Director bans for loan broking couple

A COUPLE who ran a Manchester-based loan broking firm which targeted financially distressed clients have been handed director bans.

Assad Ayaz Ajmi and Zaibunnisa Naji, both 33, were behind Ardwick-based First Money Direct which was wound up in the public interest two years ago owing customers around £300,000. It had failed to arrange loans for nearly all its customers.

Mr Ajmi has been banned for nine years while Ms Naji received a four-year disqualification.

First Money Direct targeted clients who had previously been turned away by other lenders and charged them administration fees of either £49.95 or £99.95. It then either failed to arrange loans which it said had been approved or guaranteed, or offered clients loans on worse terms than originally quoted.

The couple subsequently abandoned the company which had total liabilities of £380,000. Company records were lost and cash withdrawals totalling £11,727 and cheques totalling £22,354 have not been accounted for.

Ken Beasley, of the insolvency Service’s Public Interest Unit said: “The disqualified directors allowed the companies to be involved in a scheme to take monies from members of the public who, on the whole, were people already in financial distress, for which little or no service was rendered and failed to maintain proper accounting records. The Insolvency Service will not hesitate to use its enforcement powers to remove irresponsible and culpable directors from the business environment.”

Close