Author: Dennis Chapman
Published: November 18, 2011
Reading time: 1 minute
This article is 11 years old.
Read our disclaimer keyboard_arrow_down
This website content is intended as a general guide to law as it applies to the motor trade. Lawgistics has taken every effort to ensure that the contents are as accurate and up to date as at the date of first publication.
The laws and opinions expressed within this website may be varied as the law develops. As such we cannot accept liability for or the consequence of, any change of law, or official guidelines since publication or any misuse of the information provided.
The opinions in this website are based upon the experience of the authors and it must be recognised that only the courts and recognised tribunals can interpret the law with authority.
Examples given within the website are based on the experience of the authors and centre upon issues that commonly give rise to disputes. Each situation in practice will be different and may comprise several points commented upon.
If you have any doubt about the correct legal position you should seek further legal advice from Lawgistics or a suitably qualified solicitor. We cannot accept liability for your failure to take professional advice where it should reasonably be sought by a prudent person.
All characters are fictitious and should not be taken as referring to any person living or dead.
Use of this website shall be considered acceptance of the terms of the disclaimer presented above.
An individual, a Mr Clements, held a Consumer Credit Licence in his own name. Mr Clements decided to form a Limited Company and amended the licence to reflect that change, he unfortunately ‘forgot’ to seek the Office of Fair Trading’s permission for that change and submitted the amended licence to Carlyle Finance in order to ensure continuity of business while he sought a new licence.
The OFT did not appreciate this manoeuvre which clearly contravened The Legislation and consequently he lost both his existing licence as well as his application for a new one in the name of the Limited company.
The moral of this story is that you can only trade in the name that is on the Credit licence. If a change or addition is necessary then this MUST be carried out through the Office of Fair Trading, and approval granted.