• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    REGISTER
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Career Finance 4 Trade Skills - Consumer Credit Licence Info

Collapse
Loading...
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Career Finance 4 Trade Skills - Consumer Credit Licence Info

    For information

    Career Finance 4 Trade Skills Limited have some requirements agreed with the FCA on their consumer credit licence.

    Marlborough's credit licence has lapsed completely.

    Voluntary Requirements
    1. With effect from 8th August 2016, CF4TS shall not carry on any regulated activities, save that CF4TS has Part 4A permission for exercising/having the right to exercise the lender's rights and duties under a regulated credit agreement limited to where the agreement was entered into by the firm on or before 15 July 2016.

    2. CF4TS shall provide to the Authority in writing to Firm.queries@fca.org.uk every six calendar months, commencing 8th August 2016, or within such period as the FCA may reasonably require, the following information:
    a. the number of loan agreements collected on and closed in the previous six months;
    b. the total amount collected on all loans within the previous six months;
    c. the total number of customers with open/active loans, as at the date of reporting;
    d. the amount still to be collected on all open/active loan agreements; and
    e. the number and percentage of loan agreements in arrears and default, as at the date of reporting.

    3. CF4TS shall by 3rd October 2016 provide all of its existing customers in writing the following information in relation to the Continuous Payment Authority:
    a. information about the basis on which further attempts to obtain payment under Continuous Payment Authority ("CPA") will be made and the frequency of these attempts; and
    b. information about whether part payment may be sought under the CPA and, if so, the basis on which and frequency with which payment would be sought and whether part payments would be subject to a minimum amount of percentage; and

    4. CF4TS shall inform the Authority in writing to Firm.queries@fca.org.uk, no later than seven days after it has ceased collecting out on loan agreements (i.e. once it has emptied its current book). Upon such notification, CF4TS's permission for exercising/having the right to exercise the lender's rights and duties under a regulated credit agreement will, with immediate effect, be automatically varied to remove all regulated activities and the firm's FCA authorisation status cancelled.

    5. In the event that CF4TS has not notified the Authority by 5pm on 31 August 2020 in accordance with paragraph 4 above, CF4TS's permission for exercising/having the right to exercise the lender's rights and duties under a regulated credit agreement limited to where the agreement was entered into by the firm on or before 15 July 2016 and the firm's FCA authorisation status will be cancelled with immediate effect. CF4TS must write off any outstanding loans in existence on 31 August 2020 and notify in writing the customers whose loans have been written off of this action by 28 September 2020.
    #staysafestayhome

    Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

    Received a Court Claim? Read >>>>> First Steps
    Tags: None

  • #2
    Re: Career Finance 4 Trade Skills - Consumer Credit Licence Info

    hmmm...my head hurts, I don't understand these things:/
    what does it mean, please summary this.
    Is this meant to be good news or bad news?:/

    thank you

    Comment


    • #3
      Re: Career Finance 4 Trade Skills - Consumer Credit Licence Info

      It's good news basically. It means that CF4TS are no longer allowed to enter into a new credit agreements with consumers. However they are allowed to continue collecting on agreements they've already entered into until 2020. They also have to report to the fca with figures and default info every six months , so the FCA can see exactly how many people are struggling with these lians.
      #staysafestayhome

      Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

      Received a Court Claim? Read >>>>> First Steps

      Comment


      • #4
        Re: Career Finance 4 Trade Skills - Consumer Credit Licence Info

        thanks Amethyst, you are really a great help for the things you are doing.
        No really, I don't know anything about all these nonsense stuff man:/

        it is a good news, but still those damn bast*ds can always come up with another fake name company and continue to use it to collect money from students.

        hmm....so if i take them to court, they will probably fight hard back and not take it easy, because they lost their privilege

        Comment


        • #5
          Re: Career Finance 4 Trade Skills - Consumer Credit Licence Info

          having read your post dated may 2007 my loan agreement was taken out with them on the 21-08-2015 so have they broken the law for taking this agreement out with me if they can no longer enter into new credit agreements ?

