sorry to add, this bit is very interesting! 4. If a single requirement is not complied with, the business concerned could be subject to a financial penalty of up to £50,000. The OFT may also refuse or revoke a licence if it decides that a trader is not fit to hold one

You might want to contact the office of fair trading and explain the situation to them. below is what the oft have imposed on 1st credit OFT imposes requirements on 1st Credit over debt collection practices 20/09 25 February 2009 The OFT has taken action against 1st Credit Ltd requiring the company to improve its debt collection practices. The OFT has imposed 'requirements' on 1st Credit using consumer credit powers, after an investigation found that some of its business processes and procedures failed to meet satisfactory standards. As a result, 1st Credit Ltd and its associated companies must: refrain from issuing statutory demands warning of bankruptcy where it is unlikely that proceedings will be initiated not discuss legal action with consumers unless it is likely that such action will be taken ensure that sensitive cases involving vulnerable individuals, for example those with mental health or medical problems, are dealt with appropriately, and ensure that all matters of concern raised with them by the free advice sector and other third parties are dealt with appropriately. 1st Credit must also report back to the OFT every six months providing statistics regarding the number of enforcement actions it has taken against debtors. Failure to comply with the requirements could lead to a fine of up to £50,000 for each occurance and/or possible revocation of 1st Credit's consumer credit licence

Hi everyone, been reading a few threads on here looking for some advice. me and my partner have a mortage on a property and we have a secured loan against the property. due to this secured loan, we have negitive equity and all our money is being swallowed by the house and the general cost of living and we're at out wits end. we have endless problems with the property due to its age and just do not have the financial means to remedy the problems to a satisfactory state. this also means we cannot put the property up for sale and achieve the maximum price for it. we also have several other debts which are mounting up and at times we are living off credit cards and in an overdraft. It has got to a position now that we are seriously considering bankruptcy. i am waiting to see the citizens advice and also waiting to speak to a counsellor at the CCCS but i was wondering if in the meantime someone could give me some advice from their own experiences. we're not behind on the mortgage and have always maintained our payments but we just want out of the property now. what i want to know is the best way to leave. should we enter bankruptcy and wait until it is repossesssed and then move into rented accomm or should we, whilst we are up to date with payments, find a rental move in and the default on the mortgage? that way we have a roof over our head? i am just concious that if we wait until we're bankrupt, we will struggle to rent somewhere? Also, what is the situation with the secured loan we have? it is secured against the property, a second charge. i have read some people saying bankruptcy only deals with unsecured debt? is that right because the secured loan is 32k and that is the big issue... will be be critizised by the OR if we leave and move elsewhere and then enter bankruptcy? thanks for any help anyone can offer.