Micro Lend Uk - Credit Licence Suspended - Wage Payment and Payday Loans Limited

[Amethyst]

Re: Micro Lend Uk - Credit Licence Suspended - Wage Payment and Payday Loans Limit

Same address then ? explains the and/or in the FCA requirements then.

[righty]

Re: Micro Lend Uk - Credit Licence Suspended - Wage Payment and Payday Loans Limit

Dunno AME haven't been here for a couple of weeks (not for very long that is) I'm now trying to catch up with what's happening ALSO our new family addition Elsie has some lungs on Her. She lets everyone inside (& outside) the house know when She want's owt! AND She want's a lot..........mostly cuddles it seems as She hates being put to lay down

[Amethyst]

Re: Micro Lend Uk - Credit Licence Suspended - Wage Payment and Payday Loans Limit

awww you're loving it really xx Elsie is a lovely name for a baby btw.

[jon1965]

Re: Micro Lend Uk - Credit Licence Suspended - Wage Payment and Payday Loans Limit

Opos have been the DCA of choice for minicredit. I knew this was coming as minicredit doubled the amount of my alleged debt a month ago on my credit file although this month it has mysteriously vanished . Luckily I have a full copy of all correspondence including letters written for me

[Amethyst]

Re: Micro Lend Uk - Credit Licence Suspended - Wage Payment and Payday Loans Limit

Opos have been the DCA of choice for minicredit. I knew this was coming as minicredit doubled the amount of my alleged debt a month ago on my credit file although this month it has mysteriously vanished . Luckily I have a full copy of all correspondence including letters written for me

Is your minicredit debt with Opos or at a DCA ? Seems ones at DCA's are being ditched completely.


Just writing a non descript 'story' for homepage


Microcredit / MiniCredit have left the payday loans market. Within the next 7 days Microcredit Limited t/as Minicredit will be writing to customers to inform them that after 5 years of business they have decided to cease trading and wind down their business in the UK.
The company have applied to the FCA to cancel their authorisation to carry on the business. From 4pm on December 10th 2014 the company was no longer permitted to carry on consumer credit regulated activities in the UK which means they cannot grant loans, rollover or extend loans, add interest or charges to loans or engage in any debt collection activities.
You can read the voluntary requirements here.
Microcredit-vreq(1) (PDF DOWNLOAD) Voluntary Application for Imposition of Requirement: Microcredit Limited
Some of the companies loans have been transferred to two companies, Opos Ltd and Kapama Ltd. Other debts have been transferred to debt collection companies such as Fredericksons or Mackenzie Hall and any accounts that have been transferred to those companies will be cancelled.
via Financial Conduct Authority.

[MissFM]

Re: Micro Lend Uk - Credit Licence Suspended - Wage Payment and Payday Loans Limit

CSA website:



For some rerason I find it amusing that with one mistype they become Oops!

I noticed that too Nibbler - in fact I had trouble understanding Jon's last post as I was under this misapprehensionx

[jon1965]

Re: Micro Lend Uk - Credit Licence Suspended - Wage Payment and Payday Loans Limit

As far as I know the account that started at £200 and in a matter of weeks went to £1200 is still with minicredit. They have as much hope as enforcing it as it stands as I have of becoming the next Queen . I have heard nothing from them for over two years now

I am not sure if opos and minicredit are linked, some on Cag say they are but I haven't been able to find the evidence

[Amethyst]

Re: Micro Lend Uk - Credit Licence Suspended - Wage Payment and Payday Loans Limit

Missed this - https://www.fca.org.uk/news/press-re...-sole-director

UPDATE 28th Sept
https://www.fca.org.uk/publication/f...-hart-2016.pdf
( read the appendix )


The Financial Conduct Authority (FCA) has today published a Decision Notice issued to Andrew Barry Hart, director of Wage Payment and Payday Loans Limited (WPPL), and a Decision Notice issued to WPPL. The FCA has decided to prohibit Mr Hart from performing any role in regulated financial services and has decided to cancel WPPL’s interim permission.
WPPL is a consumer credit firm that provides payday loans (a form of high-cost short-term credit) under the trading names 'Payday Overdraft', ‘Wagepayday’ and ‘Doshloans’. Mr Hart is the sole director, controller and ultimate owner of WPPL.
Mr Hart and WPPL dispute the FCA’s decisions and have referred their cases to the Upper Tribunal (the Tribunal). Accordingly, the findings in these Decision Notices are provisional pending the Tribunal’s determination of Mr Hart and WPPL’s references. In relation to the FCA’s decisions to prohibit Mr Hart from any regulated role and cancel WPPL’s interim permission, the Tribunal will determine whether to dismiss the reference or remit it to the FCA with a direction to reconsider and reach a decision in accordance with the findings of the Tribunal. The Tribunal’s decisions will be published on its website.
Mr Hart

The FCA has found that Mr Hart is not a fit and proper person because he lacks integrity and competence. In the FCA’s view, between 1 April 2014 and 28 August 2014, he took a reckless approach to managing WPPL and to complying with regulatory requirements. Mr Hart recklessly contributed to and failed to address unfair business practices carried on by WPPL.
Mr Hart failed to take reasonable steps to implement appropriate policies and procedures relating to creditworthiness, affordability and forbearance. He also failed to take reasonable steps to ensure that WPPL had appropriate systems in place to communicate with customers, to ensure that customer complaints were dealt with adequately, to provide proper oversight of WPPL’s staff and to ensure that WPPL’s loan agreements complied with regulatory requirements.
Mr Hart’s failings had a direct impact on WPPL’s customers, who were often treated unfairly and were frequently misled. Customer complaints were commonly disregarded, and excessive sums were taken out of some customers’ bank accounts. In some cases these practices caused financial loss to customers, many of whom were already in financial difficulties.
WPPL

On 28 August 2014, WPPL submitted an application for the imposition of requirements on its interim permission. Since that date, WPPL has not been permitted to lend to new or existing customers or to engage in any outbound collection of any debts due to it under regulated credit agreements (except in the limited circumstances specified in the requirements on its interim permission).
The FCA has decided to cancel WPPL’s interim permission because it is failing to satisfy the threshold conditions regarding appropriate resources and suitability, for reasons including its connection with Mr Hart.
Notes to editors

1. The Decision Notice for Andrew Barry Hart.
2. The Decision Notice for WPPL.
3. WPPL’s Application for Imposition of Requirements dated 28 August 2014.