Second Chance Finance Limited ; Maseeh Ul Amin

The Commission has filed civil proceedings in the High Court against Second Chance Finance Limited (SCF) alleging breaches of the Credit Contracts and Consumer Finance Act, for failing to make reasonable inquiries as to whether borrowers could make payments under consumer credit contracts without suffering substantial hardship and failing to keep records of inquiries. The Commission has also filed proceedings against SCF’s sole director under section 59B of the Credit Contracts and Consumer Finance Act for failing to exercise due diligence to ensure SCF complied with its duties and obligations under the Act. The enforcement action follows an investigation into SCF’s responsible lending practices. In the proceedings the Commission is seeking pecuniary penalties, statutory damages and orders waiving any outstanding amounts owed by named borrowers where vehicles have been repossessed.