By using an exploratory application thru their sister company, TM Advances, Priority Money Club (PMC) "verified" my debit card by deducting £1. This is all they would take, they said.
Hidden in the small print however was their ability to take further monies. Suddenly, without warning or communication they hit it again for another £68 one morning.
Upon investigation it seems that their use of a sister company's terms and conditions is dubious in the least. I explained this to the OFT and the Financial Ombudsman who wrote to them demanding they return the money.
PMC deliberately make it nigh on impossible to communicate, no phone, no fax, no email etc. This is presumably to minimise cancellations. To cancel you must download a form and complete it then post it bla bla. But you can't get the form because they have "upgraded" their website access. LOL
Noticing all this however, the OFT and the Financial Ombudsman sprung to action (to their immense credit) and my money was returned in 48 hours!
This is clearly how to deal with these scammers. Pay no attention the their Consumer Credit Licence. Or their insistence you complete the silly form. Play your own game!
They won't have a licence for long.instead, expect them to form another fresh company with another credit licence. But the OFT is on to them so they will find it increasingly difficult under the same directors/shareholders.
BBC Rogue Traders is also building a file and plan to interview them for their new series soon.
Here is a business model: Scam £69 of hundreds of poor people. Do an intercompany loan of all that money to your sister company and then lend it to the same poor people at huge interest rates.
Win-Win! Marvellous! Not.
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