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A payday lender has settled an outstanding loan with its former chief executive after he resigned from the company. Gary Miller-Cheevers (pictured) stepped down as chief executive of Speed-E-Loans.com in August 2012. The firm revealed he owed the company “certain amounts” at the end of 2011, and had agreed a settlement after he resigned. The full amount owed at the end of 2011 has not been disclosed but the firm did reveal that at the end of 2010, the amount outstanding stood at £51,750.
In a results statement, Speed-E-Loans.com said: “No repayments have been made during the year (2011). No interest is charged on this loan. “The company has agreed a settlement amount with Gary Miller-Cheevers following his resignation as a director. The directors have chosen not to disclose further detail on the basis that it would be seriously prejudicial to do so.” The revelation came after the company posted pre-tax losses of £1.5m for the year ending December 2011, down from a loss of £720,690 the previous year.....Read more here
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