Licence - Credit
Businesses who offer credit, credit brokers, pawnbrokers, debt counsellors or collectors must hold a consumer credit licence. The Office of Fair Trading are responsible for the issuing of licences and have to determine whether the applicant is fit to hold a licence.Blaenau Gwent Trading Standards work in conjunction with the Office of Fair Trading with regard to consumer credit licences. Checks are carried out to ensure licence holders are acting within the specified guidelines.
We monitor credit advertisements to ensure compliance with the regulations, and during inspections we check credit application forms. We also deal with complaints and check credit agreements to ensure compliance with legislation. Our aim is to ensure that credit is not extortionate and we take enforcement action where appropriate for example where illegal money lenders (loan sharks) are using inappropriate debt collection methods which may amount to harassment.
