A payday loan intermediary previously reprimanded by the Office of Fair Trading is to be liquidated.
Reset Finance is to be liquidated by insolvency practitioners just two years after the OFT ruled the company had breached the consumer credit regulations on advertising.
Reset Finance was run by two directors – Michael David Valentine and Simon Gilbert – both of which run other companies in similar sectors. Reset Finance had 33 trading names including Pay.UK.com and CallALoan.co.uk.
Valentine continues to be registered as a director of GNV Finance Ltd, Liquid Loans Ltd, Cannon Finance Ltd, MSM Credit Ltd and Sterling Card Ltd.
Meanwhile, Simon Gilbert is also a director of GNV Finance Ltd, Liquid Loans Ltd, Cannon Finance Ltd and Affiliate Finance Ltd.
Reset Finance had a consumer credit licence and was registered at High Road, London while it traded from Athene House, The Broadway, Mill Hill.
MSM Credit Ltd – which Valentine and Gilbert run – continues to hold a consumer credit licence.
When the OFT issued its notice in 2010, Reset Finance was told to tighten its compliance and include the Typical Annual Percentage Rate (APR) in its promotions.
It was also told it should ensure that the typical APR is given greater prominence than certain other information in its advertising.
In addition, the company was also informed it should state whether security for the loan may comprise a mortgage or charge on a debtor’s home.
Practitioners John Kelmanson and Karyn Jones of KCBS LLP have been appointed to handle the case.
Despite telephone and email messages for both directors, a comment was not volunteered to Insolvency News at the time of publishing.