Before December 2015 Swift Sterling, Pounds Till Payday and My Money Partner were trading names of Northway Financial Corporation Limited, a Maltese company.
In 2016 these brand names were bought by a UK company called MMP which went into administration in December 2019.
When were your loans? This affects who to complain to
If your loans were before December 2015
Then you need to complain to Northway about them. If that doesn’t resolve your complaint you can’t go to the UK Financial Ombudsman, you have to go to the Maltese authorities.
The Financial Ombudsman won’t look at complaints about loans from the Maltese lender
The comments below show how other people have got on. SoO far as I am aware, these complaints are now being rejected as too old (“time-barred”) in Malta.
No-one has received a refund or a write off since mid 2019.
If your loans were after December 2015
This is NOT the right page for you, it only covers complaints about the earlier Maltese lender.
Your complaint is a normal payday loan affordability complaint in the UK.
You would have been able to go to the UK Financial Ombudsman, but now MMP is in administration, all claims have to be sent to the administrators using the Claims Portal.
All questions about the administration and these later loans should be asked on the main payday loan refund page.
Why can’t you take these complaints to the Financial Ombudsman?
Both Swift Sterling’s and Pounds Till Payday’s websites said in 2015 in their Complaints Procedures:
“At this stage, if you are dissatisfied with the delay or we have not been able to sort out your complaint to your satisfaction, you can escalate your complaint to an external body (see below).
Step 3 – If you remain dissatisfied
It is important that you give us the opportunity of addressing your concerns first before escalating your complaint as they will only consider your complaint after we have had the opportunity to sort out the matter under our internal complaints process.
You may ask the Financial Ombudsman Service to review your complaint. You should contact the Financial Ombudsman Service within 6 months of receiving our final response letter. Their details are below: [full address and email details for the UK Financial Ombudsman]”
One reader has received the following reply from the Financial Ombudsman:
“Unfortunately Pounds till Payday don’t have offices in the UK and as a result we are still unable to look at complaints about them. As you said below, their offices are based in Malta and they are regulated by the Malta Financial Services Authority. I’m sorry their website seems to suggest otherwise… I agree this is misleading borrowers.“
So if you wanted to complain that one of these lenders gave you a loan that was unaffordable, you have to go through the Maltese regulators, not UK processes. But in 2019 these complaints were being rejected as too old – the legal term is “time-barred”.
Was your debt been sold to Lantern (was called MotorMile Finance)?
Swift Sterling and Pounds Till Payday have sold many defaulted debts to the UK debt collector MotorMile Finance (MMF), which changed its name in 2018 to Lantern. In November 2016 the FCA has made MMF offer a redress package to many customers because of poor way it has handled debt recovery.
Claims against Lantern can only relate to the defaulted debts sold to them.
Comments on this page are now closed.
Matt S says
Well it appears that Pauline is in the office today.
Not sure if anyone else has received the same email as me (we do tend to all get the same emails at the same time). Anyway she sent me the following :
“As I had previously informed you despite the several chasers and reminders sent to Northway they did not reply by the set deadline. I have rang them again this morning and was informed that they have now received a reply from their Compliance Team which should be vetted by their legal council today. This means that hopefully I will be receiving their final feedback on your complaint by Monday which I shall then process from my end.”
There’s been so many false dawns so far that I’m not getting my hopes up.
John C says
I got the same email too. I no longer have the energy to get excited about this. I’m with you, too many false dawns. We’ve heard for a couple of weeks that the MFSA were sending chasers. and it hasn’t led to anything as of yet. I have an email from the 26th July telling me that I would have a final update in the near future. That was 10 weeks ago.
However I do sense a change of tact from the compliance team as it was the most straightforward email I think I’ve ever had from them. It told me what was happening, where it was at, and what the MFSA are expecting. Its a first, and I feel all the better for it
John C says
It does however make me wonder why I rang on Wednesday and was told she wasn’t in the office and to ring back “tomorrow” when she would be. I then ring on Thursday to be told she’s on annual leave all week. Then it turns out she is in. My advice to the team would be to get their stories in check before they start letting their mouths go. If you’re going to lie, then make sure its plausible and you can cover yourself.
Spode says
Hi John,
Do you mean you have heard from the compliance team at Northway?
Interesting that we get an update after we sent emails to other people inside the organisation inside the last 24 hours…..
John C says
Sorry, I just meant Pauline. She’s manager of the compliance team (noticed her signature has changed again). I haven’t heard anything else from the communications email or Ms Scicluna, nor do I expect to. I’m just stunned that what I get told when I ring is all rubbish. That’s the 3rd time I’ve been told to ring at a certain time to speak to Pauline and she hasn’t even been in work. If our office was like that, there would be hell on. Now I’m told she’s not at work, and it turns out she is. Does anyone know whats going on?
Dan says
Hi all,
Just had this sent from northway (please see below) I tried to contact them at least 10 times 6 months ago with out any luck and then this comes today out of the blue. Has anyone else had anything like this? My claim is currently with a lady called Anna and the malties financial service authority. She wants me to post my bank statements over which I will do tomorrow.
Won’t let me copy and paste the e mail, basically says they did nothing wrong but will cancel anything i currently owe which is about £700 even though i stopped paying them anything months ago
Emma says
Hi all,
Years ago i took a loan with swift sterling and to be honest i completely forgot about it and today i had a letter from MMF that i owe Northway 292.07. What are guys advising me to do about it?
kenny says
Emma – ignore it- it wont be on your credit report anyway, their good at ignoring all of us that try to contact them :)
John C says
Without a CCA then I think they would find it difficult to enforce, so I would be asking for a copy first Emma. If they don’t have one (pretty sure they won’t) then I wouldn’t be paying anything towards it. I’d certainly get some proper legal advice first before stopping paying though
Sara (Debt Camel) says
Here is my answer to a similar recent question https://debtcamel.co.uk/swift-sterling-pounds-till-payday/comment-page-2/#comment-205236
Emma says
Hi guys,
Thank you for all your help. I will call Northway directly and ask for a CCA and ignore MMF. I hope you all get the answer you want.
Spode says
Has anyone heard anything this week….?
Matt S says
I was just wondering the same, I’ve heard nothing so far this week. Will fire off an email and see if she gets back to me.
Spode says
I emailed on Monday asking if Northway had sent their final response over as was suggested to us on Friday. Heard nothing back so far.
Spode says
She must have been listening! Just had a reply.
“I have received their feedback yesterday and I am now in the process of analysing their reply and discussing it internally. I am not able to provide you with a concrete update at this stage until a final decision is reached.”
Matt S says
Just received the exact same reply, word for word!! Will see how long it takes her to analyse and discuss the feedback.
Spode says
Going off that reply, it doesn’t sound to me like Northway have made a financial offer. I think they’ve told her (and us) to jog on. Otherwise surely she would say they’re offering X amount refund to settle the dispute.
She hasn’t been able to provide us with a concrete update at any stage so nothing new there.
John C says
Yeah, i’m sensing its a jog on response too
John C says
Same here, I’ve just asked if there was an approximate timeline on this. I think Tim might be right and the MFSA are horribly under resourced and this issue has turned into a much bigger problem than they ever anticipated.
Spode says
I asked for an idea of how long this next stage will take, to save me from having to constantly email her and ask for an update! If she said two weeks then fine, at least I have an idea and i’ll get back in touch then.
No reply as usual.
John C says
I’ve not had a reply either Spode. Very disappointing
louise says
Hi all,
I have a feeling that John’a complaint is perhaps what’s taking the time. As were all getting the same emails I think she’s dealing with complaints in groups. John, yours is for a large amount and I think that’s the reason and Northway are fighting. Hopefully not much longer.
Spode says
I hope so Louise but unfortunately I don’t share your optimism. I think the reply we all received points towards Northway rejecting all of our claims.
I feel pretty hopeless with the whole thing now. I would like to know how long it is going to take the MFSA to “analyse their feedback” and “discuss it internally” I’ve asked but had no reply.
Also, Pauline mentioned about not being able to give a concrete update until a final decision is reached. Who makes that decision and how is it reached? I have a horrible feeling she is going to go back to Northway on their feedback, she will give them two weeks to reply, four weeks will pass with still no response. It’s like Groundhog Day…
John C says
I’m not sure why that would be, as each case is individual, however they do seem to be doing this in blocks, with the exception of someone that got a refund a couple of months back. He did say that although Northway disagreed with the MFSA’s thoughts, they would pay out. I sincerely hope that nothing to do with my case is affecting any others. I paid over £13k to Northway, hence why I put in my complaint. They ruined my life, I want to know how they can get away with it, but for now I’d just like a response to my emails instead of being ignored
louise says
I understand your feelings as I have asked the same questions. I’ve emailed her asking what that means and i’ve copied in jbannister@mfsa.com.mt I normally get a reply when he’s been copied in so I think he’s above Pauline. I’ll email again in a few hours if I don’t get any reply. Reason why I mentioned John’s is because it’s a very large amount as most are between £500 – £2000. Unless ours are more than £2000 then that could be why it’s taken longer.
