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

[zombiefan61]

Re: Micro Lend Uk

Hi Amethyst,

I got the same reply. I seem to be going round and round in circles at the moment trying to find out

[Amethyst]

Re: Micro Lend Uk

Had a better reply now Will paste main bit and attach PDF



As you are aware, the licence for Micro Lend UK Limited (Micro Lend) was suspended on 3
March 2014. You state the belief that Micro Lend can continue its collection activity for a
certain period. This is incorrect.

Where the Office of Fair Trading (OFT) commences licence revocation proceedings,
licensees can continue to operate pending the outcome of all appeals. However, the power
to suspend a consumer credit licence enables the OFT to suspend all aspects of the
business covered under the licence with immediate effect or on a date specified in a
notice, with the consequence that any consumer credit activity undertaken by the
suspended licensee from that point on will be unlicensed, and therefore unlawful, until the
suspension is ended.

You can find more information about the power to suspend on the
OFT’s website at: http://www.oft.gov.uk/news-and-updates/press/2013/17-13

Micro Lend’s licence was suspended on 3 March 2014 with immediate effect. This means
that from that date, it is a criminal offence for Micro Lend to engage in any consumer
credit activity using the company's credit licence. Consumer credit activity includes
lending money to consumers and the collection of debts, including, in the OFT’s view, the
passive receipt of payments due under consumer credit agreements. This remains the case
unless and until the suspension is revoked.

In general, we would advise customers to contact Micro Lend directly regarding the status
of their loans. Customers should also be aware that, if required, they can cancel any
Continuous Payment Authorities (CPAs) either with the lender or with their bank or card
provider.

[Amethyst]

Re: Micro Lend Uk

Letter as PDF attached.

And again, for interest,

''Micro Lend’s licence was suspended on 3 March 2014 with immediate effect. This means
that from that date, it is a criminal offence for Micro Lend to engage in any consumer
credit activity using the company's credit licence. Consumer credit activity includes
lending money to consumers and the collection of debts, including, in the OFT’s view, the
passive receipt of payments due under consumer credit agreements. This remains the case
unless and until the suspension is revoked.''

[zombiefan61]

Re: Micro Lend Uk

Thanks have just been advised by them that a company called Payday overdraft has taken over the loans

[Amethyst]

Re: Micro Lend Uk - SUSPENDED Credit Licence

Any details on them ? PayDay Overdraft I mean.

This lot? PaydayOverdraft.com is a trading name of Wage Payment and Payday Loans Limited,
Cambridge House, 27 Cambridge Park, Wanstead, E11 2PU London
Registration number: 07080688
CCA Licence Number: 0633083



Trading Name(s) (Current):
Doshloans.com
Paydayoverdraft.com
Wagepayday.co.uk

[enaid]

Re: Micro Lend Uk - SUSPENDED Credit Licence

Any details on them ? PayDay Overdraft I mean.

This lot? PaydayOverdraft.com is a trading name of Wage Payment and Payday Loans Limited,
Cambridge House, 27 Cambridge Park, Wanstead, E11 2PU London
Registration number: 07080688
CCA Licence Number: 0633083

https://www.paydayoverdraft.com/cms/



http://www.consumeractiongroup.co.uk...day-loans-ltd)

[EXC]

Re: Micro Lend Uk

Thanks have just been advised by them that a company called Payday overdraft has taken over the loans

Advised by who?

[EXC]

Re: Micro Lend Uk - SUSPENDED Credit Licence

I'm not sure Micro Lend can pass on the loans given that the letter from OFT says:

However, the power to suspend a consumer credit licence enables the OFT to suspend all aspects of the business covered under the licence with immediate effect or on a date specified in a notice

[zombiefan61]

Re: Micro Lend Uk - SUSPENDED Credit Licence

This is what I received.

NOTICE OF ASSIGNMENT

We refer to the consumer credit loan agreement and the loan(s) of £*** made by Micro Lend UK Limited ("the Assignor") to you ("the Debt").

On and with effect from the 25th March 2014 the Assignor assigned to Wage Payment and Payday Loans Limited trading as Payday Overdraft ("the Assignee") all its rights, title, interest and benefits in and to the Debt.

All future correspondence, dealings, deliveries and payments in respect of the Assigned Documents or the Debt should be made to the Assignee whose details are as follows:
Wage Payment and Payday Loans Limited trading as Payday Overdraft
Cambridge House
27 Cambridge Park
Wanstead
London
E11 2PU

Email: admin@paydayoverdraft.com
Telephone: 0207 205 4443

Bank Details:
Bank: Barclays
Sort Code: 20-78-98
Account Number: 83361829
Account Name: Payday Overdraft

You will need to contact the Assignee and provide up-to-date debit card details and to arrange repayment of your loan.

This notice and any dispute arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and constructed in accordance with the laws of England and Wales.

Kind regards,

Micro Lend UK Limited

[EXC]

Re: Micro Lend Uk - SUSPENDED Credit Licence

As Micro Lend's CCA licence was suspended on the 3 March the question is, is the assignment of a CCA regulated loan a CCA licenced activity?

Maybe Amethyst could answer that or ask OFT?

[zombiefan61]

Re: Micro Lend Uk - SUSPENDED Credit Licence

So do you think I should make a payment to them. They are asking me to pay the loan back but I am trying to negoiate a payment plan and I dont want to give them my card details and have told them I will pay thru internet banking.

[zombiefan61]

Re: Micro Lend Uk - SUSPENDED Credit Licence

Do you think I should make a payment to them. I am trying to negoiate a payment plan and have told them I will pay via internet banking as do not want to give them my card details.

[Misbegotten]

Re: Micro Lend Uk - SUSPENDED Credit Licence

I have never had a problem with them and always repaid on time (albeit only very small loans) and February's loan due now is my last loan . I have received an email stating that micro lend are not allowed to take payments from acs at present and have given me details of a company called WPPL ltd who have given me Barclays ac details to make payment to. Not sure if this is legal ? I have cancelled my CPA

[Amethyst]

Re: Micro Lend Uk - SUSPENDED Credit Licence

Having read about a bit this new lot don't seem to be particularly nice or compliant with the rules, will look into it though.

Micro lend's deadline to appeal the suspension was up on 24th so I don't think its coincidence letters/emails have just started being received. Wonder if micro lend are going into administration?

[enaid]

Re: Micro Lend Uk - SUSPENDED Credit Licence

Am thinking WPPL ltd may be insolvency practitioners but cant find em.