Are Pounds Till Payday still Trading?

[mickydoo73]

Re: Are Pounds Till Payday still Trading?

Where is the notice saying they are not accepting loans? The homepage certainly doesn't say that, and the form for loan application is still accessible....

By the way I've emailed the Maltese FSA asking for assistance as the company isn't contactable, which even in their eyes, must be seen as irregular.

[judgemental24]

Re: Are Pounds Till Payday still Trading?

All the E-commerce directive is that people can offer financial products from malta in other EU States as being regulated

As i said, if you were a doctor you can work in another member states as your Qualifications as a Doctor are transferable and automatically recognaised. You will not have to take that member states own qualifications to be able to work in that member state. That is the same with accountants, architects, Solicitors etc, professional international recognised qualifications. That is all the E-Commerce Directive from Malta is

Every company that operates financial services in the United Kingdom has to have a seperate Consumer Credit Licence and company registration number. The E-Commerce Directive does not change that domestic legislation.

[mickydoo73]

Re: Are Pounds Till Payday still Trading?

Maybe not, but if you take those services via a website, that doesn't mean that they are operating financial services in the UK.

I'd strongly recommend we collectively re-check, as I'm concerned that the direction I had from the FCA was only yesterday - more recent than your interaction, I assume.

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Although I get your point about taking payments in the UK - i.e. via Direct Debit, or over the phone manually.

[Amethyst]

Re: Are Pounds Till Payday still Trading?

Live chat

[Amethyst]

Re: Are Pounds Till Payday still Trading?

Also if you complete their application you get taken to this page

[judgemental24]

Re: Are Pounds Till Payday still Trading?

Maybe not, but if you take those services via a website, that doesn't mean that they are operating financial services in the UK.

I'd strongly recommend we collectively re-check, as I'm concerned that the direction I had from the FCA was only yesterday - more recent than your interaction, I assume.



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Although I get your point about taking payments in the UK - i.e. via Direct Debit, or over the phone manually.

They are offering financial services in the UK by their web address as a UK registered company so must be certificated by the regulatory authorities. The same restrictions are on these Payday Loan companies who are registered in Eire but trade in the UK

They even carry the Credit Services Association Logo (CSA) unique to the UK

PoundsTillPayday.co.uk

[mickydoo73]

Re: Are Pounds Till Payday still Trading?

Right, I've spoken now to another adviser at the FCA, and explained this forum thread. He fully understood the complexities, and agrees that whilst they can offer services online, that they CANNOT offer UK currency, take payment via UK banking services or UK contact numbers, as that would deem they are operating in the UK, without a UK Consumer Credit license. Nor can they add anything to my credit file.

He has passed my case number up to their regulatory compliance team for investigation as it would seem they have been operating illegally from February 2015. Sounds like Northway are naughty boys.

What worries me, is that I cannot contact them to discuss/dispute anything as all means to do so seems to have ceased.
He advised I speak to the Money Advice Service.

[Amethyst]

Re: Are Pounds Till Payday still Trading?

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.

Micky, I would cancel your Direct Debit and keep the money aside just in case you are needed to pay it while this is sorted out. You don't want them helping themselves to a random amount just before they vanish off the face of the earth.

It'd be interesting to find out if other customers have had similar with their last installments. There might be some customers of PTP on MSE talking about it if so.

[mickydoo73]

Re: Are Pounds Till Payday still Trading?

That was the first thing I did on Monday after I noticed the default charge email, as I didn't want them trying to raid my account for an amount I dispute.

[mickydoo73]

Re: Are Pounds Till Payday still Trading?

ok I've now had a response from the Maltese FCA consumer complaints unit, who have referred me to a lyn.gaskell@northwayfinancial.com who is also named in the FCA record when I checked.

I've sent her an exploratory email, rather than taking a stance, to see if I get a response.

[Amethyst]

Re: Are Pounds Till Payday still Trading?

Well she SHOULD know

Lyn Farrugia Gaskell - CFO of Northway Group

Lyn graduated from Liverpool John Moors University, UK with an Honours degree in Accounting and Finance prior to immigrating to Malta. She subsequently obtained her ACCA and is now a fellow of this association as well as being a fellow of the Malta Institute of Accountants.

After working as an auditor for a range of small firms for a few years, she moved to internationally renowned accounting firm KPMG where she specialised in international business. Here she was responsible for liaising with foreign business owners in order to meet their needs.

Lyn joined the Northway Group of Companies in May 2006 as a Senior Accountant. During this time, she was responsible for the establishment of the Finance Department in Malta. In August 2007, she proceeded to take on the role of European Finance Manager.

Lyn was appointed Director of Finance in June 2009, being responsible for the financial and day-to-day activities of the European operations. The Finance team is currently made up of eight members. Lyn is responsible for the everyday smooth running of this department, handles MFSA reports, ensures compliance with set banking regulation (such as Maturity Ladders, Capital Adequacy Ratios, Solvency Ratios etc), creating monthly and quarterly reports for the MFSA, statistical analysis, complaints processes, AISEC (our Australian licence) as well as being responsible for the audit of the entire European group.

In 2012, Lyn was appointed as CFO of Northway Group. She also makes up a part of the Board of Directors of most of our European companies.

[mickydoo73]

Re: Are Pounds Till Payday still Trading?

Damn right she should. If anyone, SHE is responsible for their f*ck ups.

[mickydoo73]

Re: Are Pounds Till Payday still Trading?

In fact, no mention of the CEO, CIO/CTO, Chairman etc. Interesting that it is privately held too. Sounds like a small company spun out of the UK by this lady who is positioning herself as accounts./finance and has progressed, but I suspect, in fact she was probably always the figurehead. Otherwise why no details of the CEO etc on the website? Seems one-sided to me....

[mickydoo73]

Re: Are Pounds Till Payday still Trading?

I believe that Northway Financial Corporation Ltd, may be part of the NDG Group of Companies headquartered in Canada... a bit of research on LinkedIN

[Amethyst]

Re: Are Pounds Till Payday still Trading?

via Kimberley DeThomas ?


There is a president of Northway around somewhere, Sergio Bianco ?