Spode says
I really hope so! Please let me know if you get a reply. It will be very frustrating going into the weekend not really knowing where we stand once again.
I paid over £3,000 in interest, would love to get some of that back!
John C says
I’ve emailed again this morning, as I asked on Wednesday for some kind of time line. To just be ignored time and time again is beyond rude. They must know how long this should take. I don’t feel like we are any further forward. I do suspect, like Spode, that Northway have agreed with the first few in the interests of keeping the peace and the MFSA off their backs, but have rejected these. Maybe it is because they amount to thousands, I have no idea. I also suspect that the MFSA now have no idea what to do with the number of severely annoyed people in the UK. I just wish they would say something as this is a mess. I don’t understand the logic of ignoring the person making the complaint and giving them no info at all to go on
louise says
I think its because of the amounts. I hope it’s not the case and we all get what we are all owed. Where the amount is large I think that it’s being looked into a lot more though I’m not sure how much more and they never ask us for any information or to answer northway feedback.
Spode says
I’ve just emailed her again and asked for a timescale on the analysis and internal discussions. I’ve asked are we talking days, weeks or months here? Not expecting a reply but if she’s had a few emails off us all now it’s a better chance of giving her a nudge I suppose.
John C says
Surely we aren’t the only ones to have paid back large sums to Northway in such a way, and although I borrowed for 7 years straight, i’m sure others must have too? £13k is a lot of interest to pay, and it scares me to look that I paid back over £65k to this horrible business. How they can’t see this as wrong is beyond me.
tim says
Hi Louise,
I’ve asked for interest to be applied to mine (dont ask dont get) but even without it im still asking for just under 5K.
Personally, i think Northway will fight this tooth and nail/ignore any decision in our favor if there is one. I cant see any consistent source of revenue they have (maybe old debts is a bit), if there are are just 50 of us asking for £2k each then that would be £100k they need to find which i dont know if they would have. Depending on their intention to start trading again for which they would require the MFSA to license them they may not care too much about them and I think they may be subject to a lawsuit in Canada too so it’s looking a little gloomy.
My big hope is that I can go to the Arbiter after this process if Northway ignore the MFSA since their decision is binding by law.
Cheers
Tim
John C says
Tim, is this an option? I thought the Arbiter had pretty much given up on doing any investigation saying they couldn’t and passed this back to the MFSA? Have they put in writing you can go back to them if you aren’t happy? I don’t understand why your case would not be able to go to the Arbiter from now anyway. Its a complaint against a financial institution in Malta. Surely that’s why the Arbiter was set up?
Tim says
Hi John,
Apologies for the late reply.
My thoughts is that the Arbiter did not expecting such a high influx of cases from the UK and have even less capacity to deal with the volume than the MFSA. I think that they have passed these back to the MFSA to deal with and hopefully resolve the complaints- there is no sound reason they gave or i can think of that the complaints are not eligible for them to take on, they just didnt as they could not deal with the volume.
They stated that they could not intervene with the complaint while it is with the MFSA, however once the complaint is concluded and should it be found in my favour but Northway choose to ignore this I will be requesting that the Arbiter then picks it up. I guess like an Ombudsman where the MFSA are the adjudicators.
I will push and harass at that point, the Arbiter’s decision is binding and so Northway will be forced to abide by it. If they say that they cannot assist/take the complaint i will be asking for a detailed reason why not and advising that i will be notifying the Maltese press of this and their parliament.
Hope this makes sense. It’s a long way to go anyway.
Hope it resolves soon for you.
Cheers
Tim
Louise says
Mines over £2500 so that makes sense. It seems like ours are the larger ones and that could be why it’s taking longer. I thought it was just John’s but perhaps it’s all of ours.
Louise says
The 8% interest bit is just a UK thing. I paid over £2500 in loan fees and interest. Northway from what I can tell are a large company based in Malta I don’t think money is an issue in the amount. I think its more the losing and then paying. They have the funds but I doubt they want to pay as the banks here never want to pay lol. I’ve asked her how long until we will hear and what is happening and why. I’ve copied in everyone I can. I think as Sara said might be worth firing off an email to our MEP rather than MP. I’m going to try that now. If enough people shout then they have to take notice and get it sorted.
Tim says
Hi Louise,
I’ve trawled through their website a few times now. If you have a look, nothing has been updated since 2013 from what I can see, same as with their face book page- very busy and then hardly anything. It’s all historical, and in 3 years a lot can change. Their license in the UK lapsed or was revoked so they cannot provide loans here. I personally think they are running on fumes chasing old debt or waiting to launch the next venture but i do not think that they are particularly solvent.
Sorry for the pessimism but i think they are a busted flush.
cheers
Tim
Spode says
I don’t know if this means anything? I found it online the other day. It was last updated in January 2016.
This page lists full contact info for Northway Financial Corporation incl. mailing address, business name, fax and phone numbers. Northway Financial Corporation also operates 247 Green Street, and Zip19.
Business Name:
Northway Financial Corporation
Additional Business Names:
247 Green Street / 247GreenStreet.com
Cash Transfer Center
Zip19
Northway Broker Limited
Northway Company
Northway Financial Broker
Pixy Cash / PixyCash.com
AdvanceMeToday.com
tim says
Hi Spode,
From what a can tell there is a parent company for which these listed are all part of. They are based in Canada and are under investigation and subject to law suit for malpractice issuing loans in the states. I think the Northway based in Malta is part of this lawsuit.
I dont know whether the Northway in Malta is more of a franchise or direct part of the Canada based company, as in if they owed us money could it be covered by the parent company.
Cheers
Tim
Mac says
Hi,
Can someone advise me how to actually complain to Malta Financial Services Authority regarding Payday Loans I had with Swift Sterling.
I went to their Website but I could not find a form to complete. Do I just use the contact us function ?
Also I note from the above posts that someone has copied in jbannister@mfsa.com.mt
Is is possible to email the complaint straight to them ?
Any help would be greatly appreciated.
Thanks
louise says
Your complaint needs to go through the MFSA before jbannister is contacted. The complaint that the others and I sent have been going on for 5months which I why we are copying in the above. Use the contact us function and say that you cannot see any forms and ask for them to send you one or point you in the right direction. Have you got a final response from Northway because you will need that as they won’t look into it if it’s under 8weeks and you have no letter. If it’s under 8weeks but you have been sent you final response then they will take it on. Good luck
Mac says
Thanks for the reply/advice Louise.
I emailed Swift Sterling on the 15th August and received an reply on 22nd August stating the would be back in touch within the 8 week deadline but they have not.
I have used the “Contact Us ” function on the MFSA website and requested an application form or advice on how to make the complaint.
I appreciate it will take a while – as you mention above – but nothing ventured, nothing gained.
I have already had some success with other Payday Lenders who have paid out and have cases now with FOS.
louise says
Always worth a try. It will take time as per the comments above. I’ve been waiting over 7 months from when I first complained to Northway and just over 5months with the MFSA but of course it doesn’t cost anything to try and might get a lot back. Fingers crossed for all MFSA complaints
John C says
Hi Mac, send your complaint to consumerinfo@mfsa.com.mt
Spode says
I take it no one has heard back from anyone at the MFSA then on the latest with the internal discussions re: our cases?
John C says
No, not a thing. Its pathetic now. I’ve emailed on Wed, Friday and today and been ignored. Sent this on Sunday to the Director General and the communications email. This is a follow up to the message I sent to both of those emails on the 6th October:
To whom it may concern
Its been over a week since my email below and once again I’ve had no response. Its incredibly disheartening to see that the MFSA are not interested in getting back to those that are having problems. What is it that we have to do to get a response from someone that can actually discuss my case, or even show the vaguest interest in my concerns? Your own websites states: A key role of the MFSA is that of responding to consumer queries on a wide range of issues relating to financial services, but you aren’t responding to consumer queries. You aren’t responding to consumers at all, and I know many other people in the same position as myself, completely ignored by the team at the MFSA. Why have a communications email if no-one communicates on it? Do you actually have a dedicated communications team? I’ve had a half hearted reply from the Consumer Complaints Unit and then 2 emails ignored again? This is now 6 weeks since a final response was sent to Northway. I’m shocked that this isn’t causing embarrassment for the team. So much so, I now despair in your process and what the MFSA is able to do, and will now be taking this issue further up the chain if Ms Scicluna is not interested. Such a frustrating process that could be managed much better with clear open communication to people, but this constant radio silence is now just rude. I sense the MFSA is hugely under resourced but as no-one can tell me anything, I, and many many others, are led to come up with our own conclusions.
Spode says
Well said John, I’ve also just emailed again. Today is a week since Pauline received Northway’s final feedback and I’ve made it clear I expect some sort of update by the close of play today, or at least the timescale for this next stage which I requested last week.
Thinking about it, it is quite obvious Northway have rejected our complaints. The first wave of people on here received cheques in the post, some even before the concluding email arrived from the MFSA. We’ve had nothing despite Northway giving their final feedback to MFSA. Now although I know each case is different, I’m fairly sure the common themes between the complaints of those who were given refunds and ours will be thousands borrowed and borrowing month after month, most of the time taking out another loan immediately after paying one off. So maybe the MFSA are trying to work out why they can reject our complaints but give out refunds on the previous ones, and that is where things have stalled? And the discussions taking place at MFSA are on this subject? All speculation of course as we don’t receive proper updates but seems a possible scenario to me.
