Hi all,

I feel it is necessary to re-iterate what conmankiller has posted and to clear up any misunderstanding regarding legislation, regulation and the advertising of personal loans and attempt to clarify the situation for everyone. I will then be locking this post.

The Financial Services Authority (FSA) do not regulate the selling of loans, credit cards, second-charge loans and occupational pension schemes. This is done through legislation such as the Consumer Credit Act 1974. Anyone with any issues regarding loans, credit cards and second-charge loans - and with the providers of these services - should speak to The Office of Fair Trading or contact ConsumerDirect on 0845 04 05 06 or you can visit their website by clicking here.

The OFT website states: The Consumer Credit Act 1974 requires most businesses that offer credit or lend money to consumers to be licensed by the OFT. This includes where credit is arranged to finance the purchase of goods or services. Licensing arrangements may also be required by debt collectors, debt advisors and businesses that offer goods for hire or leasing. Trading without a licensing arrangement is a criminal offence and can result in a fine and/or imprisonment.

When it comes to the advertising of financial services, non-broadcast advertisements are regulated by the Financial Services Authority and any complaints should be directed to them on. The Consumer Credit Act also applies to adverts for credit and this is enforced by your local Trading Standards department. To find your local Trading Standards department, click here. Issues with broadcast adverts should be taken up with the Office of Communications (Ofcom) or the Advertising Standards Authority.

Regarding brokerage fees for loans, the OFT states: The Consumer Credit Act limits a credit broker's charges to £5 if, following an introduction to a lender, an agreement is not signed within six months. If more than that has already been paid, brokers must refund the excess on request. This section of the Act ensures that brokers are only entitled to a nominal fee if they are unable to obtain credit or hire facilities at a price the consumer is prepared to pay.

You can find out more information by clicking here.

I hope that clarifies the situation and assists people's understanding of the issue.

thanking you carl.

THIS POST HAS BEEN MODERATED

Hi

Im afraid like red army has told you, you are wrong with regards to not been regulated by the FSA!!! I process unsecured personal loans for a living, and we are very heavily regulated by the FSA .

Carl

IL SECOND THAT ONE!!

 

Thanks RED ARMY will do that hopefully sooner or later the whole outfit will get closed down.

report them to penman and somerland the consumer journalists at the daily mirror..they have had hundreds of complains about tenant loans and wouldnt mind recieved another

Dont worry i fully intend to go to FSA and trading standards :-) i will will my jolly hardest to get it back again .

THIS POST HAS BEEN MODERATED

dont listen to the advantage loans guy...go straight to the office of fair trading or the fsa with your problem

MESSAGE FOR ADVANTAGE LOANS EMPLOYEE!!

F-inancial S-ervices A-uthority....means what it says on the tin...they work with the  OFT in deciding regulations,they regulate small firms and large ,corprate finance and investment firms,credit unions,motor sales firms.

Check out their website for the full list of regulated financial activities in the section DO I NEED TO BE AUTHORISED!!.

 

I can assure you the email is getting bounced back even with an @ i tried that in the first place the problem would have been resolved by now if someone would have had decency to answer my orginal letter.I am aware that i am coming across as being sarcastic but if you were in my position i rather think you would be annoyed too £50 may not seem a huge amount but it the principal that i was told a load of pants to put it politely in the first place to get me to part with my £50.

Hi

I have checked my mail again and it definately does work. It is my main email address and use it all day.

This forum does change the @ sign in an email to AT so you will have to change it back when you email me.

I am sorry but I am not trying to treat you like a 'numpty'. I really want to be able to resolve the problem that you have.

On the subject of the regulation it may seem picky but regulation is a huge thing for anyone who works in the finance industry. We are not regulated by the FSA, the FSA regulate Mortgage Brokers and insurance companies. We only do unsecured loans. 

 

 

Hi,
Try changing AT to @

Office of fair trading and perhaps trading standards just becauses we were unlucky enough to fall for the spin please do not try to treat those of us who complain as if we are complete numpties at least we are honest can you say the same !

are you hooked on something???

all financial services companies inc youself  are regulated by the office of fair trading in conjunction with the fsa and the uk government..you are a licenced credit broker ,so if anyone has a complaint then we can complain to the fsa if not the office of fair trading.

if anyone bothers access the terms pages on the tenant loans website for all info on regulation,they are governed by all the financial laws of uk and the financial services and markets act..if they chose not to be regualted they would be done for illegal lending.

 all 3 mentioned in bold work togther on finance companies

Well i keep getting it refused screen name to long infact i emailed Tenant Loans and that also got bounced straight back talk about wall head and bang what more can i say.

RED ARMY- Please contact me on my email so that I can resolve your complaint for you. I publish my email address regularly for clients to contact me directly to let me know if anything has gone wrong for them with our service. I am keen to help anyone who has a complaint about our company and will happily refund anyone who feels that our service is anything less than satisfactory. 

Just for the record I would also like to make it clear that we are not regulated by the FSA and we would never claim to be. The FSA do not regulate unsecured loan brokers.

Doodlebug- Please try to contact me again on my email address at james.benamor AT postnet.uk.com  I have tested it after reading your post and there is nothing wrong with it.

Post recieved by our company is always dealt with within 3 working days, there is no excuse for your letter not having been replied to but If you give me your details I will be able to chase it up personally.