NIZ Financial - any advice???

mallygp

Niz Financial have received a winding up pettition. And yes they have appealed against it.

As for me....still £250 out of pocket since being conned by them last November. I smealt a rat the day after and asked for my money back. Filled out there cancellation form they sent me and still waiting.

Watched the news this morning and there is a news item about this very money lending scam.

I have reported this to OFT. Slow to react obviously.

Does crime pay. Well in this country it does.

They'll start up again under a different name as they have done before. Loan Supermarket, Carter & Carter Financial, BentlyCooper are all part of Niz Financial and have all been closed down for there dodgey practise.

CHR15

mallygp wrote: »

They'll start up again under a different name as they have done before. Loan Supermarket, Carter & Carter Financial, BentlyCooper are all part of Niz Financial and have all been closed down for there dodgey practise.

You got that right. I sometimes wonder if these winding up petitions do more harm than good.

They simply spring up the following day under a different guise and most likely scam exactly the same people as they did before for a second time.

It would be better to leave their name known and eventually, people will realise the scam so their customer base deminishes.
It won't stop everyone of course, far too many people simply see the promise of £££'s and give up all their details but there will be some, who type the name into google first and see them for what they are.

Better the Devil you know and all that.

mallygp

15/11 11 February 2011
The OFT is warning credit brokers to improve the way they deal with customers' upfront fees or risk losing their licences.
The warning follows OFT action to revoke the credit licences of two associated businesses NIZ Financial (UK) Ltd and First Money Direct Ltd after uncovering unfair business practices.



This followed OFT concerns that NIZ Financial (UK) Ltd and/or its associates had:

• debited the current debit or credit cards of consumers without their authority
• taken upfront brokerage fees - often after claiming that loan applications had been 'pre-approved' or 'approved in principle' - when no loan was provided or it was later offered at a higher APR/lower amount, and
• not refunded brokerage fees when requested to do so.

NIZ Financial had also used a trading name, Bentley Cooper, which was not on its licence.
The OFT's investigation also showed that First Money Direct Ltd had misled a customer about the brokerage services on offer and failed to provide a prompt refund of upfront fees when required to do so.
The two companies were also associates of Carter & Carter Financial (Management) Limited, theloansupermarket.co.uk Limited, Easysteploans (UK) Limited and TLG Loans Limited, which were closed down by the Insolvency Service in May 2010.
The OFT's decision to revoke the licences is subject to appeal and does not finally take effect until the end of any appeal process.
Ray Watson, Director of the OFT's Consumer Credit Group, said:
'Credit brokers must not abuse their positions or mislead consumers. If they do, we will take enforcement action to remove them from the market.'



NOTES

1. Credit brokerage consists of introducing customers seeking credit or goods on hire to businesses that provide credit, or other credit brokers.
2. Read the Insolency Services press release.
3. Both revocations noted above may be subject to appeals to the General Regulatory Chamber of the First Tier Tribunal. Details of all recent OFT actions are on the public register.
4. The Consumer Credit Act 1974 (the Act) places a duty on the OFT to ensure that licences are only given to and retained by those who are fit to hold them.

mallygp

Now this is funny:

Carter & Carter Financial (Management) Limited, theloansupermarket.co.uk Limited, Easysteploans (UK) Limited and TLG Loans Limited, which were closed down by the Insolvency Service in May 2010.

They were all run by Irfan Nasrullah, Zeeshan Nasrullah and Noman Nasrullah and all operated from the same business address.

UNIT B1 MANSION HOUSE
173-191 WELLINGTON ROAD SOUTH
STOCKPORT
GREATER MANCHESTER
SK1 3UA

So how were they then able to get another CCL (CONSUMER CREDIT LICENCE)

Does crime pay. Well yes it does obviously.

Just got my letter back from the OFT. Here's what it said:

Dear Mr Parker,

I am sorry to hear of your experience with NIZ Financial (UK) Ltd (which also used the trading name Bentley Cooper).

As the Financial Ombudsman Service has declined to intervene on your behalf the only option I can suggest is for you to contact your debit/credit card issuer, asking them to take action to obtain the refund of the fee, forwarding to them the information you have supplied below with a copy of any supporting documents you have, such as the Experian report, any letters/forms you sent, and the barcode numbers of any which were sent by recorded delivery.

Speaking generally, although standard checks are carried out on businesses which apply for licences, the consumer credit licensing regime relies on applicants providing full and accurate information in response to the questions asked. Plus, problems or concerns may not arise until after a licence has been issued. Regarding NIZ, we issued a press release a few weeks ago regarding our action to revoke NIZ's licence Since that release, NIZ have lodged an appeal against our decision, and is still able to operate until the conclusion of the appeal process.

I must stress to you that the OFT's action against NIZ Financial is in regard to its licence. We have no powers to intervene on your behalf, for example to instruct the company to refund the brokerage fee to you. Unlike local authority trading standards services or the Financial Ombudsman Service, the OFT has no powers to intervene in disputes between consumers and businesses.

Well cheers Mr OFT and Mr Ombudsman. Who does fight for the little man then?

geoffky

mallygp wrote: »

Now this is funny:

Carter & Carter Financial (Management) Limited, theloansupermarket.co.uk Limited, Easysteploans (UK) Limited and TLG Loans Limited, which were closed down by the Insolvency Service in May 2010.

They were all run by Irfan Nasrullah, Zeeshan Nasrullah and Noman Nasrullah and all operated from the same business address.

UNIT B1 MANSION HOUSE
173-191 WELLINGTON ROAD SOUTH
STOCKPORT
GREATER MANCHESTER
SK1 3UA

So how were they then able to get another CCL (CONSUMER CREDIT LICENCE)

Does crime pay. Well yes it does obviously.