          Comment


          • #6
            Re: Career Finance 4 Trade Skills - Consumer Credit Licence Info

            Originally posted by sam007 View Post
            having read your post dated may 2007 my loan agreement was taken out with them on the 21-08-2015 so have they broken the law for taking this agreement out with me if they can no longer enter into new credit agreements ?
            I don't think so as it came into effect from 8th August 2016.

            Comment


            • #7
              Hi,

              Figured i'd ask here too. My loan was taken out on the 10/06/2016 and instead of getting cancelled at the end of August it has been "switched" to Caledonian Consumer Finance. Is this legal? Just emailed them and said it shoud have been written off. Awaiting a response now.

              Comment


              • #8
                Hi,

                Just spoke on the phone to Caledonian Consumer finance and they said you have to keep paying regarless of when the loan was taken out.

                "CF4TS must write off any outstanding loans in existence on 31 August 2020 and notify in writing the customers whose loans have been written off of this action by 28 September 2020."

                Can i ask where this information was from as they outright refused it to be true. Would like to take further action.

                Also on the phone the first time i rang one said it was the wrong company and the second said the name was changed as CF4TS just stoped trading they didn't lose a licence.. but my letter states it was 'brought' out.. seems they dont even know what they are doing.

                Comment


                • #9
                  Could someone tell me where this information was sourced from? and could you link me to these documents? Been on and off the phone with the FCA and they are trying to find where this information was from so they can help.
                  Thanks
                  @EXC @Amethyst

                  Comment


                  • #10
                    UPDATE - Found the source the info is in the 09 Aug 2016 Voluntary requirements tab - https://register.fca.org.uk/s/firm?i...o-restrictions

                    The FCA are now aware what CF4TS are doing, to me and no doubt many others. They are aware Caledonian is the same company as CF4TS and that they are not allowed to be doing what they are.

                    I reccommend anyone reading this to ring the FCA and talk to them about CF4TS if they are making you pay this loan still (if the loan was taken out before the 15th of July 2016 remember).

                    Im now about to go through the financial onbudsman. Will keep updating progress here for those who stumble to this information in the future.

                    Comment


                    • #11
                      Caledonian Consumer Finance are saying that they aquired a "book" of loans from CF4TS and that my debt isn't written off so i must be mistaken. I have now emailed them a formal complaint in which they will have 10 working days to respond. For now i have also cancelled any future payments to Ardent the "seperate agency" and will go through the Onbudsman after they refuse to cancel my loan.

                      Any Advice would be appreciated as im guessing this might end in needing a lawyer

                      Comment


                      • #12
                        Hi, I was wondering how you got on with this as I知 now starting to look into the same problem for a family member who signed up for a course in 2018, the course what not what he thought it was going to be, cancelled after a couple of months and had to pay the full 3 year course. His now had debt collectors and paying back a small amount each month but owes 」5000! You would have thought you would only of had to pay a percentage not the full amount for only attending for a couple of months.

                        Comment


                        • #13
                          Currently in the process of arranging to speak with citizens advise, logging a formal complaint with the finance company, then going to the finance ombudsmen after. Think it痴 going to be a slow process but will report them where possible and see what we can do.......they are total rip-off merchants and terrible they are registered with the FCA. Will keep this trail updated :O)

                          Comment


                          • #14
                            I知 having no luck on this one at the moment, I知 in touch with hallmark solicitors but I知 going to seek others who can help most with our case. I think we all need to come together and make a claim with the same solicitors to make our case stronger as it looks like we are going to really struggle on our own, will anyone join me in the case to get us all cancelled? I知 prepared to take this on? Please message me

                            Comment


                            • #15
                              My son has the same issue but I don稚 think he can afford solicitors fees .

                              Comment

                              View our Terms and Conditions

                              LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

                              If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.


                              If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.
                              Working...
                              X