Are Pounds Till Payday still Trading?

[judgemental24]

Are these people trading anymore??

Just done a companies web check and nothing

I believe their Consumer Credit licence lapsed a while ago

[judgemental24]

Re: Are Pounds Till Payday still Trading?

As of February 2015 Pounds Till Payday have NO CONSUMER CREDIT LICENCE

They have no legal authority to offer financial services in the UK or to process individual Personal Data with the credit agencies AFTER that date

Any complaints such as credit files before FEBRUARY 2015 go to the Financial Ombudsman Service

Source:

Financial Conducts Authority

[Amethyst]

Re: Are Pounds Till Payday still Trading?

These guys ?

PoundsTillPayday.co.uk is a trading name of Northway Financial Corporation Limited. Northway Financial Corporation Limited is regulated by the Malta Financial Services Authority.
Level 5, Plaza Commercial Center, Bisazza street, Sliema - Malta. SLM1640


Their website is still up and accepting loan applications.

[judgemental24]

Re: Are Pounds Till Payday still Trading?

That is them

I have just had a nice chat with the FCA over this lot

Pounds till Payday state they do not need a Consumer Credit Licence as they are coverd by the European E-Commerce Directive.

Total Garbage

[Amethyst]

Re: Are Pounds Till Payday still Trading?

Did the FCA agree that it was total garbage ?

[judgemental24]

Re: Are Pounds Till Payday still Trading?

Yes and a report has been made for futher investigation.

Thec CSA are now involved as well as their website state they are an Accredited member unde false pretences

[Amethyst]

Re: Are Pounds Till Payday still Trading?

Perfect. Well done.

[mickydoo73]

Re: Are Pounds Till Payday still Trading?

I've an update on this one.

I spoke to the FCA on Monday (9 Nov 15)
I did so after noticing the fact that they'd not taken my last installment on a loan (which I was/am able to afford to repay), and that I'd subsequently discovered when I checked my email that they'd sent me a default notice and a charge of £15, and about 3 or 4 days before the DD was due to go out an email saying I'd have to make a manual repayment as they'd be unable to take the direct debit.
This seems VERY odd to me. Also the due amount was shown on the email as less (£160) than the payment I believed I was making of £189.

I believe that the notice they gave was insufficient, and there was no attempt to contact me by phone.

Now, in contrast to the above poster, when I spoke to the FCA, they said that they'd investigate, and came back to me saying that in fact they ARE covered by the EU e-Commerce DIrective IF they are regulated by their home country financial regulatory body. In this case the Maltese FSA. (I think this is a bit of a cop-out by the FCA, but the law is the law).

Anyway, I've tried to contact PoundstillPayday by email and through their webchat as there is no agent-based phone number to call.
The webchat doesn't work and I've tried 3 different browsers. Also their email address doesn't work either - I've just received a "delay notification" from Google saying the email isn't yet delivered.
I'm happy to pay the installment amount, but I want to dispute the "default" charge of £15 and ensure that they are not going to record anything on my credit file to say I defaulted, as they gave me precious little notice to make alternative payment arrangements given it was THEIR fault.
The only thing working is their payment IVR which is a Derby number, but I don't want to use it in case my money goes into a black-hole, given I cannot contact anyone, and I am concerned that they've liquidated or something.

Does anyone have any more information than this?
I'm going to call the Maltese FSA later, and I'll post an update then.

[mickydoo73]

Re: Are Pounds Till Payday still Trading?

Also, found a number on a link from one of the emails: 0800 234 6955. Rang it and get the message "Sorry it is not possible to connect your call at this time, please try again later."
Sounds like they've gone under...

[judgemental24]

Re: Are Pounds Till Payday still Trading?

The reason being is that pounds till payday have no consumer credit licence to be taking payments in the UK

They cannot trade or deal in commerce in the UK without the required certification

They cannot touch your credit files either

They may be registered in MALTA for E=Commerce just like if you are an accountant you can live and work in another member state. But you still need to complay with that member states own domestic legislation

That legislation being registered at companies house with a company number and the FCA with a consumer credit licence number

They have now been found out and the FCA have written to them to cease and desist or face the consequencies

The days of pounds till Payday trying and conning people out of money in the UK is now at an end

[Amethyst]

Re: Are Pounds Till Payday still Trading?

They have now been found out and the FCA have written to them to cease and desist or face the consequencies

Have the FCA told you that?

[judgemental24]

Re: Are Pounds Till Payday still Trading?

Yes, they told me on the phone that they have no consumer credit licence to be trading in the UK or update individual credit files since February 2015, and that this case will be past up to the enforcement section for compliance

[Amethyst]

Re: Are Pounds Till Payday still Trading?

Okay that isn't quite the same as writing to them to cease and desist. Just have to be a bit careful putting words in the FCA's mouth. It probably is what they are doing particularly considering they do have a notice on the PoundsTillPayday website now;

Please be advised that we are not currently issuing loans. We hope this to be a temporary business decision and it applies to all of our customers. We apologise that we do not have further information to provide at this time. We recommend checking our website for any change in this circumstance. Please leave a message below and we will respond to you via email as soon as possible. Thank you.

[judgemental24]

Re: Are Pounds Till Payday still Trading?

Coincidence (Not) this has happened after all the payday loan companes are in the firing line to pay compensation for unethical lending practices to their customers

I guess they thought they could have their cake and eat it??

[mickydoo73]

Re: Are Pounds Till Payday still Trading?

The lady I spoke to at the FCA told me that they were fine to operate under the EU eCommerce Directive under regulation from the Maltese FSA. So the FCA seem to be giving out conflicting information.