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Check Your Credit Licence

Make sure it is up to date

All clients are urged to check to ensure that their Consumer Credit Licence details are correct; in particular that they cover all trading names including any website domain names and at least categories A, C, D and E. The categories are written on the licence.

You must inform the OFT of changes to your information within 28 days as failure to do so may result in a financial penalty of £2,000.

The Office of Fair Trading has made it clear that settling finance on a part-exchange vehicle would be classified as debt adjusting whilst any discussions over re-financing would be classified as debt counselling.

The Lawdata Legal Helpline can assist in any such applications for amendment.

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