Louise says
I doubt that is the issue. I think they have rejected it but should it still stand they would then take it to the MFST which is there for companies who do not agree with MFSA. Their decision is binding so might actually be a good move because I can’t see them disagreeing with the MFSA. It’s a bit like our Ombudsman service except it’s for businesses only
John C says
As I said further up, I believe Northway have agreed to some payments earlier this year, to keep the MFSA off their backs. Now the stakes are higher they refuse as they know the MFSA can not force them to do anything. If they aren’t operating as a financial entity they either have no money or no need for a license from the MFSA so why do they care what they are suggested to do? They have dined out on all of us for years. What annoys me more isn’t the actions of Northway, its exactly what I would expect from a grubby payday lender, its the disgraceful operations at the MFSA who couldn’t regulate anything. The whole place is a joke and not equipped to deal with complaints. Its shameful that Northway got away with this for years and no one questioned what they were doing. Sued in the US, Canada and a raft of complaints in the UK but the Maltese regulator can’t do anything. I’ve just emailed Pauline again to say its pretty obvious that Northway are not playing ball and although i’m disappointed in the result i’m more disappointed in not getting a reply from them. I’ve asked for a copy of Northway’s reply
Duane says
Did anyone have a response from their MP or MEP?
I wrote to my MP around 3 weeks ago but heard nothing.
Spode says
I had a pretty quick reply from one of my MEPs who said the area which I lived fell under another MEPs coverage. He copied her into the email and said she’d get on the case but I haven’t heard anything off her. If I don’t hear anything off the MFSA this week I’ll chase it up with her.
John C, did you get a copy of Northway’s reply?
John C says
Despite now emailing every day I haven’t had ANY response from Pauline or the Communications email or Marianne Scicluna. I think the whole thing is a bust now
Spode says
When you think about it, what evidence do we have to prove that:
A) MFSA sent their final feedback to Northway
B) Northway responded
Absolutely none! Like you, I’ve asked to be sent both of these documents but been ignored. We’re just going off the word of someone who has been at best inconsistent throughout the whole process. With all the emails I’ve sent with no response, I actually now feel like I’m the bad guy in this whole thing.
John C says
I’ve rang again today. Had someone pick up Pauline’s direct phone and put it back down again before speaking. Obviously saw the UK number! I rang straight back and someone else answered who said she was in a meeting but would check. I was put on hold until I hung up after 8 minutes! Rang the reception and vented my frustration at the receptionist again. She was once again embarrassed and wanted to give me the communications email. Told her I’ve sent 4 emails to that address and not once have I had a reply. Sent 3 emails to the Director General and she’s not replied either. Told her i’d sent 4 separate emails to Pauline in the last week and none had received any acknowledgement. The service is a disgrace. I’ve been promised that Pauline will come back to me tomorrow, and if she doesn’t then I am to ring back. I’ve told the receptionist that if I have to, I want to speak to whoever Ms Scicluna reports into as this is completely unacceptable from a regulator and is in fact downright rude. The receptionist tried to give me details for the arbiter, but I had to tell her that they were passing cases back to the MFSA after doing nothing with them for 3 months then why would I get any joy from them?
I too, am doubting that there is any conversation going on between the MFSA and Northway. Its all too vague and no facts to anything
John C says
Found this article on-line. Going to try and speak to these guys and see what they can do to cause a bit more of a stink in Malta. Pretty damming!
http://maltawinds.com/2016/06/25/mfsathe-champion-consumer-rights/
John C says
I’ve been looking through this website (its more of a blog) and these guys really hate the MFSA, its leadership, its poor handling of complaints, its shambolic way it regulates businesses in Malta etc etc.
Matt S says
Well I emailed Pauline this morning for the first time in a week and she has responded, so not sure why she seems to be ignoring everyone else.
Anyway her response is below :
As I had made you aware, we had sent our feedback to Northway on 1 September 2016 and despite giving them a deadline to reply by 22 September 2016, a response was received on 11 October 2016 following several chasers from my end. In its response to the MFSA, Northway raised some issues which needed further analysis. Following several discussions within the Authority, I have today written again to Northway and informed them of the Authority’s views on the matters raised. Northway has been given a two week deadline until 2 November 2016 to give the Authority its final stance on your complaint.
I appreciate that you are anxious to receive the final feedback on your case but in order to fulfil its duties in the best interest of the complainants, the Consumer Complaints Unit is duty bound to carry out its investigations diligently and exhaustively to ensure all relevant aspects of the complaint are duly considered.
A detailed report will be sent to you as soon as a reply is received from Northway.
John C says
Here’s your deadline guys. November 2nd. Just received this from the MFSA:
I acknowledge receipt of your communication hereunder wherein you requested an update on the outcome of your complaint.
As I had made you aware, we had sent our feedback to Northway on 1 September 2016 and despite giving them a deadline to reply by 22 September 2016, a response was received on 11 October 2016 following several chasers from my end. In its response to the MFSA, Northway raised some issues which needed further analysis. Following several discussions within the Authority, I have today written again to Northway and informed them of the Authority’s views on the matters raised. Northway has been given a two week deadline until 2 November 2016 to give the Authority its final stance on your complaint.
I appreciate that you are anxious to receive the final feedback on your case but in order to fulfil its duties in the best interest of the complainants, the Consumer Complaints Unit is duty bound to carry out its investigations diligently and exhaustively to ensure all relevant aspects of the complaint are duly considered.
A detailed report will be sent to you as soon as a reply is received from Northway.
Tick….tock
Louise says
Finally got a reply back and Northway sent them more information to look into. Pauline says that she has since sent them the MFSA views on the issues raised. They have until the 2nd November to respond.
Fingers crossed it’s finally moving forward to a conclusion. I suspect Northway are being as difficult as they can which is why there are delays.
Spode says
Had the same email. Can’t see Northway hitting the November 2 deadline, probably more likely mid-November.
Our emails chasing it up definitely do the job. Well done all.
John C says
Once Nov 2nd passes, i’ll be back emailing daily and ringing the MFSA to get an answer. I’m no longer anxious to get a reply, i’m furious at the way the MFSA are handling us. Different thing altogether. Cut an paste replies that everyone gets don’t fill me with any hope at all
John C says
Louise we’ve been saying it looks like the final conclusion is around the corner, for 3 months now. If Northway are being difficult why have we been told by the MFSA on more than one occasion, that Northway were cooperating fully? I was even told off Pauline “I have told you on more than one occasion Northway are cooperating fully” I have to admire your faith though ;-)
“Review of your complaint is at an advanced stage and we hope to be able to update you on the outcome in the near future” – That was what we received on the 26th July. 12 weeks ago, and there is a minimum of another 2 weeks to wait
G webb says
As any body got the full address for northway financial in malta
John C says
Head Office Malta
Northway Group.
Level 5, Plaza Commercial Center
Bisazza Street
Sliema SLM 1640
Are you just putting your complaint in now? Personally I would use email rather than post as you’ll have a record of everything sent with a time stamp on it
NickC says
I was given this address by MMP (the ‘new’ incarnation of swift sterling) on the 20th September so they may have moved.
Northway Financial Corporation Limited
7th Floor, 2 Airways House, High Street
Sliema SLM 1549, Malta
Dave says
Hello,
Apologies if any of this has been asked already…..
I used to get a Payday loan every month with Pounds Till Payday for 5 years. Every month without fail and this was between the years of 2006 and 2011 and every single one was for £300 and paying back £389 the following month.
Because they are based in Malta, has anyone been successful with a claim against Pounds Till Payday?
If so, how long do they take to respond?
As my loans initially were over 6 years, does that mean I don’t have a case against Pounds Till Payday?
Who are Pounds Till Pay Day trading as? Who do I make my complaint to if I do have a case?
Thanks for your help,
Dave
Tim says
Hi Dave,
There were a few successes reported back in May but since then nothing.
Get your complaint in to Northway Financial based in Malta, you will need to do this before you can escalate it, they operated Pounds Till Payday for the period you are complaining about. They are pretty atrocious at responding so don’t expect anything, once 8 weeks has passed if you haven’t had a final response then escalate your complaint to the MFSA.
I doubt you will have much of a case regarding the loans that were ten years old but, if you dont ask you dont get. Certainly you have a case re the newer ones but id say get your complaint in asap.
Pounds till Payday are not trading as far as i know, as above you need to get your complaint in to Northway Financial.
I’d suggest reading through the thread as it has a lot of information in it along with contact details. The whole process is extremely painful, especially for those dealing with the Maltese Financial Services. I would advise to pursue your complaint but do not bank on it being resolved anytime soon (within 6 months) and even then it is looking like there may not be any return on it.
