A Tribunal has struck out appeals by the UK’s biggest logbook loan businesses against the removal of their consumer credit licences.
The First-tier Tribunal’s ruling to strike out the appeals of Nine Regions Limited (NRL) and Log Book Loans Limited follows the original decision by the Office of Fair Trading (OFT) that Log Book Loans were unfit to hold consumer credit licences.
The OFT asked the Tribunal to strike out Log Book Loans’ appeals because of evidence that emerged during the appeal hearing. Log Book Loans admitted that thousands of letters had been sent to borrowers in the name of a firm called Adams Spencer & Phillips (Legal Services) Limited (ASP) “falsely threatening”” to take legal action on behalf of NRL.
