Loans being demanded - a summary

[webberg]

There is no "mis-selling" and attempts to go down that path will cost you fees for very little result.

The claim is that these are loans from an employer or a party connected to an employer.

There is no regulation of such lenders and no minimum terms or conditions that have to be met.

Unlike businesses who are financial traders - making profit from lending money or advancing credit - there is no authority such as the FCA or any Ombudsman structure.

You have not been "mis-sold" anything and consequently have no actionable course.

You are better off directing your energies into undertaking an objective assessment of what you signed up for and how that plays out now.

[WoffleCopter]

There is no "mis-selling" and attempts to go down that path will cost you fees for very little result.

The claim is that these are loans from an employer or a party connected to an employer.

There is no regulation of such lenders and no minimum terms or conditions that have to be met.

Unlike businesses who are financial traders - making profit from lending money or advancing credit - there is no authority such as the FCA or any Ombudsman structure.

You have not been "mis-sold" anything and consequently have no actionable course.

You are better off directing your energies into undertaking an objective assessment of what you signed up for and how that plays out now.

I get that these "loans" are unregulated, but in order to enforce any debt doesn't that need to be done in accordance with the FCA regs in the UK, otherwise the FCA has no teeth and lenders can just opt out of FCA compliance?

[eek]

I get that these "loans" are unregulated, but in order to enforce any debt doesn't that need to be done in accordance with the FCA regs in the UK, otherwise the FCA has no teeth and lenders can just opt out of FCA compliance?

Loans within the course of employment aren't regulated

[webberg]

I get that these "loans" are unregulated, but in order to enforce any debt doesn't that need to be done in accordance with the FCA regs in the UK, otherwise the FCA has no teeth and lenders can just opt out of FCA compliance?

I think not.

Lenders cannot "opt out" of something they were never "in".

If a loan is made within the terms of the numerous laws requiring T&Cs to be met, then repayment demands would be also bound by those terms.

[creativity]

Question. When do you think the clock started ticking for statute barred debt for recalling (Felicitas) loans? February this year? Or earlier, around the time of Helpline Services who are now struck off? Or earlier still, after final receiving of loan payments?

[Best Employee]

Loans give by employers are not regulated

Loans within the course of employment aren't regulated

Why not?

there may be some good reasons that these loans are not regulated loans, but this is not one of them.

[webberg]

Why not?

there may be some good reasons that these loans are not regulated loans, but this is not one of them.

UK Regulation of loans exists in the main to protect the borrower.

Therefore the lender has to consider whether the loan will be repaid, affordability, credit worthiness of the borrower, use of the loan - normally limited, security if required, interest rate (which will usually reflect the risk the lender is taking), etc.

A loan made to an employee will exclude the majority of the conditions found in the above assessment because of the special relationship between employer and employee. In addition, many of the associated employment contracts had "netting" clauses which say that if the employer is owed money by the employee, then the employer can withhold salary and other payments.

Such special conditions place the loans outside the run of regulated loans.

[Happychappy1]

Hello, I found these statements in my Loan agreement. Has anyone else seen anything similar?


3. Repayment
3.1. The loan shall become due and payable one month after the service of a written demand by the Lender on the Borrower, on the borrower reaching his 70th birthday, or on the death of the
borrower, whichever is sooner.
3.2. The loan must be repaid in Sterling; repayment in any other currency will not be accepted.

4. Event of Default
4.1. There shall be an Event of Default if:
4.1.1. the Borrower fails to pay the loan on the due date; or
4.1.2. the Borrower suspends payment of his debts or is unable or admits inability to pay his debts as they fall due or (without having given written notice to the Lender of his intention so to do and
received their consent) proposes or enters into any composition or other arrangement for the benefit of his creditors generally or any of creditors.

Hi which scheme did you use? I have all paperwork but cannot find any loan agreements..

[Monkeypower]

Hi Manco, was that from a copy of the contract you were meant to have signed with them that they GAVE YOU as Evidence or a copy you had yourself?.

There is a reason why I ask that i will get to after.

[NickLeeson2]

Hi which scheme did you use? I have all paperwork but cannot find any loan agreements..

Looks like IQ Consultants T & C.