All the best
Tim
John C says
Hi Dave, I suggest you go back to page 1 of this thread. Below this comment there is a tab that says older comments, click on it to go back a page. I think there are only 3 or pages in total. This is all for Pounds till Payday and Swift Sterling as they traded between 2005 and 2015. The company you need to put your complaint to is Northway Financial the parent company of PTPD, not PTPD themselves as they are a different business now.
The 6yr rule seems to be a UK thing, but you need to read up to understand that this is a long and hugely frustrating process, but ultimately could result in a decent payout. There are people who have won affordability cases but not for some time. Get your complaint off to Northway first then sit back for 8 weeks and go from there.
Duane says
Hi guys. Just to let you know I received a response from my MP Claire Perry.
She was very concerned with the overall situation and has written to Professor Banister who appently is the chairman of the MFSA asking why is the process taking so long and why is their so much confusion over there.
She’s asked my case to be looked at in great detail and asked them to contact me urgently
Let’s see but nice that she had done something.
John C says
Hi Duane, that’s good to know. I was told Prof Banister is the one that is meant to get the emails that go through the communications email and is the point of contact for those dissatisfied with the MFSA service. Hopefully this is something positive that might actually get a reaction, not just for us that have been waiting since the start of the year, but people like yourself and Tim that have just been put into the MFSA process. Nice to know an MP is doing something for their constituents too
Dave says
Does anyone have an email address for Northway? I’ve looked on their website and cannot find anything other than a form to fill in on their website?
Many thanks
Dave
John C says
Hi Dave
complaints@northwayfinancial.com
Fingers crossed you get a quicker response than us
Spode says
Just checking in ahead of Deadline Day II, or is it Deadline Day III? I’ve lost track. Anyway, i’ll be emailing the MFSA daily again first thing on Thursday if we don’t hear anything tomorrow.
John C says
I think its deadline day XXVIXV
I doubt we’ll hear anything tomorrow if i’m honest. Nothing so far makes me believe we’ll get a response on the day we are given as deadline, I’d even be surprised if we have something come the end of the week. At least we have been told this is Northway’s deadline to give their last stance, so no more back and forth. Hopefully they will go with what the MFSA recommend, whatever that might be, as we’ve been given no indication of what they recommend.
good luck everyone
louise says
Good luck john. Fingers crossed we get somewhere this week and see the end finally. Really hoping we hear soon can’t stand this waiting around, let’s prey they don’t ask for more time and that it is in our favour ?????? As john said good luck to all who’s deadline day is tomorrow.
Miss Karen Ann Field says
Hi I emailed pounds til payday on Friday with the first template letter, asking for statements etc , I was taking out loan after loan each payday so think I was definitely not one to be borrowing money. Will I hear anything back and if so how long will I have to wait ?
John C says
If you have emailed the current incarnation of PTPD through their website, then you’ll just get a reply pointing you in the direction of Northway Financial. I’m guessing your loans are pre 2016? If so you need to put your complaint into Northway in Malta. Email is just above in my response to Dave, the complaints one. I suggest reading through the 3-4 pages on this thread to get an idea of how this may play out for you. Good luck
Karen field says
Thankyou for the help , have many people been successful in this ?
John C says
Karen, please read through the 3-4 pages. Yes there have been some successes, but not since May. They seem to be in groups rather than individual cases handled separately. You will not get anything out of Northway, so will have to persue through the MFSA after 8 weeks of your complaint put in.
John C says
Well I wish I could say I was stunned, but I’m not. I’m sure you’ve all had the same email today from the MFSA saying Northway have not come back to them and it will be end of next week. Beyond a joke now
John C says
I’ve sent the following:
Thanks for the update below, I do appreciate you keeping me informed, but I have to say disappointed doesn’t come close to how I feel right now. Its delay after delay with Northway and any excuse to not come back with a final response. I’m sorry, but its really not good enough. Whatever discussions you are having with them about their business practices should not have a baring on my case – an individual case about MY relationship with them. I’m sorry to say, a co-ordinated response is ridiculous, their reply should be based on the individual merits of my complaint and how they treated me as a customer. I don’t want to hear they should have a response by the end of next week, I want to hear that they will. Its all very vague and I’ve had so many similar emails for what feels like forever now. I appreciate the position you are in, but I genuinely fear that my case will never come to an end as there will always be another reason for it to be extended
Got an out of office till next Wednesday, so even if Northway do come back before then, we won’t hear anything!
Spode says
Hi John,
Exactly what I’ll be saying when I get five minutes to reply.
We were given the deadline for Northway to give their final feedback on OUR complaints. Now we are being told the MFSA wrote to Northway on an unrelated topic last week and because of this, Northway has decided to respond to both in one go, and that they “should” be able to reply to the MFSA by the end of next week.
I’m sorry but this is just nonsense now. What will be the next delaying tactic from MFSA? Come the end of next week Northway will ask the MFSA for some more information on this second issue, which will be subject to internal discussions at the MFSA, and this will hold up our complaints because they’ve now been thrown into a washing machine together. The MFSA should have put their foot down, refused the coordinated response and asked for final feedback on our complaints before the end of today.
This is never going to end, is it?
louise says
I have got this back
Dear xxx
As I had informed you in my e-mail of 19 October 2016, following several discussions within the Authority, we had written again to Northway and informed them of the Authority’s views on the issues they had raised following the Authority’s final feedback as relayed to them on 1 September 2016. Today was the deadline for Northway to give the Authority its final stance on your complaint.
Last week the Authority issued another letter to Northway in regard to some issues, besides the complaints, which also need to be settled. Northway have come back to us today stating that in view of this recent communication sent to them by the Authority they “feel that a coordinated response to the MFSA is the best approach”. They should be able to provide us with a reply by end of next week.
I apologise for this delay and do hope that we will be able to provide you with a reply shortly.
Kind Regards,
Pauline
I’m going to write to my MEP now it can’t find the link with the contacts. Can someone help? I’m going to have a look for the team who deal with EU consumer credit too. Getting sick and tired of this bull.
Duane says
What an absolute joke of a so called regulation body. Treating people with honest and justified claims with complete dishonesty and unjustified lack of respect.
Apparently Professor Bannister hasn’t been contacted by my MP which is just none sense. My MP’s office will contact them again if no reply by end of next week.
Katy says
Good Evening Everyone
I wonder if anyone can offer any advice please. I contacted Northway Financial in April re my loan with Pounds Till Payday. I was borrowing consistently every month from around mid 2008 until April 2012 when I defaulted on the loan. I initially contacted them for a SOA in April this year and when they didn’t respond to this submitted my formal complaint re unaffordable loans in May with still no response.
I contacted the Maltese Financial Services in late September and submitted a formal complaint to them via their online complaint system. Since then apart from an automated acknowledgement I’ve received no response. Can anyone advise me of an email address to use within the MFS to escalate my complaint to.
Any help or advice would be much appreciated.
Thanks everyone
John C says
Katy, if you read through this thread you’ll realise that it doesn’t matter who you email, its standard responses, replies take weeks and no-one seems in control! You need to use consumerinfo @mfsa.com.mt My advice is to spam it every week until you get a response
Good luck!
Louise says
Hi Guys, After yesterday’s disappointment I have wrote to my MP and the chairman of the EU commission for Consumer Services. I copied in all from the MFSA just in case it motivates them. If I hear back I will let you know.
Louise
John C says
I sent another email to Ms Scicula and the communications team expressing my disgust in the fact I’ve had no acknowledgement from them despite 5 emails to say how angry I was with the service from the MFSA. I’ve copied in jbannister who is the aforementioned Prof Bannister, Chairman of the MFSA. However if the Director General doesn’t care, then what chance do we have? I’ve asked what i’m meant to do to get a response? Speak to the EU Commision, the European Bank, the Maltese press or the Maltese Government? Someone must put some fear into them to act as this whole thing is shameful now.
Tim says
I’m a little behind everyone here at the moment due to the Arbiter waste of time so cant really start escalating a complaint about the MFSA… even though I know I am going to.
However, it may be worth contacting the Maltese Parliament or looking through their website. There are quite a few names and contact details on there who it might be worth making some noise to. Link is below.
John C says
If anyone wants to know how angry I am………
To whom it may concern
I’m pretty sure no-one reads anything I send to the MFSA as the only person that I get any response from is Pauline, but as she is now out of the business for a week, I hope that someone that reads this can be bothered to reply. 4 emails to the Director General Ms Scicluna, 5 to the communications email and not even a single acknowledgement is incredibly poor by anyones standards, but even more so by a government backed regulator. All this has done is made me more angry about this process, surely that isn’t the stance that the MFSA have set out with?
