MCO Capital loan

Prudence2_2

grahamqat wrote: »

I'm not sure how many people the HO has got to read potentially 10,000 letters; I rather suspect we'll get a generic rather than individual reply.

Yes I'm sure the HO people will be very relieved if your letter is shorter than mine! Mine is probably too long but I wanted to make sure I told the whole story. Anyway I'll certainly post again when I get a reply.

grahamqat

Yes hope you do get a proper reply - letter deserves it, and please post it. I've probably got a little cynical about the authorities due to their disfunction but they've got it all to prove now and you never know, may come good. Hope so!

Prudence2_2

If anyone heard the Helploan spokesman on Radio 4 yesterday, you may have been tempted to laugh out loud when he said 'Helploan is the victim here. If someone had their car stolen, you would not blame the car owner'. What he forgot to say is that by ignoring the fact that our details as supplied by the fraudsters did not match the data held by Experian, Helploan had effectively left the car unlocked and with the keys in the ignition.

geomacl

I see that a lot has happened since I disappeared on vacation a few days ago. Great idea to write to the Home Office - will do that soonest.
Has anyone read the Sunday Times today? I thought that there was to be an investigative article on MCO/Helploan etc.?

geomacl

I have just sent off my email to the Home Office - reply should be interesting?

geomacl

According to the Action Fraud web site update:

""Det Insp Perry Stokes, of City of London Police, said: “We are progressing with our investigation. I know it will have been a very worrying time for anyone receiving a letter asking them to repay a loan they didn’t take out, and we’re committed to identifying those behind this alleged fraud.

“In the coming days I will be writing to everyone who has reported their concerns, to reassure them that we are aware of the case, and to update them on our investigation.”"

I wonder who will receive such "updates" - and, more importantly, WHEN???

Robie_Nudd

alan_se wrote: »

Hi Robie Nudd,


By the way, how/where are you getting your inside info from ?

Alan

You can take it Alan that I am dealing with this matter in a professional capacity. As such I cannot divulge anything here that isn't in the public domain or generalisations on the overview of this fraud that gives some insight into the working of this identity scam. I am sure that you understand that. In answer to another correspondent the total figure runs into thousands of false claims.
The main thrust is that the loss to MCO was £300 a claim; no-one could have anticipated the scale/planning/speed that this fraud was instituted. I won't rehash the "who's lost money" point again; I've gone through that in a previous post. To the poster who believes someone is feeding me disinformation - I assure him that I am acquainted with facts that cannot be released on a public forum.
Finally remember that all this has been conducted by anonymous people on-line or on mobile phones; the paperwork is immense.

jahman

Dear Mr Nudd,

Robie_Nudd wrote: »

Alan, I assure you it was that simple. I am aware of the timeframe that the fraudsters operated in which I can't disclose. MCO offered an unsecured loan (maximum of £300) at an exhorbitant interest rate. The hit they took on amounts of £300 was massive. The firm has come in for immense criticism on here when essentially they have been naive and had a hole in their business model.

I am afraid I have absolutely no sympathy for MCO in this matter and, as for there being a hole in their business model, I would describe it more as a yawning chasm of incompetence. Mind you, many financial institutions are nowhere near half as clever as they think they are otherwise we wouldn't have had a credit bubble followed by such a loud pop.

Robie_Nudd wrote: »

Whilst the fraud has caused a huge upsurge of anger, angst and hostility on the part of the righteous, they will have in the end, lost nothing. MCO have taken the hit and trying to get rid of them will not solve the problems outlined in my opening post. There are plenty of other companies that deal in "pay-day" loans. The persons that received dozens of these loans through accounts are the bad guys here.

I don't appreciate, either, your characterisation of the victims of this fraud as righteous and hostile. You have not disclosed to us what your official capacity is but I have to say that your tone is ill-advised.

I can certainly put a figure on the amount that this fraud has cost in financial terms but in terms of the amount of anguish it has cost my elderly father, that may well be incalculable. He was very worried at having received these letters and ended up in hospital just over a week ago. I do not claim that this business caused his illness, it did not, however the worry most certainly did not help in the slightest. Thankfully, a suspected stroke turned out to be a false alarm, something for which MCO should be very grateful.

Robie_Nudd wrote: »

Can I briefly deal with a further point; the money was transferred from MCO via credit transfer into the suspect accts where the sort code and account number were given on the application. This is standard practice in all credit transfers; the name on the bank account is not normally known to the sender of any monies.

That may well be standard practice in credit transfers, however, most reputable companies will have ensured the identities of those they are transferring their money to prior to doing so. In my view, the abject failure of MCO to police their loan applications properly, causing financial loss and anguish for thousands of British taxpayers, makes them thoroughly unsuitable to retain any licence to trade here.

Busy as I am with many other things, I will endeavour to make my views known to The Home Office as soon as I humanly can.

Regards,

jahman

grahamqat

Hi Jahman, glad to hear your Dad's getting out of the woods - wish him a quick recovery from me. With you all the way in your post. Robie you seem to miss the point that MCO caused this problem. Whether by intention or not they sent out criminal fraud letters to many thousands of innocent people for loan money never leant. Action Fraud (advised by NFIB) decided this was a criminal act when they issued victims with CRN's. These CRN's stand today, and have not been revoked. MCO was and is trading illegally. They have a non-trading SIC code and are CC licenced for "cashing cheques" only. They are not a licenced credit brokers. The OFT have put their licence into pending status whilst investigating their crimes. There is now immense pressure on the OFT and HO to close MCO and similar scam operations down. I was the person who suggested you had fallen foul of misinformation, and think this looks increasingly obvious. Victims on this thread will do collectively whatever it takes to remove MCO and any similar scam organisations, and at 10,000 approx, now is a good time to realise that trying to defend MCO is futile.

Robie_Nudd

geomacl wrote: »

I see that a lot has happened since I disappeared on vacation a few days ago. Great idea to write to the Home Office - will do that soonest.
Has anyone read the Sunday Times today? I thought that there was to be an investigative article on MCO/Helploan etc.?

I'll make some reply to the contributions where I have been mentioned later - there is work to be done, so I'm just leaving now; it's a new week and new problems.

Unfortunately as a new poster I find I can't post a link through the message board on the Sunday Times article. It can, however, be found if you use james silver's link.