Reddy Corporation Limited (Reddy) - a second charge lender based in Forest Hill - has had its credit licence revoked by the OFT.

The licence was revoked after companies associated with Reddy and its owner, Mr Dharam Prakash Gopee ('Mr Gopee'), were found to have engaged in widespread unlicensed trading. They were also found to have engaged in unfair and improper business practices, including entering into credit agreements which were not in the correct legal form. For example, the agreements did not include all the information required to make sure consumers were aware of the risks and obligations they were taking on, including the necessary information on charges that were payable. Consumers who have entered into agreements with companies associated with Mr Gopee should seek advice on the enforceability of such agreements from a legal representative or service, such as Citizens Advice. The associated businesses included Ghana Commercial Bunks Limited (now known as Ghana Commercial Finance Limited), Barons Finance Limited and Barons Bridging Finance plc. Another associated business, Barons Bridging Finance 1 Limited, also had its application for a licence refused.....Read more HERE