Problems with the CCL license.

[Tellmewhatyouknow]

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I have recently set up a limited company which will source secured loans via CPC. Everything appears to be in place but i am a little concerned about my CCL application.

I noticed on the application, it states that the license must be registered to a business address, and clearly states "not a PO box or residential address". As a new business working on a very tight budget i have not been able to secure a business location yet, and have had no choice but to just submit the application on my residential address.

If / When my application is rejected i can only think of one option, which is to attach myself onto someone else's license until i can get a business address.
The affiliate marketing school only updates it's license to add additional members, twice a year, so, the chances are, i will be waiting some time before i can "get the ball rolling".
The only other option i can think of, is to form a relationship with a merchant that will allow me to trade off their license (for a fee) which again will be the minimum 25 working day lag on the OFT response on the updated license.

Has anyone got any idea's? Has anyone dealt with a similar issue?

Comments and opinions much appreciated.

Mike

[JMJ]

The fact that you're using a residential address won't influence/affect the application - just make sure you write to them when you move into an office and let them know.

Your biggest problem is the lead time on CCL applications - I know there was something like a 6 month backlog this time last year - not sure if they've caught up yet.

You can make a written request for them to look at your application urgently if a delay would have an impact on your ability to do business.

John.

[john-pp]

Is the Ltd company you set up registered at your home address and does the business operate from that address? If so then using that for your CCL wouldn't be a problem as it is the registered company (AND trading) address of the business.

[JMJ]

Oh just re-read your post and you state that it excludes residential address on form? Didn't realise that and perhaps makes things a bit trickier but you'll have to wait and see I suppose.

My own CCL was granted at a residential address no problem. I doubt they go as far as checking whether an address is 'residential' or not and that's a fairly loose term anyway. If you work from home, then it's a business address.

I wouldn't worry!

[Tellmewhatyouknow]

Yes everything to do with the business (Company number, Ltd bank account, DPA) is registered to my residential address. I hoping they don't put 2 and 2 together when they process it, and don't realize it's a residential address. However the form asks for details about the director (being me) and i had to put the same address down, so it won't take sherlock himself to work it out.

You've given me a bit more confidence in my application though so i appreciate it.

I think my next course of action is to find out what the lead time is on applications, i will keep this link updated when i know more. thanks again for your advice.

Mike

[Flex-Finance]

Your residential address is your business address. As its the place you will do business from. The only requirement is that its a physical address and you can be contacted via post.

The licensing regime is changing radically at the moment. I would give them a call to see how this will affect your apllication.

[Tellmewhatyouknow]

In an effort to be helpful to anyone following my footsteps i have provided details of my conversation with a girl form OFT. She reinforced all of your advice and told me that the application can be made from a residential address as long as:
1, it was an actual address
2, it was my main or only place of business

With regards to the lead time on CCL applications
she told me the standard statement of 25-30 working days however there are delays. The application can be sped up by enclosing a covering letter explaining the circumstances for which a fast application is required. Unfortunately i have already sent my application in without the covering letter so i will wait a couple of days and follow the application with a begging letter.

(so in conclusion i still have no idea how long the application will take under normal circumstances)

If anyone needs to contact them the number is 020 7211 8000, there is a lo-call 0845 rate but i prefer to pay less for phone calls.

Once again all your help is appreciated
Mike.

[Flex-Finance]

If you have any further problems with your licence let me know. I am a member of the Consumer Credit Assoc and they are great at dealing with licence queries. I can ask them a question on your behalf if you get stuck.

James

[anyloans.co.uk]

I have only ever had 4 dealings with the OFT once in 1990 when I took my licence out and again in 2005 when I had to renew for the first time, on both these occasions I found them to be very helpful with queries.

I have also had cause to contact them over 2 companies trading with very similar names to which I have on my CCL. Again an excellent service from them.

It is worth noting that if you trade as

"abc finance"
and someone started up "absee finance" they would not licence them as it is too similar, and could confuse consumers.
You can also list as many trading names as you wish when you apply or renew.

One other thing I like to do with other finance companies is to look at their licence number to see how long they have been trading, the higher the number the shorter the amount of time they have been around.

Mine is 282705 anyone on here with a lower one?

I beleive current ones are in the 600000

[tom991]

The OFT has a public register of all companies that have a CCL. So any member of the public can call OFT, and find the registered company's address. If its your residential address, this will now be in the public domain. Depends on your attitude to risk - do you really want potential loan applicants (any tom, dick or sally - and possible undesirables) knowing where you live?

[tbp]

I can't see it would be a problem, bearing that quite a few people work at home, so it can be a residential and business address at the same time.

As was mentioned above, theres a privacy issue, but if you don't mind that it won't be a problem. I think you'd probably be ok anyway as you aren't providing the actual loans etc, just passing people onto companies that do so people should go to them.

There are companies that allow you to set up an address at their place for a small fee. A lot of the business innovation centers do this, and they forward any post onto you. I used to work in one and they charged about £30 for the basic "virtual office". Does take slightly longer to get your post as its forwarded on, but it solves the business address and privacy issues.

[gerard]

Dont believe them on the processing time frame, I have just got mine after 9 weeks!!!!

[tom991]

Have called the OFT regarding this issue. They need the business address to the actual place of business. (cannot use PO boxes, but as stated above can be residential address)

Other possibilities may include forwarding addresses via virtual offices as mentioned above - but would need to check with OFT. The other alternative... I know some people use their accountant's address as their registered office address.