I now have no patience at all with the MFSA. The fact that Northway Financial, an organisation, regulated and given a license by the MFSA, can continuously ignore deadlines is shameful. Why aren’t you doing anything about it? Why do you let Northway get away with this? The fact no-one in the MFSA seems to care about this is even worse. What do I have to do before someone takes my concerns seriously about your organisation? Is no-one bothered that many, many people in the UK (and i’m sure other countries too) are affected by the actions of a Maltese business, and have lost faith in the people who are paid to protect them? Do I have to go to the Maltese parliament to see if someone can reply to me with a straightforward and honest answer? Do I need to speak to the Maltese press, or the EU Commission, or the European Central Bank? I have already contacted my MEP and local MP, who are deeply concerned that an EU citizen could be treated in this way, not just by a financial institution, but a toothless regulator who can’t seem to do anything. I have passed on the many emails that have gone unanswered and the frustrating mess that this process has been since February. Why should I believe that I will get a response by the end of next week? Nothing sent to me gives me any indication that the word of the MFSA will be fulfilled as every single deadline since June has come and gone and I still have no response. In fact the last email I received told me categorically that Northway had to respond by today with their final stance on my case. The fact they are using something else as a reason not to, should be knocked back by yourselves as not good enough. Especially as this can not be connected to my case. I have heard nothing but excuses for months now, just like everyone else is getting
What is Prof Bannister doing about this issue? Is he interested? Does he care? Does he even realise there is such a deep rooted problem with this organisation and consumers in the UK, fed a pack of lies and mislead?
I also note that the MFSA should list all fines, cases, issues against financial institution on their website under Administrative Measures and Penalties. However there is nothing about Northway, despite the fact they have paid out to consumers in the UK after recommendations by the consumer complaints team. Is this an oversight by the MFSA?
I suspect this will be another completely ignored message, but I am appealing to someone in a management position to actually reach out to those affected by this issue an act on our concerns. Or even just acknowledge that this process has not been up to anyone’s standards. There are a lot of people that need their faith restored in the MFSA’s process, this would be a good way to start that.
louise says
My MP came back and has given my the details for my MEP. I written begging for his help with the MFSA. I also wrote to Vera.JOUROVA@ec.europa.eu who’s meant to be chairman of consumer services for the EU. If we all write to her it might actually show her the situation and how bad it is.
John C says
I have emailed Edward Scicula, who is an MP in the Maltese Government. He seems to have brought up a number of issues with the MFSA in the past, so hopefully he will be interested in our issue.
It even turns out he is former Chairman of the MFSA!
Louise says
I’ve just sent another email to Mr Scicluna. If everyone who is at the same stage as we are send emails to all of them and keep on sending emails that will prompt them to do something hopefully. I will be sending an email every couple of hours lol I will bug them until they respond ???
John C says
I got a reply from him late Friday suggesting I speak the FOS or the Arbiter. I explained the FOS could not and Arbiter would not look at this issue. He then said he would look into it. I’m impressed and grateful he responded. I’ve even sent him a link to this forum so he can read our concerns. I said I’d leave it all with him. Hopefully it helps in some way.
Sara (Debt Camel) says
You might make the point to him (if you haven’t already) that for years Swift Sterling appears to have deliberately mislead its customers by saying on their website that complaints could be taken to the FOS.
Louise says
I did that too today. I’ve wrote to the prime minister Joseph Muscat too. Normally if you email the top they take notice which always seem the case except Northway and MFSA lol. The more people who email the more they will take notice.
julie says
Hi folks , have just come across this site and wondered if anyone thiks i could get anything back from swift sterling or is it a waste of time or how to go about trying if anyone thinks i should.
I borrowed off swift sterling for at least 3 years (prob longer) and paid back about 290 a month in interest. The payments i had to make were nearly as much as my months salary so i had to borrow off other lenders until my dad helped me out. I always had to borrow to the max each month just to get by and it totally took over my life and nearly destroyed me in the process.
I am still paying some of the money back now . Is it worth me having a go and if so would anyone be so kind as to point me in the right direction, thanks Julie
Sara (Debt Camel) says
Is your debt with MMF? If so I am doing a new article on them in the next few days.
julie says
hi, money was taken out with swift sterling
Sara (Debt Camel) says
yes, I was asking who the debt collector is.
julie says
would it have been Northway?
Sara (Debt Camel) says
Sorry I didn’t make myself clear at the start. I assumed your debt had been sold to a UK debt collector. It sounds from your reply that it hasn’t and that you are still paying Swift Sterling.
In this case it is definitely worth complaining to Swift Sterling about their failure to make proper affordability checks on any of the loans they gave you, see the template letters here https://debtcamel.co.uk/payday-loan-refunds/. You won’t be able to take this complaint to the financial ombudsman in the UK you have to go to the lengthy and uncertain Maltese regulatory route as other comments here say.
You could also ask SS to send you a CCA agreement for the debt and a Statement of Account listing all your loans from them. Template letter for this here: https://www.nationaldebtline.org/S/factsheets/Pages/gettinginformationfromyourcreditors/creditagreementadvice.aspx.
And you could consider stopping paying them any money, especially if it is hard to manage these payments, pending the resolution of your complaint because you are effectively disputing that the balance you are being asked to pay is correct.
julie says
Thankyou for the reply. I paid off the debt to swift sterling completley like i did on payday each month (about 800 quid a month) then i would borrow the same again the same day but always paid and reborrowed straight away as it took all my wage except for 100 quid. It all channged one day when i tried to re loan and was told i couldnt and it left me really stuck, this was when it changed to a different name so i borrowed elsewhere which i am still paying off. I will email and ask for a cca agreement and details of all loans and see if i get anywhere, thankyou
Duane says
Has anyone got the contact details for the Maltese PM office?
Thanks
Louise says
It’s joseph@josephmuscat.com that the one i used. I also sent edward.scicluna@gov.mt an email too as he is the Maltese finance minister.
louise says
Also if everyone who is in the same boat with Northway and the MFSA contact the people above and a few others joseph.muscat@gov.mt Vera.JOUROVA@ec.europa.eu Syed.Kamall@ec.europa.eu then it might make them do something to help.
Karen says
How long after I have written asking for statements from northway which I haven’t received , can I contact Maltese ombudsman ?
Sara (Debt Camel) says
If you haven’t been sent the statements, you should first out in an affordability complaint with as much information as you do have.
Tim says
Hi All
Ive seen it stated through the thread that Northway advertised that we were covered by the FOS in the UK.
Does anyone know where i can find evidence of this?
Many Thanks
Tim
Duane says
https://web.archive.org/web/20110210155125/http://www.mypoundstillpayday.co.uk/responsible-lending.html
Near the bottom of the page it says click here for people who can help. It’s on this page the uk FOS in mentioned.
The link is from a 2009 website link
Duane
louise says
Thank you for the link but I can’t see anywhere that says about the UK FOS?
John C says
On the 2nd bottom paragraph the word “here” is in green. Click on that and it links you to a page that that has the complaints procedure and address for the FOS. Its the typical sheet you would get in with a credit card bill if you had a late payment charge
Tim says
Thanks Duane, I was hoping this was for Swift Sterling- I did all my borrowing for them. I will have a look through the site for their website.
Cheers
Tim
louise says
I saw it on Swift sterling website but still can’t see anything on Poundstillpayday website. Can someone screenshot it and send it to me at louise.brind@live.co.uk Thank you. I am nervous about sending Pauline anything about that as I am unsure if I have already or not. I’m worried that it will just delay it further.
Sara (Debt Camel) says
Is Pauline disputing this? I would just enclose the snapshot of the Swift Sterling website and say the PTP website was identical. You could also refer her to the UK Financial Ombudsman who were contacted by many people at the end of 2015.
louise says
Thanks Sara. As I said I’m a little nervous because I don’t anymore excuses to delay anything more.
Spode says
Is anyone expecting to hear off Pauline tomorrow, as her mass email last week said Northway hoped to be able to respond by the end of this week.
Anyone escalating it further if we do not receive a response by close of play on Friday?
louise says
I’ve already escalated it but still received no reply from anyone. I’ve wrote to edward Scicluna Finance minister and Ex MFSA chairman and Joseph Bannister MFSA chairman. I’ve written to Pauline today to ask for updates and if there is till any chance of receiving an answer tomorrow. I skeptical it will happen. I know John C received a reply from Mr Scicluna but not sure if he’s had anything else.
tiger says
Good afternoon I have just being reading through some of your comments in had a loans from PTP I have wrote to northwayfinancial in Malta regarding the account but I have now all so being told it’s now owned by a company called merlinger does any body no who they are
John C says
They are a debt collection agency by the look of it. They have a dot com website. They are 3 ex directors of Fredrickson’s which I’ve never heard anything good about
John C says
I’ve already escalated it beyond Pauline to both the Chairman (Joe Bannister) and Director General (Marianne Scicluna), but had no response from either. This despite the fact I have emailed Ms Scicluna 4 times. Disgusting service from a terrible regulator, that’s pretty rotten from top to bottom. The senior management don’t care, and that’s clearly the example that’s been set for everyone else that works there. Honestly I don’t expect anything tomorrow. Even if Northway do respond, which I doubt they will, whatever their reply is, it will need to be “analysed” internally by the powers that be. That took around 10 days last time, before they went back to Northway again. Its just a merry go round which doesn’t stop. I’ve read back through the comments on here and to see that we were talking about final outcomes all the way back in July, makes the whole thing a complete joke. No-one seems to care what this is doing to those that are stuck in this situation. I laughed out loud when we all received our emails on the 19th October that said she appreciated we were anxious to get a response. The MFSA’s final response was sent on Sept 1st, that was 10 weeks ago today
I haven’t heard anything more from Edward Scicluna, I’m just hoping he is able to speak to someone that can do something. Where else can we go with this? It just wouldn’t happen in the UK, and if i’d known Northway were such a rogue business that weren’t governed by anyone, I never would have used them in the first place
Tim says
I emailed Pauline at the start of the week for an update on my complaint and got an out of office stating she would be back on Wednesday. Am guessing that means any replies and updates will be the middle to end of next week at best based on previous experiences.
