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EPDL - Early Pay Day Ltd.... Naughty...
Enfieldian
Posts: 2,893 Forumite
Found on another site (CAG):
Advice to all potential and current customers of Early Pay Day Ltd - I have been advised by the Office of Fair Trading that their Consumer Credit Licence lapsed on 23rd January 2009 - see the public register online.
However they are still trading as a licenced Consumer Credit company.
Potentally this means that as they are allegedly unlicenced they are operating illegally - All contracts entered into whilst a company is unlicenced are un-enforceable in a court of law - Furthermore I believe Royal Borough of Windsor and Maidenhead Trading Standards are investigating the company for unlawful practices.
Please be aware of this.
What does this mean for people such as myself that have loans with them? I had £550 outstanding at the end of March and offered to repay at £50 per month.
The original agreement with them was set up in December 2008 and their licence expired in Jan. I am not sure if they are still lending to new customers.... Their website is still up.....
They immediately accepted by email (which I thought was too easy!) so I have paid off £100 so far. (£450 - or 9 repayments - remaining)
Should I:
A) Keep paying?
Stop paying (Under what grounds?)
C) Offer them a reduced full and final settlement?
Advice to all potential and current customers of Early Pay Day Ltd - I have been advised by the Office of Fair Trading that their Consumer Credit Licence lapsed on 23rd January 2009 - see the public register online.
However they are still trading as a licenced Consumer Credit company.
Potentally this means that as they are allegedly unlicenced they are operating illegally - All contracts entered into whilst a company is unlicenced are un-enforceable in a court of law - Furthermore I believe Royal Borough of Windsor and Maidenhead Trading Standards are investigating the company for unlawful practices.
Please be aware of this.
What does this mean for people such as myself that have loans with them? I had £550 outstanding at the end of March and offered to repay at £50 per month.
The original agreement with them was set up in December 2008 and their licence expired in Jan. I am not sure if they are still lending to new customers.... Their website is still up.....
They immediately accepted by email (which I thought was too easy!) so I have paid off £100 so far. (£450 - or 9 repayments - remaining)
Should I:
A) Keep paying?
Stop paying (Under what grounds?)C) Offer them a reduced full and final settlement?
0
Comments
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If they had a licence when you borrowed the money, then surely it is legal, enforceable etc etc?0
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nomoneytoday wrote: »If they had a licence when you borrowed the money, then surely it is legal, enforceable etc etc?
That is what I would like to know......0 -
Yes the debt is legal and enforceable and they reserve the right to sell on the debt to any new company that does hold the relevant licence.Enfieldian wrote: »That is what I would like to know......0 -
Even so, (their licence was valid when you borrowed), you did borrow the money - I can see why people want to get out paying unrealised charges, or debts that are not theirs, or are too old.....but you just recently made this loan. Did you have the intention to pay it back when you took it out? I'm sorry - I just don't understand taking out a loan and trying to find a loophole to get out of it.0
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In that case I will carry on my monthly repayments.
No thanks for you I'm afraid AnxiousMum... I was not asking for your understanding, merely an informed opinion. As you can see from my signature I don't have problem paying my dues, I wanted to know if I could hold off on this one temporarily and pay off more somewhere else...... Hence the A, B and sodding C.0
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