Loan Supermarket Liquidised After Allegedly Scamming Clients

Fri, 11 Jun 2010

A company accused of scamming borrowers out of loan broker fees without providing them with a loan has been placed into compulsory liquidation following an investigation by the Insolvency Service . A range of companies were investigated for the activities of The Loan Supermarket which fronted the work of Irfan and Zeeshan Nasrullah. However, with the firms accounts woefully inadequate, it is not possible to assess how much money was made.

The company invited applications from borrowers for personal loans, taking a broker’s fee as part of the process. These fees ranged from £40 to £500 for each application, though out of 10,000 applications, just 71 loans were arranged. One borrower, Phil Atwill from Sale, paid a £40 broker’s fee without receiving a loan, and faced a long struggle in order to obtain a partial refund of £34.99.

The Loan Supermarket also offered a debt management service which offers to assess client’s incomes and repayments, and repay creditors in the most efficient way. However, a number of complaints were made that the company would take money from clients without passing on any money to creditors.
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