Loan With Company With Consumer Credit Licence Revoked

michael1983l · 20 March 2013 at 2:14PM

What happens if you owe money to a business that has its consumer credit license revoked. Can they still chase you or sell your debt on to somebody else?

[Deleted User] · 20 March 2013 at 2:52PM

Yes and Yes.

It'd be nice if the answers were No and No, but life's just not like that.

michael1983l · 20 March 2013 at 3:07PM

I thought the answer would be no and yes. I didn't think they could chase me as you need a consumer credit license to act as a debt collector but I did think they could sell the debt on.

[Deleted User] · 20 March 2013 at 3:18PM

There's a separate licence for DCA work.

If they lost that, as well as their CCL, then they would have to use another DCA, but so long as they've only lost their CCL, they can continue to collect and pursue the payments.

michael1983l · 20 March 2013 at 3:23PM

They are losing all licenses.

[Deleted User] · 20 March 2013 at 3:27PM

michael1983l wrote: »

They are losing all licenses.

That's not what you said.

In that case, you would still be able to pay them but, if you defaulted, they'd either get a DCA to act for them, or sell the debt on to the DCA.

michael1983l · 20 March 2013 at 3:29PM

Bedsit_Bob wrote: »

That's not what you said.

In that case, you would still be able to pay them but, if you defaulted, they'd either get a DCA to act for them, or sell the debt on to the DCA.

Thats because I didn't know there was a difference between the two.

Loan With Company With Consumer Credit Licence Revoked

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