If, as one of our correspondents alleges, Acenden are losing trace of payments made via their much trumpeted website that gained so many gold stars and Blue Peter badges from S&P only one of two conclusions can be drawn. These are as follows:
a) Acenden are incompetent and cannot be entrusted with any licence to trade, or
b) Acenden is deliberately siphoning of these payments in a criminally corrupt conspiracy to defraud customers and the SPVs, in order to hoodwink courts and maximise repossessions and their own profit margins.
(Do they really secrete overpayments into a separate account if the total overpayment is less than £1000?)
Anyway, being charitable I’d go for incompetence.
But then again seeking to be charitable to this filthy bunch of liars, cheats and thieves takes several leaps of faith too far. My betting is on b).
The regulators should really take a look, providing of course that there is no conflict of interest that might actually prevent them from regulating in the first place.