CREATION FINANCE - Food for thought

[CYNthesys]

I wonder how many CREATION/SYGMA cardholders have been duped into believing they were dealing with a bona fide lender who conformed to all the UK regulatory requirements?

It appears that CREATION hold themselves out to be regulated by FSA, when in fact the FSA do not regulate consumer credit agreements.

Furthermore, CREATION is only regulated by FSA for insurance mediation purposes,
and appears to have never held a consumer credit licence. It is deemed a criminal offence to conduct such business without a licence.

Under section 40 (1) of the CCA the Courts are precluded from enforcing such agreements; -

40 Enforcement of agreements made by unlicensed trader.
[F1(1)A regulated agreement is not enforceable against the debtor or hirer by a person acting in the course of a consumer credit business or a consumer hire business (as the case may be) if that person is not licensed to carry on a consumer credit business or a consumer hire business (as the case may be) of a description which covers the enforcement of the agreement.
(1A) Unless the OFT has made an order under subsection (2) which applies to the agreement

[Hurricane Puffrose]

Re: CREATION FINANCE - Food for thought

As a creation customer, what does this mean for me.. who has paid them nearly £1000?

[CYNthesys]

Re: CREATION FINANCE - Food for thought

Im in the same boat

[dogtired]

Re: CREATION FINANCE - Food for thought

And others of other lenders, found out that last week that when we got our mortgage the cmpany was not regulated at the time and ere not until the October of 2004 (Kensington/TML) TML have ceased trading in 2006 or there abouts.