Consumer credit license application

[pimney]

I have been trying to complete the Credit Competence Plan for about a total of 12 hours.

I'm actually going mad with it. The biggest issue is that whilst, we are involved in debt collection, its commercial not consumer.

But obviously at a cost of £750 I want to get it right.

Anyone here done this previously that can assist?

I see there is companies (solicitors) that offer help. I'm not sure that is strictly above board

 

[seasider]

If you are having trouble you should ring the OFT themselves, they really are very helpful and will make sure you get it right and of course are free !

 

[BusinessIdeas]

I have been trying to complete the Credit Competence Plan for about a total of 12 hours.

I'm actually going mad with it. The biggest issue is that whilst, we are involved in debt collection, its commercial not consumer.

But obviously at a cost of £750 I want to get it right.

Anyone here done this previously that can assist?

I see there is companies (solicitors) that offer help. I'm not sure that is strictly above board

You should definitely contact the OFT I would be very interested to hear how you get on - best of luck.

If you have any queries about consumer credit licensing, you can contact
the OFT at:
Consumer Credit Licensing
Room 1C/5
Fleetbank House
2-6 Salisbury Square
London EC4Y 8JX
Phone: 020 7211 8608​

Email: [email protected]

 

[LeeJ]

Hi,

We have today been told by the OFT that our application has been approved and the licence is going to be issued for Debt Collection.

Even though we intend to deal with purely Commercial not Consumer, it is a fine line e.g. Ltd Company owed by Sole Trader and I believe that it is Consumer procedures the OFT are most interested in, plus you never know where your business will go in the future e.g a contract for consumer debt might arise.

The application took weeks if not months to get right before submitting and then took over 80 working days (over 5 months) to be processed!

As well as the CCP1 which if memory serves me right is in excess of 40 pages long, we included over 10 supporting word documents of considerable length - it is not an easy process, but there too stop sharks I suppose entering the industry and there to promote good debt collection practice.

We had a solicitor look over our final application before submitting and also pulled in the resource of various independant consultants, then I'm afraid it is one big waiting game!

At very first glance, the application seems straight forward, but as you are finding out it is actually highly complex!

 

[BusinessIdeas]

We have held our licence for years now, so we dont have to renew until late in 2010. We do have clients for our training package going through the process at the moment, but they are not applying for debt collection, just for the home collected credit. They don,t seem to be having huge amounts of trouble, so I assume this is a slightly easier application than yours seems to be.

 

[Cash]

im really looking forward to starting in the loans biz so I hope I dont have too much trouble getting my licnce. Started the application a few days ago, it seems to be going ok though.

 

[pimney]

I have emailed the OFT twice and received the same response, essentially saying they cant advise and i should get assistance.

I would be keen to know if anyone is aware of Consultants who could assist

 

[midgetman]

im really looking forward to starting in the loans biz so I hope I dont have too much trouble getting my licnce. Started the application a few days ago, it seems to be going ok though.

Ha Ha, so it will be aleast another 12 weeks before you get it then, and you cannot trade without it, big fines

 

[BusinessIdeas]

I have emailed the OFT twice and received the same response, essentially saying they cant advise and i should get assistance.

I would be keen to know if anyone is aware of Consultants who could assist

I really sympathise with you pimney, this is a difficult one when you have no idea of what they actually want - the questions seem so vague.

For the business that I am in (home collected cash loans) we dont need to fill out the credit competence, because it only applies to:

Debt collection
Commercial debt counselling
Commercial debt adjusting​

Commercial credit repair
If I come across any info that might help I will post it or forward it to you.