Just got my letter back from the OFT. Here's what it said:

Dear Mr Parker,

I am sorry to hear of your experience with NIZ Financial (UK) Ltd (which also used the trading name Bentley Cooper).

As the Financial Ombudsman Service has declined to intervene on your behalf the only option I can suggest is for you to contact your debit/credit card issuer, asking them to take action to obtain the refund of the fee, forwarding to them the information you have supplied below with a copy of any supporting documents you have, such as the Experian report, any letters/forms you sent, and the barcode numbers of any which were sent by recorded delivery.

Speaking generally, although standard checks are carried out on businesses which apply for licences, the consumer credit licensing regime relies on applicants providing full and accurate information in response to the questions asked. Plus, problems or concerns may not arise until after a licence has been issued. Regarding NIZ, we issued a press release a few weeks ago regarding our action to revoke NIZ's licence Since that release, NIZ have lodged an appeal against our decision, and is still able to operate until the conclusion of the appeal process.

I must stress to you that the OFT's action against NIZ Financial is in regard to its licence. We have no powers to intervene on your behalf, for example to instruct the company to refund the brokerage fee to you. Unlike local authority trading standards services or the Financial Ombudsman Service, the OFT has no powers to intervene in disputes between consumers and businesses.

Well cheers Mr OFT and Mr Ombudsman. Who does fight for the little man then?

as they say,,,,trading standards and the ondbudsman,,,

mallygp

No Suprise Here Then:

OFT please get your act together:

The OFT has today received a super-complaint from Citizens Advice relating to marketing and charging practices which Citizens Advice suggests may be used by businesses offering credit brokerage and debt services.

Citizens Advice has identified two business practices which it has asked the OFT to look at. They are:

• Firms cold-calling consumers by telephone and text to promote consumer credit products and ancillary services, including debt management.
• Firms taking upfront fees for credit services, often by persuading consumers to give them their banking details, sometimes taking unauthorised deductions.

The OFT will now consider the issues raised in the super-complaint in order to establish whether or not any feature, or combination of features, in the relevant market is or appears to be significantly harming the interests of consumers.
The OFT will shortly invite interested parties to provide any evidence which may be useful to its assessment. It will publish a response to the super-complaint within 90 days.

NOTES

1. The Enterprise Act 2002 (the Act) makes provision for designated consumer bodies to make super-complaints. A super-complaint, as defined by section 11(1) of the Act, is a complaint submitted by a designated consumer body that 'any feature, or combination of features, of a market in the United Kingdom for goods or services is or appears to be significantly harming the interests of consumers'. Citizens Advice is a designated consumer body. Within 90 days after the day on which a super-complaint is received, the OFT must say publicly how it proposes to deal with it.

I found a lovely bit on a web forum where Joe Public identified these fraudsters back in 2009 yet the OFT still went ahead and issued Niz with a CCL. Please also read:

[15/07/2009] Anoymous: TLG Loans and Carter & Carter Financial are setting up again at the same offices at Mansion House, Wellington Rd South, STOCKPORT, under a different name, is this possible? I believe that one of the directors is currently out of the country.


[15/07/2009] unknown: please be aware these scumbags look like they are setting up again at Mansion House ,Wellington Road South,Stockport. Wether they are under a different name or not i am not sure, but if so HOW can this be possible ?????


[18/07/2009] unknown: lots of people know where these idiots live , even if they run off to other countries to lie low for a while . They WILL get whats coming to them soon!


[07/08/2009] desmo: They are back at mansion house



I do like the comment about "even if they run off to other countries to lie low for a while . They WILL get whats coming to them soon!" dated 18/07/09.

I guess they only operate this type of scam as obviously they know that in Britain we are smoothered by so much red tape they will never ever get convicted.

nanof6

Thats funny i have been conned by First Money Direct, they took £139.99 from my account i have been trying to get my money back since 7th february, i have just noticed that NIZ and first money direct have the same address. i have sent all documents to the Office fair trading as they are looking to revoke their licence. Has its the same address i think they must be connected.

mallygp

Do not expect though for the OFT to get your money.

Go to your bank and get them to do the charge back thing on your card.

All your get from the OFT is a letter like above and then ask you to fill out forms and statements so they can then defend the case.

My thoughts though as if they had done their job right in the first place this bunch of scammmers ( shut down in 2009 for the same thing ) should have never been given a new CCL.

Right a letter to your local MP asking does crime pay. Also send all supporting information and things you have found out about these people.

The answer to the above is obviously yes.

Yes people will say never ever give your card details over the phone and that if it sounds too good to be true. I am one of those people and run a very successful business. What do we have in commom.

I also got scammed by the same bunch.

castle_mountain

Has anyone tried suing them through the small claims court? Like a lot of people here I paid BC loans £99 thinking I had an approved loan but never got the loan or the money back. I decided to pursue NIZ through the court and paid the £25 money claim online fee. I just got notice that the court has struck out NIZ's defence and I'm at liberty to enter judgment for the full amount plus costs. It's a fairly simple procedure although it takes a while..

SnowTiger

castle_mountain wrote: »

Has anyone tried suing them through the small claims court? Like a lot of people here I paid BC loans £99 thinking I had an approved loan but never got the loan or the money back. I decided to pursue NIZ through the court and paid the £25 money claim online fee. I just got notice that the court has struck out NIZ's defence and I'm at liberty to enter judgment for the full amount plus costs. It's a fairly simple procedure although it takes a while..

Did you get to see a copy of their defence? Just wonder what it contained.