Consumer Credit Licence Neded

[doi_swilkinson]

Hi
Somebody enquired about using a CCL belonging to somebody else there were 2 replies but I cannot locate them.
I have a client looking to open a MoneyBox type operation can anybody help with this

Thanks

Stefan

 

[Suzuki]

Can we have this in English please? I have a CCL but have no idea what you're asking.

 

[doi_swilkinson]

I have a client who needs a CCL but would like to speed up the process by using a current holders licence that they are not using

 

[businessfunding]

A CLL is non-transferable

 

[doi_swilkinson]

Hi
I realise that but agents can work under somebodies CCL if the correct arrangements are made.

 

[Suzuki]

No they can't.

 

[doi_swilkinson]

So how do Debt Managment introducers push business to Debt Mangement Comapnies unless they are a Licenced agent for that company

 

[Suzuki]

They each have their own CCL.

 

[MASSEY]

So how do Debt Managment introducers push business to Debt Mangement Comapnies unless they are a Licenced agent for that company

According to a website i just read they have their own ccl but they do not have to pay for it.

Do I have to pay?

You are unlikely to have to pay if the application relates solely to debt adjusting and/or debt counselling and/or the provision of credit information services where neither the applicant or any associate of the business charges a fee in the course of any credit business or ancillary credit business - or if you are a friendly society or credit union registered in the appropriate manner.
Additionally, you do not have to pay the CCJ levy if your business is subject to the Compulsory Jurisdiction of the Ombudsman Scheme, for example, because it is directly authorised by the Financial Services Authority.

 

[businessfunding]

If you are operating as a dedicated agent for one provider and selling under their banner, then their CCL should cover you

If you are an independent, you need your own CCL

You need a CCL if you are offering or advising on credit (including collections) If you are simply referring leads you may get away with it, but it is a grey area.

Why not do the job properly rather than cutting corners?

 

[doi_swilkinson]

I'm not trying to cut corners they are.
In a nutshell they want to open a cash convertors style shop in partnership with an existing one who are 100 miles away they thought they could go under theirs but apparently not.
Althought the government website says 25 days to obtain , I am being told by my DM contacts that their last renewal took 15 months albeit when tighter rules came in.

So are there any ''CASH CONVERTOR'' STYLE business's on here that can be more definitive please.

 

[MASSEY]

If you are simply referring leads you may get away with it, but it is a grey area.

I don't know myself, but according to alot of what i read on the web many seem to think that if you have a site referring leads you do need a license, but i find that quite strange.

And i think if you do need a license to refer leads then it should be free because you are not lending your own money are you?

 

[Suzuki]

I don't know myself, but according to alot of what i read on the web many seem to think that if you have a site referring leads you do need a license, but i find that quite strange.

If you don't know, why where you running payday loans sites yourself without a CCL lol.

And i think if you do need a license to refer leads then it should be free because you are not lending your own money are you?

Thats a rather silly line of thought. You might not be lending your own money but you are getting paid for passing them along, so why shouldn't you be paying for your own compliance checks?

 

[MASSEY]

If you don't know, why where you running payday loans sites yourself without a CCL lol.

I have yet to sign up to affs, i was just making money from the adsense clicks.

Thats a rather silly line of thought. You might not be lending your own money but you are getting paid for passing them along, so why shouldn't you be paying for your own compliance checks?

Well the way i see it, what is the difference between one web property sending people to payday loans sites from clicking on ads and another sending people to payday loans companies via an aff form.

other than the fact they enter a bit more personal information on your site.

If i was to get a site ranking for a quality term and it looked likely to stay there then i'd probably entertain a ccl just to look a bit more 'legit'.

 

[David A]

For a payday loan company, your biggest problem will not be a CCL.

It will be getting banking facilities, as despite the quite wicked practices of some banks in recent years, they now see themselves as holier-than-thou and regard payday loan companies as dealing with toxic debt that will tarnish their image by association.