Loans being demanded - a summary Loans being demanded - a summary - Page 13
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  1. #121

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    Quote Originally Posted by hudson View Post
    They been messing around with agreements. A lot of these terms including 3.1 have been changed from original. I got proof of that also. Thats why I said previously that feciltas are committing FRAUD here which some peeps didnt like.
    They might have, they might not have - the simple fact you are posting this may result in Felicitas going back and trying to find the original contract or arguing that that related to X rather than Y and sadly your loans came from Y. This is a public forum don't tell them the issues you have with their paperwork, leave that until you are in court and they don't have time to respond.
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  2. #122

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    Quote Originally Posted by Fred Bloggs View Post
    Anyone still trying to say it wasn't really a loan?
    At what point does it become misselling and/or fraud. I would have thought it's one or the other.

  3. #123

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    Quote Originally Posted by rootsnall View Post
    At what point does it become misselling and/or fraud. I would have thought it's one or the other.
    I suspect it doesn't matter - and because of the nature of these schemes I suspect it's business terms so buyer beware rather than consumer terms where the law tries to protect consumers.
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  4. #124

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    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.
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  5. #125

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    Quote Originally Posted by webberg View Post
    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?

  6. #126

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    Quote Originally Posted by WoffleCopter View Post
    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
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  7. #127

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    Quote Originally Posted by WoffleCopter View Post
    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.
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  8. #128

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    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?

  9. #129

    Default Loans give by employers are not regulated

    Quote Originally Posted by eek View Post
    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.

  10. #130

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    Quote Originally Posted by Best Employee View Post
    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.
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