First-tier Tribunal strikes out Log Book Loans’ appeal against revocation of consumer credit licence
Richard Coleman and Craig Ulyatt acted for the OFT in Log Book Loans Limited’s and Nine Regions Limited’s appeals against the OFT’s determination to revoke their consumer credit licences, the heaviest consumer credit licensing case in recent years. The First-Tier Tribunal struck out the appeals following the discovery that Nine Regions Limited (trading as Log Book Loans), who lend money to sub-prime borrowers against the security of a motor vehicle, had sent out letters to customers in default designed to give the false impression that they had been sent by a firm of solicitors. The judgment can be found here.