Important-checking out if lenders are 'legal'

Snowminx_3

Hi,

I came to this site when i was ripped of by a 'broker' called WENTWORTH DIRECT. I, like many other, got told i had a loan and paid a fee only to get nothing.


I have done alot of research into this issue and have found that there are heaps of companies out there through GOOGLE/WEB searches that are operating without being regulated by trading standards and the FSA.

I have now found that you can actually check if a loan company is monitered and registered by the FSA by either going on their website and putting the company name, postcode or more importantly their trading registration number in. If they are monitored their details will be there on file with the FSA.:eek:

There is many a thread/post on this forum of people wanting to check if a loan company is OK. To check out the company's license number is the first thing anyone should be doing. It is a shame i only realised this now.

The weblink is :
http://www.fsa.gov.uk/Pages/register/

~Brock~

Your post is misleading to say the least.

The FSA does not regulate consumer lending except first mortgages.

There is no requirement for a non-mortgage lender or a broker to be registered with or authorised by the FSA unless they also engage in the activity of selling insurance.

The license any lender or broker needs, in order to be authorised to operate, is a consumer credit licence - these are issued by the OFT and they also operate an online register that you can check a firm against.

I have lost count of the number of posters that say thet are going to complain to the FSA about this or that when in reality they don't give a monkeys about the subject being complained about because it is not their....er....bag.

Snowminx_3

I take your point but i thought that yes,they had to be registered with the OFT and the FSA. Ive checked a few loan companies and have fund them on the FSA register so i am confused.

I am just basically trying not to get ripped off (which i already have been unfortunetly). So you propose i check for the companies 'consumer credit license' then? I am more than happy for people to point me in the direction in my internal search for a loan.

So, does that mean that when iasked 'Mr Money' for their license number they gave me their consumer number? They have been really slagged off in a lot of posts here.
Thanks