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Old 29-04-2010, 05:06 PM
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dpick dpick is offline
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Default tThe rankine's again.

http://www.oft.gov.uk/news/press/2010/43-10

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Old 30-04-2010, 08:46 PM
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They got too cocky didn't they?.....and put us one step forward and two steps back
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Old 01-05-2010, 08:19 PM
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Injunction secured against 'debt sale' firm

43/10 26 April 2010

The OFT has welcomed an interim Enforcement Order obtained by Birmingham Trading Standards against 'debt sale' company Momentum Network Ltd.

The Order, granted in Birmingham County Court, prevents Momentum Network Ltd, trading as Credit Card Killer, and its owners, Mr and Mrs Basil Rankine, from:

* engaging in the unfair commercial practice of 'debt sale' whereby consumers are offered the opportunity to 'sell' their consumer credit debts without the consent of the original creditor

* making misleading claims that they can, for example, make consumers 'debt free in 2 weeks by buying their debt for 1'

* carrying on ancillary credit business as defined in the Consumer Credit Act 1974.

This is an interim Order obtained under the Enterprise Act 2002 and will remain in place until 21 April 2011 or until a further order is made. Sanctions for breaching such an Order include being held in contempt of court, imprisonment or a fine.

Birmingham Trading Standards obtained the Order following an Illegal Money Lending Team investigation which revealed that the company's activities were causing significant detriment to vulnerable consumers. It has been estimated that customers of Momentum have paid over 1 million in up front fees for a 'service' which the OFT believes to be a scam.

Consumers are warned not to deal with companies, or agents working on their behalf, that claim to be able to buy debts without the consent of the lender, as this is not legally possible. Businesses that suggest otherwise are making clearly misleading claims.

Consumers who 'sell' their debts to one of these businesses run the serious risk that they will still be liable for their original repayment obligations, lose the money they paid and continue to be subject to debt collection activity and negative credit scoring associated with the original debt.

People concerned about bogus 'debt sale' companies can contact Consumer Direct for advice at www.consumerdirect.gov.uk.

NOTES

1. The Illegal Money Lending team is part of Birmingham Trading Standards and operates across five regions of England to investigate and prosecute illegal lenders. It is funded by the Department for Business, Innovation and Skills.

2. Birmingham Trading Standards obtained an interim Enforcement Order on 22 April 2010 from Birmingham County court under part 8 of the Enterprise Act 2002 which stops the company engaging in 'debt sale' activities and making misleading claims. The OFT is fully supportive of this action.

3. On 23 June 2009, the OFT issued a press release warning consumers not to be taken in by businesses claiming to help them become debt free by 'buying' or 'selling on' their debts.

4. The Ministry of Justice cancelled the authorisation of Momentum Network Ltd (Credit Card Killer) on 9 July 2009 to provide regulated claims management services under the Compensation Act 2006. Momentum appealed the decision of the regulator to the First Tier (Claims Management Services) Tribunal and that appeal is pending. The business did apply to the Tribunal for the decision of the Claims Management Regulator to be suspended but the Tribunal upheld the decision. The Tribunal decision is on the Tribunal Service website at www.tribunals.gov.uk/cms/decisions.htm.
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Old 02-05-2010, 08:19 AM
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We are trying to dig out the actual transcript of the hearing
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