I genuinely expect to see Northway fold before this saga is resolved. Then maybe pop back up under a different guise/management.
Good luck all.
cheers
Tim
Spode says
Is there an email address at the MFSA which looks at complaints about the MFSA itself?
Karen says
2 weeks ago I contacted ptp and no reply , contacted northway nothing is ot worth contacting financial ombudsman ?
Tim says
Hi Karen,
If you are complaining about PtP loans when they were own by northway then you cannot complain to the FOS as they are based in Malta.
You would need to put a complaint into Northway, if you dont receive a final response after 8 weeks then you can put a complaint into the Maltese FSA although these are proving as useful as a chocolate teapot.
Cheers
Tim
Garry says
Can you advise the best way to lodge a complaint with Maltese FSA?
Thanks
John C says
You need to go to their website and choose the moneybox option to place a complaint about Northway
Karen says
Hi Tim this was quite a few years back 2012 but loan after loan . Was not aware was owned by northway
John C says
Anything before 2016 is Northway, so as Sara says above get a complaint pulled together and put into Northway first. Its unlikely they will send you statements as previously mentioned by a number of people on here. While you are waiting for their response, go through bank statements to find out what you paid out to them and what they paid in. The difference is obviously the interest paid. Northway haven’t agreed with ANY complaint at all, they have only offered to write off any outstanding balances. Depending on what you owe vs. what you paid, this might work for you. If not, then you need to put your complaint in to the MFSA after Northway have rejected your complaint, or 8 weeks – whichever is sooner.
Karen says
Ok I have gone back over my statements I can go back as far as 2009 – on my statements it comes under pounds til payday until 31st march 2011 and then it appears as northway financial – where do I stand now is ot worth pursuing ?
John C says
Just had a 20min chat with Pauline’s boss called Michelle. I’ve pretty much unloaded both mine and all your frustrations on her. Although none of this sits under her remit (Pauline’s job role has changed and she essentially does 2 jobs) it was good that a director in the MFSA was prepared to listen to what I have to say. She said she was going to speak to Marianne Scicluna as this would sit under her, and she has took my number and is going to ring me back. I’ve told her everything – the fact some of us are nearly hitting 40 weeks for a conclusion, that Northway seem to do as they please, that senior management do not respond to emails and we are all fed up of the terrible service we have received. She seemed shocked. Hopefully shocked enough to do something about it
John C says
Well its now gone past 5 in Malta and no call, so another promise broken. I despair with the MFSA now. I even said she could just email me with an update, but she took my number and promised to ring me. However I can guarantee we all get some kind of response on Monday, even if its just another fob off. We are starting to rattle too many peoples cages for it to not have an effect.
Spode says
I hadn’t escalated it since the ‘they are writing a coordinated reply’ email. I thought I’d sit pretty and wait.
That’s over now. Daily emails to all the contacts mentioned on here are starting. They are simply taking the pi$$ now.
It’s obvious PTPD don’t want to give us any money back or we would have had cheques. Time to unload both barrels on the MFSA.
John C says
As if on cue I’ve just had an call from Michelle! Maybe they are all reading this thread now? I’ve been told we will have communication next week. She hoped at the start of the week, but said definitely by the end. I asked if this would be more concrete information as we keep getting dates that then run into other dates. She promises me that it will be more concrete. Whether that is positive or negative I have no idea!
Spode, Pauline hasn’t been in pretty much all week. I do feel slightly sorry for her, as they have left our complaints with her, but the whole system is a shambles. She doesn’t have the time or the resource to deal with our complaints the way they need to be. She was working out of the business Mon – Wed, possibly in the office on Thursday and I’ve been told today she doesn’t work Friday’s. So part time, doing a new job and trying to deal with our complaints just doesn’t work. Clearly we were never going to get a response by the end of this week, even if Northway had replied. When I spoke to Michelle earlier she acknowledged they should be doing much better with communication. I advised that maybe they should just start with the basics like acknowledging emails and especially ones where we say how upset we are! She said she could understand that I was upset and why, I just told her that its clear no-one at the MFSA cares about our situation, and she told me that wasn’t true, however she could see why I would think that as we had been ignored from the DG and Chairman
Simon says
Hi All
Just put my complaint in to complaints@northwayfinancial.com will keep you posted
John C says
Good luck Simon!
Simon Quinn says
I have also gone to the FOS as well initially they said nothing they could do, I complained about that as they had been allowed to operate in the UK under licence at some point, so therefore they accepted this ( not sure if that was right but hey ho ) they are going to pass this to the next level in the FOS complaints and let me know, but not holding my breath on that one.
If I here anything back I will let you all know
Tim says
HI Simon,
Im curious as to what the English FOS could enforce, accounting for the fact that Northway’s license has lapsed and as far as i am aware have no presence in this country. I doubt their rule is enforceable overseas.
That said I really hope my doubts are wrong and you are successful.
cheers
Tim
John C says
Anyone else got their final response? I’ve just scanned through mine as i’m about to go into a meeting. I’ll update when I’ve managed to digest it
Matt S says
Just had mine, not good news. Basically MFSA suggested that that Northway refund all interest and charges I paid to them. They refused claiming that there is a 2 year limitation period on claims in Malta. And that’s that!! They appreciate its not what I’d have been expecting but their decision is not binding so basically nothing more can be done and the case has been closed at their end.
Great, 6 months of hanging on for nothing!!
Spode says
In summary.
MFSA recommended I should receive £3700 from Northway.
Northway rejected the claim my borrowing with them had caused financial hardship, said all claims under Maltese law are subject to a two year limit.
However, they’ve offered me £450 as a gesture of goodwill.
The people on here who received refunds from Northway in the past, was this two year limit mentioned? This has gone on for so long I might just take the money and run.
Spode says
I should clarify, the £450 relates to loans taken out within the two year period they are referring to.
Matt S says
Actually they did offer to write off my existing balance when the MFSA first starting contacting them, so I have had something back from them.
They state this 2 year limit, however i first complained to them on 12th February this year, and 10 of my loans with them were within 2 years of this time. It shouldn’t be my fault that they never responsed to me and then didn’t respond to the MFSA until after these loans were over 2 years old?
Louise says
I got the same. My complaint was upheld but they quoted the 2 years too. Does anyone think it’s worth going through the EU. I really don’t want to leave it as its so unfair. There must be a way we can get them to pay us what’s been awarded.
Sara (Debt Camel) says
That timing issue is a good one. As potentially is the issue is hat my guess is the payday loans were written as contracts under Englush law not Maltese?
John C says
Have they gone 2 years from now? I don’t have that, my refund goes back to March 2014, so 2 years from when I complained
Louise says
2 years from when it happened. Does yours mention the 2 years? EU have a dispute resolution which might be the next avenue to try. I don’t know so disappointed. To have our complaints upheld then this it’s so unfair especially after 6months
Spode says
Two years prior to the complaint being received from the MFSA is what I’ve been told in my summary. It also says:
“The unit stated that complaints referred to the authority under the Malta Financial Services Authority are not subject to a prescriptive period by virtue of their nature and the law, which does not provide a time limitation period for the consideration of complaints.”
In response, Northway basically disagreed and refused to change their position, and the MFSA have said their recommendation is not binding on either party.
What I don’t get is if there is no law around time-barring, how are Northway being allowed to get away with this two year limit which they’ve obviously conjured up to minimise what their likely payout would have to be by thousands of pounds.
Duane says
Where does it mention the 2 year period, it doesn’t plain and simple. The very fact they quoted on their website the UK version of the FOS means we signed up for their 6 year period.
John C says
I don’t think the 2 years is “law” in financial situations per se, but what Northway are saying is if we took them to court, then the rules for court are you can claim back 2 years. I have no idea if this is true or not, but suspect it is. The MFSA don’t have a time rule at all, but that only works if the business you are claiming about actually cares what the MFSA’s thoughts are. I suspect Northway no longer operate as a lender of money in a payday format and therefore don’t need to worry about whatever rules they used to have to follow. I’m only guessing…i’m not expert on law, especially in another country!
Essentially Northway have no interest in paying out anything, but if we took them to court, they believe we would only get 2 years money back, in some kind of civil lawsuit. And because of that, they are willing to pay it back as a ‘gesture of goodwill’ to avoid the grief, time and energy, thinking it will be enough for us to go away, as none of us are really in a position to do anything else. The MFSA can’t bind them to anything, so Northway come off looking like they have done us all a massive favour
John C says
MFSA recommendation was a refund of £13,657.93. This was the sum total of interest paid in my time with Northway as the MFSA stated Northway had not done any checks on my ability to repay, the state of my credit file and the other borrowing I had. The refund Northway offered is £4,392.48 and goes back to March 2014 but no earlier.
