The OFT has refused a consumer credit licence application from prospective doorstep lender U-Turn Financial Solutions Ltd.

The company, whose directors are Andreas Haralambous and John Burchill, proposed to offer doorstep loans to consumers across Kent, Surrey and South London, using Bills of Sale to secure the loans on customers’ cars.

Haralambous, also known as Harry Lamb and Andrew or Andy Haralambous, ran previous businesses offering home collected credit to customers.

Following an investigation assisted by Kent Trading Standards Service, the OFT refused the application because it found that Haralambous had operated an unlicensed company Chelsea Loans Ltd, which offered cash loans to consumers and engaged in unfair business practices, including irresponsible lending, using threatening behaviour and allowing employees to pressurise debtors to repay.

The credit regulator also found he failed to comply with important legal requirements about the form and content of credit agreements and advertisements, and failed to comply with OFT debt collection guidance by charging debtors excessive and unjustifiable sums for non-payment.

Ray Watson, OFT director of consumer credit, said: “Mr Haralambous has shown a serious disregard for the welfare of consumers. He consistently breached minimum standards