Payday lending firm Web Loans Processing Ltd, which trades as Toothfairy Finance, has entered administration.
Freddy Khalastchi and Martin John Atkins of Harris Lipman were appointed joint administrators of the company on 28 November 2013.
The business is registered at Number 10 Greycoat Place, London and trades under a variety of names, including Toothfairy Finance, Cashkingdom.co.uk, Easyfinanceclub.co.uk and Wegivecredit.co.uk.
A former director of Web Loans Processing, Gary Chapple, has been linked with other lenders and a debt recovery firm.
According to the public register, Chapple’s consumer credit licence lapsed on 29 May 2003 but he still has consumer credit licence applications pending for two firms: Community Pay Day Loans and Tune Tribe Finance.
He is also listed as a director of Iceland Finance Ltd which is currently licenced.
Chapple is listed as an officer at Affinity Consultants Ltd, which lists debt collecting as one of its activities and is based in Tunbridge Wells, Kent.
According to Toothfairy Finance: “You can choose to borrow from £100 to £400 and pay it back on your next payday.”
But another statement on the website claimed “we welcome all customers, regardless of your situation, employment status or income level”.