Having looked through the report I must admit the MFSA have done a thorough investigation. Everything I put to them (and a bit more from my credit report they picked out) is highlighted in the complaint. I really wish they had shared some of this during the last 8 months and there wouldn’t have been such frustration and the need to go to as many people, but they have done the job they set out to do
As for the result, I’m obviously bitterly disappointed, however I don’t think this is down to the MFSA at all. Or certainly not in the capacity of what they can instruct a business to do. Northway’s interpretation of rules or statute is a different matter, and I agree that they set themselves up as a UK business, so should really follow UK rules. However for now, I want to see the colour of their money and after it has cleared, work out what or if, there is anything else I can do
John C says
Actually, I’ve realised we need to accept or reject this. I have a funny feeling if we reject then the only way to peruse is through the Maltese courts. That is not something I want to be doing right now, so despite my annoyance at the situation, I think I have no choice but to accept. I appreciate how difficult this is for you all, but £4k will make a bit of difference to my life. The extra £9k would obviously have had a massive impact on me, but on the basis I could end up with nothing, I don’t see what choice I have. Its like the shittest game of Deal or No Deal
Spode says
Agree John.
MFSA recommended I was refunded £4k. My offer is £450 for interest paid on loans since 2014. However, my heaviest borrowing was done between 2011-15 so I’m missing out on a massive chunk of refund.
Gutted but I don’t see where else we can go from here. Any move we make will drag this out for months/years.
John C says
I have to look at this as getting back a third of what I’ve paid out, or possibly seeing nothing
Matt S says
I kind of don’t get what the point of the MFSA is?
Swift Sterling were regulated by the MFSA, they were also bound by the Consumer Credit Act and the’Good Practice Customer Charter’ of the Consumer Credit Trade Association (according to the email received today). They didn’t provide any evidence to the MFSA of any checks on creditworthiness carried out and the MFSA found they were in the wrong.
They turn around and say ‘we disagree’, and that’s it…. case closed!!!
Surely it cant just work like that in Malta? Imagine if the FOS worked like that in the UK. All the hundreds of thousands of people who claimed back PPI that they were wrongfully charged. Imagine if the banks all turned around and said ‘we don’t think we’ve done anything wrong;, and the FOS said ‘oh ok, fair enough well in that case you’ve nothing to answer for’.
Its a joke!!
Spode says
I must admit Matt, I’m also of the same thoughts. We need legal clarification on this two year rule but I don’t know where we would get if from.
Duane says
I’ve emailed my MFSA contact as I won’t be accepting this barbaric 2 year rule.
I’ve sent him emails which were sent my PTPD in 2010 stating they ”strive to always act in line with the latest OFT guidelines” and when you click on the link it also brings up the FCA website which we all know has a 6 year rule.
I’m not letting this scum get away from making me enter a financial agreement which was a lie as to whom I could go to when it all went wrong
ID says
I have an offer too which equates to £3200, the MFSA advised £4600. I will be accepting, I can’t carry on chasing this.
I do think the MFSA did a detailed review but lacked communication when people were asking questions.
Sorry for anyone who didn’t get what they wanted, the MFSA don’t seem to be able to do anymore.
John C says
Sadly that seems to be the case and I agree. From my letter, the MFSA investigation was thorough and correct. I can’t see what else they can do given their limited powers? That’s a matter for the Maltese parliament to look at, and something I may go back to, once my money has cleared. However I no longer have the fight to go after Northway in a different way, that may result in me getting nothing at all, so I have accepted their offer today. I have insisted that Northway pay this into my account in the next couple of days rather than have to wait for a cheque and then for it to clear. Not sure if they will agree, but made the point to Pauline that I’ve waited 10 months and they have my bank account details already. I’ve also thanked her for the work that’s clearly gone into it, pointed out we all wish we’d seen some of it, and that Northway are a disgrace to play in a UK market, but not UK rules. If they had gone back 6 years rather than 2, my refund would have been over £9k. She has said that their rules mean they don’t disclose anything until a final decision is reached. We might not agree with it, but I suppose its their rules
At least anyone going into this now know what to expect. I really do think Northway will do anything to get out of paying any money out and the earlier claims got lucky, but as more people have complained they have put up a wall and hidden behind legalities. I’m really sorry that none of us got what we thought we deserved (that extra £5k or even £9k would have made a huge difference to me) but based on the current powers of the MFSA then I want to forget i’d ever had any dealings with Northway
John C says
I also recommend anyone thinking about putting a claim in better get it in now as they stopped trading the end of 2015, so 2 years will run out. All those like Duane and Tim that have been sat with the Arbiter need to insist the date their complaint went into the MFSA originally and not when you were able to go back, as there is a 6month or so difference you don’t want to miss out on
Rich says
Hiya John been watching this for a while so will fire my complaint in now what address is best to send to and well done on getting at least some of your money back
John C says
Have you complained to Northway yet? If not, you need to get your complaint in to: complaints @ Northwayfinancial.com
Without the spaces. Just like in the UK, after 8 weeks you can refer to the regulator – the MFSA. I’d keep watching this thread and hope Louise gets some good news
Duane says
My claim relates to 2011/2 though that’s my issue
Sara (Debt Camel) says
I agree with John that anyone hoping to get money back needs to claim asap.
However there is one group of people where it could well be worth claiming outside the 2 year period, even knowing you are never likely to get any cash back … that is anyone who has a balance outstanding which has been sold to MotorMile finance (or any other UK debt collector , but as far as I am aware only MMF have bought these Maltese debts). If you had previous loans from SS or PTPD, complain and then get the MFSA to say you should get redress, then MMF would find it pretty difficult to try to enforce the debt in England as an award from a regulator that hadn’t been paid would be very good evidence of an unfair relationship.
Louise says
I’ve got an outstanding balance but it was taken back by Northway when I complained. MMF have paid me £350 compensation for the way they treated me and failures etc. I’ve wrote to Pauline and said that my credit agreements say that Northway was regulated by CCA and OFT and work within their guidelines. There has never been any mention of Malta Consumer law or the MFSA and that their agreements I entered into were lies and deceiving. I have offered to settle for £701 which is all loans younger that 6years as per U.K. Law which the agreement said they were regulated by.
John C says
How much is the outstanding balance on your account, if you don’t mind me asking? Does their offer, cover this?
Duane says
So are some of yours older than 2 years?
thanks Louise
Louise says
My loans went from 2008 – 2011 so they’re all older than 2years. But my argument is that my Credit agreement said that was regulated by consumer credit act i.e. FCA or FSA so the 6year rule come into play. It says it as clear as day on top of my credit agreements.
Duane says
What and they still paid out? I put those things in my complaint in May
Louise says
I was awarded £1753 and they offered £139 which I rejected.
Louise says
It’s £630 with interest and they have offered to clear the balance and pay me £139 but My award from the MFSA was £2530 minus £630 which brought it to £1700. Pauline has gone back to them with my rejection reasons and also that I have sought legal advice and as they mention the CCA and OFT in my credit agreements then I would have a case in an English court and that what is the Maltese law on purposely deceiving and lying to customers as they make no mention of any Maltese regulations nor about 2 year time limit
John C says
I genuinely hope you get a decent response then, and Northway think differently, but if i’m honest I don’t think they will budge, hence why I’ve accepted now rather than wait for another couple of months. I doubt you’d be able to enforce anything in a UK court as getting Northway to pay would be impossible. Its hugely frustrating for all of us, and I can really understand why you’re challenging as £139 probably isn’t a huge amount of money in the grand scheme of things, but £701 would be a much better figure and its worth working for. Good luck, I hope you get a good reply.
I go back to my Deal or No Deal analogy and know if I stuck to my guns I might get the £250,000 – or £13k in my case, but its a huge risk
Louise says
Well I’ve found a credit agreement that says that it’s regulated by Consumer credit Act 1974 i.e. UK Law. It’s a joke and unfair that they can get away with this. They deliberately lied and Mis lead us from the beginning and now can play the 2 year law. Its clearly states that it’s regulated by them as they all do. Pauline has sent my offer and the reason I rejected theirs and has given me next week to hear back. If they say no then I’ll have no choice by to take the £139 although it will be extremely difficult to swallow.
Sara (Debt Camel) says
Hi Louise,
I’m not trying to be pedantic but when writing to foreign regulators it’s good to get your terminology correct. The contract will have been written under English, not UK, law.
John C says
The money from Northway is in my account already, so there is a partial happy ending!
Good luck to everyone that’s looking for a better deal, in the middle of this process or just starting out. Just be grateful that Northway can no longer mess your lives up any more than they have done!
Duane says
I’m putting pressure on Northway. Sent them this:
Hi Northway,
You will be aware I have an outstanding complaint with you which is now being handled through the MFSA since May!!!
After a horrific unnecessary delay to U.K. Consumers, some have now started to receive final decisions through you via the MFSA investigation
It would appear you are trying to eliminate cost risk by stating a fabrication of a 2 year ruling.
