Log Book Loans 'Minded to Revoke' licence notice from OFT

[Amethyst]

Thanks to Joa on CAG for posting the basics.

OFT may revoke LBL's licence Following an extensive investigation by the Office of Fair Trading, the OFT have now issued a 'Minded to Revoke' notice to Log Book Loans Limited and Nine Regions Limited, both of SW15 2NN.
These companies can now make representations to the OFT and there is an
appeal process, so it may be some months before we hear the final outcome.

Bit of hunting and Nats found it on the OFT site.

Application / Licence Details

Licence Number:0458150

Licence Status:Current

Current Applicant / Licensee:

Business NameCompany Registration NumberLog Book Loans Limited3636230

Licence Notes:

StageDateMinded To Revoke13-Mar-2009

Categories:

Consumer creditConsumer hireCredit brokerageCredit reference agencyDebt adjusting/counsellingDebt collecting

Right To Canvass Off Trade Premises:No

Issued Date:11-Nov-1998

Expiry Date:03-Aug-2011

Legal Formation:

Body Corporate (incorporated inside UK)

Current Individuals that run the organisation:

NamePositionBarry Kenneth PilgrimOFFICERDavid John BarnettOFFICERIain Laurie ShearerOFFICERJames Richard De Bruyker DawesOFFICER

Historic Individuals that run the organisation:

NamePositionBarry PilgrimOFFICERChristopher John DonnachieOFFICERJames DawesOFFICERMr Albert William CookOFFICERMr James Peter SpratleyOFFICERMr Mark Andrew HareOFFICERMr Mark HareOFFICERRichard Charles CookOFFICER

Current Address(es):

Address TypeAddressPrincipal Place Of BusinessBridge Studios, 34A, Deodar Road, Putney, London, SW15 2NNRegistered OfficeBridge Studios, 34A, Deodar Road, Putney, London, SW15 2NN

Historic Address(es):

Address TypeAddressCorrespondenceKnoll House 82, Wheathampstead Road, Harpenden, Herts, AL5 1JBPrincipal Place Of Business44, Town Centre, Hatfield, Herts, AL10 0JJPrincipal Place Of BusinessThe Grove, North Road, South Ockendon, Essex, RM15 6SSRegistered Office9, Bluecoats Avenue, Hertford, SG14 1PBRegistered OfficeVictoria House 64, Paul Street, London, EC2A 4NA

nine regions ltd as well (same people)

Current Applicant / Licensee:

Business NameCompany Registration Number Nine Regions Limited4286387

Licence Notes:

StageDate Minded To Revoke13-Mar-2009

[Mochamoo]

Re: Log Book Loans 'Minded to Revoke' licence notice from OFT

'Minded to Revoke' What does that mean? The licence has been revoked / will be revoked / might be revoke? (or they are just having a little think about it lol)

[Amethyst]

Re: Log Book Loans 'Minded to Revoke' licence notice from OFT

Decisions to revoke a consumer credit licence are made by an adjudicating officer for and on behalf of the OFT. Before a licence is revoked the adjudicating officer issues a 'minded to revoke' notice to the licensee. The licensee is then given the opportunity to make representations before a final determination is made. In the event that the determination is adverse, the licensee has the right to appeal against the determination to the Secretary of State for Trade and Industry.


. The OFT can refuse or revoke a licence if it decides that a trader is not fit to hold one. Where there are substantiated doubts about a trader's fitness, the OFT issues a 'Minded to Refuse' or 'Minded to Revoke' Notice (MTR). This is a formal notice letting the trader know that the OFT is minded to refuse to grant a licence or to revoke an existing licence. It sets out the reasons for the proposed action with supporting evidence. Under s34 of the Act, the trader has the right to respond to the Notice by making written and/or oral representations to an Adjudicating Officer, who acts for and on behalf of the OFT.


(to quote the OFT)

[Mochamoo]

Re: Log Book Loans 'Minded to Revoke' licence notice from OFT

Sorry thick day... So if they do lose their licence what happens to all the people who owe them money? Do they have to pay it back straight away? Or will the company magically reform under a different name? (Sorry my neighbour has a logbook loan -against my advice I might add)

[Amethyst]

Re: Log Book Loans 'Minded to Revoke' licence notice from OFT

some one just asked similar over on PC

I don;t know a definitive answer mind.

My view is that if they were trading as a limited company, and they lost their credit licence and was thus unable to trade, then the company would still have a lot of debtors on its books which would be classed as assets. These could be sold on to another DCA by the Administrators, to release capital towards the cost of terminating the company.

[Legalbegal101]

Re: Log Book Loans 'Minded to Revoke' licence notice from OFT

This is absolutely correct. Please read my updated post that their agreement might not be enforceable anyway

[Amethyst]

Re: Log Book Loans 'Minded to Revoke' licence notice from OFT

Update on this (bit late sorry)

Current Applicant / Licensee:

Business NameCompany Registration Number Log Book Loans Limited3636230

Licence Notes:

EvtStageOpen DateNotes
Determined To Revoke 16/10/2009
Minded To Revoke 13/03/2009