OFT revokes licence following threatening communication
Originally posted by 5corpio
6th July 2011
The OFT today announced that it has revoked the licence of debt management company, Parkgate UK Limited, after it sent a threatening letter to a debt collection agency.

The letter, sent on behalf of one of Parkgate's clients, included a threat of physical violence against the agent should they attempt to collect the client's debts.

Parkgate apologised for its conduct and said that it did not intend to act on the threat, but the OFT has nonetheless concluded that the letter, combined with other failings to demonstrate the skills and knowledge required to run a consumer credit business, meant Parkgate was unfit to hold a licence. As a result, the licence was revoked.

David Fisher, OFT Director of Consumer Credit, said:


Link to OFT: OFT revokes licence following threatening communication - The Office of Fair Trading
Notes:
  1. The OFT determined to revoke Parkgate UK Limited's consumer credit licence on 23 May 2011. The company had a right to appeal, but the appeal period has now lapsed.
  2. The Consumer Credit Act 1974 (the Act) requires most businesses offering credit services, including high risk debt management activities, to be licensed by the OFT. The OFT can refuse or revoke a licence if it decides a trader is not fit to hold one.