may need to toughen up a bit as well judging from the above narrative. You'll be surprised how much some people you help will abuse you, and that really can hurt. They will lie and cheat to take advantage of what you are offering. If you are really as sensitive as you say above, and a perfectly acceptable comment over spelling hurts your feelings (there are spell-checkers nowadays), then you may be in for a surprise.

Out of interest, do you mind me asking exactly what training you have done?

Just for the record a DMP is not a formal debt solution either, it's an informal arrangement between creditors and debtor which can be backed out of or cancelled at any time, without notice, by either side.

[HerMoney]

Re: Consumer Credit Licence help

Hi Labman, yes I know that a DMP is an informal arrangement I am currently studying the CPI and CPPI to qualify as an Insolvency Technician. I have not used a forum before, and was not expecting these types of reply, you are right though I do need to toughen up more. We are all on our own journey. I wish you all the best sincerely.

[labman]

Re: Consumer Credit Licence help

It can be surprising - usually replies are very friendly and the forums are extremely amicable places to be. Just occasionally they are a little less friendly. I hope we haven't put you off coming back and sharing your ever growing expertise with our members (for free lol!!!!) - the more people with real knowledge here, the better.

As a free help forum with some giving tirelessly of their time day in, day out, I'm sure you understand the apparent hostility. There are many on here who make their living in the industry and give freely of their time on here as well.