MCO Capital loan

grahamqat

Interesting one Zinor - don't think I've seen reference to an e-mail like this on the thread before. Also noteworthy that he points you towards IJ who have cancelled contracts with MCO (see link in my post above).

alan_se

The Helploan website is undergoing some edits - see https://secure.helploan.co.uk/MainPage.aspx

They now quote a 'typical APR' of a mere 109,384%. Looks like they have been told to change it - there is some whingeing about why quoting APR is just a legal requirement and is not really a relevant statistic for these very short loans :-

"When APR figures are quoted on promotional material, they will be accompanied by the term 'typical APR', this is because stating the APR is a legal requirement, and the rate stated must be that which is offered to at least two-thirds of the loan applicants that get approved for that loan, hence making it the typical rate offered. However APR is not the same as the actual interest charge. The idea is to borrow money for short period, not for a whole year.

The same goes when you want to rent a bicycle. You ask for the price for a hour, day or week depending for how long you need it. Very seldom you need it for the whole year and therefore the annual price will be irrelevant.This basically is what the APR is all about. Further details of our total charging appear in the Costs & Fees section of our website. There are no hidden costs. We follow the rules laid by Office of Fair Trade."


I'd suggest they get PR guru Adrian Kibbler to check their copy before it goes public.

Alan

Zinor

grahamqat wrote: »

Interesting one Zinor - don't think I've seen reference to an e-mail like this on the thread before. Also noteworthy that he points you towards IJ who have cancelled contracts with MCO (see link in my post above).

IJ state that they will cease dealing with MCO at the end of November. I think I will hold off contacting them in that case. If I don't get a letter from them by 1st December then I won't expect to get one at all.

This may mean MCO just switch to another collection agency and the demand letters will all get sent out anew. If so, how do we stop this ridiculous merry-go-round?

After all, it is IJ that have stated they will send out no more letters. MCO does not appear to have made any such promise, and I am now getting the email above from this elusive Furu character telling me to contact a company that is working as fast as it can to sever all links to MCO.

grahamqat

Hi Alan, someone posted earlier that the OFT had queried their APR calculation. (Haven't queried that they are sic code non-trading or CC licenced only to cash cheques!). MCO are clearly still making a lot of money to keep their web-site going, particularly as they have no debt collection agency now. It seems fairly obvious the authorities intend to do nothing. Got to press forward with the compensation claim now.

BraisbyI

Hi, one of my best friends is a criminal solicitor and he is coming round for dinner on Saturday so I will be having a chat on where we would stand with a compansation claim against MCO and IJ. Will let the forum know what he says some time Sunday.

grahamqat

Good news BraisbyI, I'll do some asking around today in parallel and report back.

Chris55_2

Article in Daily Mirror today on this:

http://blogs.mirror.co.uk/investigations/2010/11/crooks-steal-9000-identities-t.html

maybe we should ask them to investigate the licenses that MCO hold?

grahamqat

Hi Chris, a lot of this info is in the public domain on the OFT Public Register. MCO extract from this follows:

Current Organisations that run the organisation:

NameCompany Registration NumberPositionOÜ Prossimo InvestmentsRegistrikood 11191724

Nature of Business:

Cheque Cashing

(Tabs got messed up sorry)

Try link:
http://www2.crw.gov.uk/pr/Default.aspx

Chris55_2

So using the license number from the HelpLoan website I get (fixed for tabs).

Application / Licence Details
Licence Number:0613263
Licence Status:Current

Current Applicant / Licensee:

Business Name Company Registration Number
Mobile Credit Online Capital Limited 6472855

Categories: Consumer credit

Right To Canvass Off Trade Premises:No

Issued Date: 06-Feb-2008
Expiry Date: 06-Feb-2013

Legal Formation: Body Corporate (incorporated inside UK)
Current Individuals that run the organisation:

Name: Tuomo Kari Kustaa Mäki

Current Organisations that run the organisation:

Name, Company Registration Number: OÜ Prossimo Investments Registrikood 11191724

Nature of Business: Cheque Cashing Services

Current Address(es):

Address Type Address
Correspondence: Grundberg Mocatta Rakison LLP, Imperial House, 15-19, Kingsway, London, WC2B 6UN, United Kingdom
Principal Place Of Business: Grundberg Mocatta Rakison LLP, Imperial House, 15-19, Kingsway, London, WC2B 6UN, United Kingdom
Registered Office: Imperial House, 15-19, Kingsway, London, WC2B 6UN, United Kingdom

geomacl

Chris55 wrote: »

Article in Daily Mirror today on this:

http://blogs.mirror.co.uk/investigations/2010/11/crooks-steal-9000-identities-t.html

maybe we should ask them to investigate the licenses that MCO hold?

Thanks Chris
Oh what a tangled web (of deceit?) is woven. Surely the OFT or whoevermust have a closer look at the credit licence of this lot and ultimately revoke it???:mad: