Jun/090
TV Rentals Firm Found Guilty of Illegal Credit Practices
A Firm in Gloucestershire admitted trading without a Consumer Credit Licence, and as a result attempting to illegally enforce unlicensed credit agreements, at Stroud Magistrates Court. Glevum TV Rentals’ case followed an investigation by Gloucestershire County Council’s Trading Standards Service.
Magistrates imposed fines totalling £1,000 and ordered the company to make a £500 contribution towards the costs of bringing the prosecution.
Glevum TV Rentals Limited operated from a city centre shop where they offered a variety of goods, from furniture and domestic appliances to smaller goods, on a basis they described as ‘rent to buy’. These were actually hire purchase transactions.
Jun/090
Yes Loans Run on Expired Credit Licence
A recent report on the BBC website uncovered the illegalities of Yes Loans’ operations. Yes Loans are currently the UK largest loan broker (sub-prime) and they have continued to run on an expired credit licence for nearly 12 months.
It is already common knowledge in consumer legal circles that the managing director of the company obtained an exemption from a 10 year ban for “serious misconduct” and now Yes Loans are accused of making it as difficult as possible for consumer to get back what is rightfully theirs. Beit a compensation claim or refund of some description. This is a major breach of consumer regulation and is severely frowned upon.
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