I’d like to make you fully aware of this is clause is attempted through my complaint, it will flatly review and argued in a court, based on the following grounds:
– I signed a English credit agreement which was governed by the CCTA and FCA which states 6 year ruling – I have a copy
– At no point was any mention of Maltese regulation
– your website at the time confirmed the CCTA, and OFT and that the UK ombudsman service was available for disputes – I have a copy through an website archive link
– my initial final response from you does not mention a 2 year ruling which is very suspicious
– the MFSA does not recognise a 2 year ruling
– very early UK consumers who had complaints upheld were not quoted the 2 year ruling
– some UK consumers who had owed debt with you had balances wiped off as a gesture of good outside the 2 year ruling
All this amounts to an attempt to narrow your loss but it stinks and is a complete lie especially when it comes to who I could go to when I wanted to complain which I have on a wide diverse range of subjects.
I wanted to make you aware of the above as I know you have been asked to respond via the MFSA investigation.
I’d also like to make you aware, I will not let this go one bit. It’s my personal desire to take this all the way through a Maltese court or European court, not just for the initial interest amount which you could just pay me now, but for larger sum based on I’ll health and time spent running around getting justice.
What Northway did was to mislead and lie at every opportunity and quote honestly it makes me feel sick to the core you are trying to make up some fabricated 2 year ruling which is never stated anyway and is not what I signed the credit agreement for.
My MP and MEP are both fully aware and have been bcc into this email as they have asked to be updated.
I’d like a positive response by early next week.
Louise says
Just seen that as Northway did business in the U.K. They are bound by the EU consumer credit commission and they clearly state in 5 chapters lol that credit agreement is to contain clear and concise information. It’s not to be misleading or deliberately deceptive. I’ve also seen where they get the 2 year cobblers from it’s under the Maltese law that Tortious claims have a two-year limitation period, which normally begins to run from the day the tort occurred but there are suspension acts and I do believe that the misleading agreements would come under that.
Duane says
And this……
If a contract which is governed by English law makes no mention of limitation periods, then the statutory periods provided for by the Limitation Act will apply – usually, six years from the date on which the cause of action accrued for simple contracts, or twelve years if the contract was executed as a deed
Spode says
This may be a really thick question, but why was the MFSA not able to argue these points which you are uncovering by doing a little bit of digging?
They’re sending me a cheque in the post as full and final settlement of the complaint but it’s for a fraction of what the complaint is worth, I assume I could still decide to take this further if I haven’t cashed the cheque in?
Louise says
If you have signed a document stating that you have accepted then I’m not sure if there’s anything more you can do. I rejected the offer from the off and luckily found an old credit agreement with it stating that it’s regulated by the CCA. MFSA decisions are not legally binding and don’t use the Law as such only their guidelines. Our FOS are the same they take into consideration the FCA guidelines and what’s fair. I’m determined to take this as far as I can because it’s blantant fraud what they have done.
Spode says
Thanks Louise. I haven’t signed anything, just confirmed I accepted it over email and they said a cheque would be posted out.
Good luck with your claim, please keep this forum updated, it will be fascinating to see what the outcome is.
Louise says
?? EU regulations are valid for all member states which we are still a part of as is Malta. Fingers crossed that gets their backsides into gear. How they ever thought they would get away with it is a joke. I’m sure EU law trumps national laws because there’s been tonnes of cases where the EU have changed U.K. Rulings
Louise says
I have re read through my credit agreements and it clearly states that it is governed by ENGLISH LAW and by the CCA and the CCTA! I’ve compiled this email let me know what you think!
You sent to me a copy of my credit agreement from July 2011. I have looked through that agreement and have attached and highlighted the relevant parts for your information. As you can see at the top it clearly states REGULATED BY THE CREDIT CONSUMER ACT 1974 , then it carries on halfway down and says THIS IS A CREDIT AGREEMENT REGULATED BY THE CREDIT CONSUMER ACT 1974. SIGN IT ONLY IF YOU WANT TO BE LEGALLY BOUND BY ITS TERMS. Then a little further down it says under section 13 of its terms and conditions it states THE CREDIT AGREEMENT AND THE BROKER AGREEMENT ARE GOVERNED BY ENGLISH LAW. And then section 14 and 15 it states The creditor is licensed by the Office of Fair Trading of Craven House, 40 Uxbridge Road, Ealing, London W5 2BS. Our consumer credit licence
number is 574990. THE CREDITOR IS LICENSED BY THE OFFICE OF FAIR TRADING OF CRAVEN HOUSE, UXBRIDGE ROAD, EALING LONDON, W5 2BS. OUR CREDIT LICENSE IS 574990 and then for section 15 is states THE BROKER IS LICENSED BY THE OFFICE OF FAIR TRADING OF CRAVEN HOUSE, UXBRIDGE ROAD, EALING LONDON, W5 2BS. OUR CREDIT LICENSE IS 574988. Now sector 16 does say that you are not subject to any UK Ombudsman Scheme but that you are However, both the creditor and the broker are members of the Consumer Credit Trade
Association (CCTA) and subscribe to its code of conduct.
Now in your words my signed credit agreements with you are bound by English Law and the regulations set out in the Credit Consumer Act 1974 then the 2 year that you quoted are not legally related to my case as that rule is in fact set out in the Maltese Law not English Law and as you have stated in my agreements that they are bound by ENGLISH LAW and NOT Maltese Law which you are now trying to use to get out of paying me what I am due.
The Maltese Financial Institutions act states that the Business should they want to provide services in EU member states are governed by EU regulation. I quote from the “DIRECTIVE 2008/48/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 23 April 2008 on credit agreements for consumers and repealing Council Directive 87/102/EEC
Section 18 –
18. Consumers should be protected against unfair or misleading practices, in particular with respect to the disclosure of information by the creditor, in line with Directive 2005/29/ EC of the European Parliament and of the Council of 11 May 2005 concerning unfair business-to-consumer commercial practices in the internal market (‘Unfair Commercial Practices Directive) (1). However, this Directive should contain specific provisions on advertising concerning credit agreements as well as certain items of standard information to be provided to consumers in order to enable them, in particular, to compare different offers. Such information should be given in a clear, concise and prominent way by means of a representative example.
section 31 – In order to enable the consumer to know his rights and obligations under the credit agreement, it should contain all necessary information in a clear and concise manner.
Section 41 – Assignment of the creditor’s rights under a credit agreement should not have the effect of placing the consumer in a less favourable position. The consumer should also be properly informed when the credit agreement is assigned to a third party. However, where the initial creditor, in agreement with the assignee, continues to service the credit vis-à-vis the consumer, the consumer has no significant interest in being informed of the assignment. Therefore, a requirement at EU level that the consumer be informed of the assignment in such cases would be excessive.”
I made you a counter offer of paying me £701 out of the £1753 settlement awarded to me by Pauline Tonna of the MFSA but I am inclined to withdraw my offer and seek the full amount £1753. (£2383.95 including £630.91). The Credit Consumer Act has 6year rule or 3 years from when the customer could’ve have reasonably known they had cause to complain. I had no idea I had any reason to complain until I read an article on the Debt Camel website about payday loans and irresponsible lending. With that and what I have found out after reading through my credit agreement with you in mind I am asking you to re look at the settlement that the MFSA have awarded £1753 and my offer of £701 and make me a reasonable offer between those amounts. My offer was based on the 6 years but after the lies and the way you have deceived me I am asking you to relook at the amounts and make me an offer to reflect that. Pauline has quoted CCTA guidelines and has investigated using those guidelines which as you have mentioned you are subject to them and act within those guidelines.
I have also attached an email that has one of my credit agreements from you from back in 2008 which says exactly the same thing and it shows that all of my credit agreements from 2008 – 2011 all said the same which they did.
I have copied in Edward Scicluna, Vera Jourova. I have also copied in Pauline Tonna and Joseph Bannister at the MFSA.
I hope I have made my point clear to you and look forward to hearing from you.
Sara (Debt Camel) says
One small point “Now sector 16 does say that you are not subject to any UK Ombudsman Scheme but that you are However, both the creditor and the broker are members of the Consumer Credit Trade Association (CCTA) and subscribe to its code of conduct.” looks like it has been a bit mangled.
Also the FOS seems to have decided it can now look at loans over 6 years old, see https://debtcamel.co.uk/ombudsman-payday-loans-6-years/. But there isn’t the sort of formal announcement you can quote.
Tim says
HI All,
It’s been a busy weekend so haven’t seen the latest turn of events. So the MFSA found in your favor and northway are making a mockery of it, unfortunately im not surprised so at least i know where my complaint will be heading.
John, i completely get where you are coming from £4k is still a big chunk of change so can see why you would take it and draw a line under it. Out of curiosity, did they apply interest to your award or was 13k the total interest you had paid?
All my lending took place from 2010-2013 so if Northway are using the 2 year rule then they will say i am owed diddly squat. Looks like i will have a much longer fight on my hands with this.
Hope to see some positive movements in the near furture.
cheers
Tim