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unlicensed moneylenders

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  • 23-04-2008 8:42pm
    #1
    useful_contacts
    Closed Accounts Posts: 1,821 ✭✭✭


    I suspect a moneylender that a family member is using is unlicensed (therefore illegal)

    He doesnt get anyone to sign anything when they get loans and on a few occasions he takes their payment books and holds on to them for months.This happened my neice and only when she threatned to call the fiancial regulator did he return her books.

    How would I go about reporting this?


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    #2
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,056 Mod ✭✭✭✭AlmightyCushion


    You've come to the right place. We'll take it from here.


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    #3
    useful_contacts
    Closed Accounts Posts: 1,821 ✭✭✭useful_contacts


    AlmightyCushion wrote: »
    You've come to the right place. We'll take it from here.

    no seriously


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    #4
    AlmightyCushion
    Moderators, Education Moderators, Technology & Internet Moderators Posts: 35,056 Mod ✭✭✭✭AlmightyCushion


    The financial regulator or the guards I guess.


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    #5
    aidan_walsh
    Closed Accounts Posts: 17,208 ✭✭✭✭aidan_walsh


    It seems the financial regulator seems to have put a bit of fear in him, how about there? Or the police? Or we can send AlmightyCushion around with "Mr. Justice" the baseball bat?


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    #6
    useful_contacts
    Closed Accounts Posts: 1,821 ✭✭✭useful_contacts


    AlmightyCushion wrote: »
    The financial regulator or the guards I guess.

    Was on the site says nothing about it and they have about 40 different phone numbers for all different departments and none of them mentions complaining moneylenders


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    #7
    Pherekydes
    Registered Users Posts: 16,115 ✭✭✭✭Pherekydes


    useful_contacts wrote: »
    How would I go about reporting this?

    Try some useful contacts.


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    #8
    useful_contacts
    Closed Accounts Posts: 1,821 ✭✭✭useful_contacts


    Slow coach wrote: »
    Try some useful contacts.

    :D


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    #9
    aidan_walsh
    Closed Accounts Posts: 17,208 ✭✭✭✭aidan_walsh


    useful_contacts wrote: »
    Was on the site says nothing about it and they have about 40 different phone numbers for all different departments and none of them mentions complaining moneylenders
    The number labeled General Enquiries didn't seem like a good place to start, or call to ask?


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    #10
    Sherifu
    Registered Users Posts: 17,727 ✭✭✭✭Sherifu


    useful_contacts wrote: »
    no seriously
    And you came to AH? :pac:


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    #11
    connundrum
    Registered Users Posts: 5,563 ✭✭✭connundrum


    AlmightyCushion wrote: »
    You've come to the right place. We'll take it from here.

    Lolz.

    OP have you the lenders details? I'm stuck for a few bob till payday :(
    Are these the guys who charge like 40% interest on loans? I don't see why they should be illegal, if people want money and can't get it anywhere else - these guys are providing a service.

    On a serious note, I'd presume that the revenue might take an interest in it moreso than the Guards. There must be a revenue hotline, maybe their website would be a start.

    Remember OP, you'll have to have some sort of basic evidence before any department will take the complaint seriously.


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    #12
    sdanseo
    Registered Users Posts: 9,233 ✭✭✭sdanseo


    Financial Regulator Website wrote:
    Firm authorisation queries
    If you want to check if a firm is authorised

    * E-mail registers@financialregulator.ie
    * Lo-call 1890 200 469

    or you can check out the lists of regulated firms on our corporate website.

    If you would like to report an unauthorised firm

    * Email legal@financialregulator.ie

    Website queries

    That should do the trick.


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    #13
    Slutmonkey57b
    Registered Users Posts: 5,556 ✭✭✭Slutmonkey57b


    Is he "unregulated" in the sense of "has an office with a sign outside" or in the sense of "wears a black leather jacket and breaks rocks with his teeth"? If it's the latter I'd keep my trap shut and advise your kith and kin to be more careful with their money.


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    #14
    EamonnKeane
    Closed Accounts Posts: 950 ✭✭✭EamonnKeane


    You should tell the guards. It's your moral Jew-ty. (sorry)


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    #15
    sdanseo
    Registered Users Posts: 9,233 ✭✭✭sdanseo


    EamonnKeane wrote: »
    You should tell the guards. It's your moral Jew-ty. (sorry)

    You should be excommunicated for that one...:rolleyes:


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    #16
    DonalN
    Registered Users Posts: 868 ✭✭✭DonalN


    EamonnKeane wrote: »
    You should tell the guards. It's your moral Jew-ty. (sorry)


    so bad - so very very bad...:rolleyes:


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    #17
    Capt'n Midnight
    Moderators, Recreation & Hobbies Moderators, Science, Health & Environment Moderators, Technology & Internet Moderators Posts: 90,814 Mod ✭✭✭✭Capt'n Midnight


    connundrum wrote:
    Are these the guys who charge like 40% interest on loans? I don't see why they should be illegal, if people want money and can't get it anywhere else - these guys are providing a service.
    40% is nothing
    http://www.labour.ie/press/listing/11952966691072374.html
    In today’s Ireland, some borrowers are having to repay €28.50 for every €10 borrowed from one of our licensed moneylenders – that’s an interest rate of 188.5%
    I haven't found the a link for the maximum legal interest rate here but it's something crazy like 200%

    http://www.citizensinformation.ie/categories/money-and-tax/personal-finance/loans-and-credit/moneylending_in_ireland
    [quopte]If you believes you have dealt with an illegal moneylender or knows the identity of someone you believe to be an illegal moneylender, you should contact either the Financial Regulator or your local Garda station. Only the Gardai can take legal action against illegal moneylenders, but the Financial Regulator can give the customer advice on whether the moneylender is trading illegally and how to proceed with your complaint.


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    #18
    Terry
    Registered Users Posts: 26,061 ✭✭✭✭Terry


    EamonnKeane wrote: »
    You should tell the guards. It's your moral Jew-ty. (sorry)
    Infraction given.


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    #19
    Capt'n Midnight
    Moderators, Recreation & Hobbies Moderators, Science, Health & Environment Moderators, Technology & Internet Moderators Posts: 90,814 Mod ✭✭✭✭Capt'n Midnight


    www.mmc.gov.uk/rep_pub/reports/2006/fulltext/517_app_3-3.pdf page 5
    the Financial Regulator told us that currently there was an APR cap of 200 per
    cent (this is a policy decision and is not statutory) for any company needing a
    moneylender licence;

    www.mabs.ie/publications/research_papers/Do%20the%20Poor%20Pay%20More%20(OPEN)_May2005.pdfPage 20
    Moneylenders and moneylending agencies must not, according to the terms and conditions of
    individual licenses, charge above an agreed level of APR7 on personal loans. The majority of
    moneylenders on the register for 2004/05 are licensed to charge over 100% APR, and many
    have the right to charge between 150% and 200%. Within the industry, the high interest rates
    are justified on the premise that up to 20% of loans will be written off to bad debt annually.


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