MCO Capital loan

GomerPyle

I'm being very restrained grahamqat

This whole enterprise isn't the work of masterminds of any sort, and I refer to both the business venture and the fraud(s).

If I may I'll quote from the website of

http://www.ichibangroup.net/case4.html

whose connection is alleged here

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

RTF has avoided all the potential risks and pitfalls that banks, operators and payments providers might miss due to lack of expertise in this specific sector. RTF has spend lot of time to examine the fraud, security and regulatory compliance issues that all parties involved in the mobile payments market should be aware of, this gives the company a good position for scalable growth.

If only you could see my face after reading this. :rotfl:

If you further read the article you'll notice the connection with the long proposed desire to found some form of mobile phone payments system. (Don't get me started on this. The only justification is that it'll earn telecom companies a fortune, which makes it a hard sell to the public - DOHHHHHH. It would also be a fraudster's paradise playground, but I forget their pre-emminence in security ).

Add this to a previous poster's connection with a premium phone line set up and it is all exposed as all being rather grubby.

If I were the OFT I'd offer MCO Capital the choice of dropping their licence and getting out of the loan business or receiving a full KYC audit and loan book investigation, looking for evidence of loan pay outs.

The debt recovery agents would be told to audit their loan book to discover whether or not they hold any enforceable loans at all. Their recourse would be to MCO Capital.

Two phone calls and it's sorted.

Eaglemar

grahamqat wrote: »

I'm not convinced the loans exist - the applications, both genuine and ID fraud probably do and it is these that have been sold to IJ, who have terminated the MCO contract at the end of this month.

The fact IJ arent terminating their contract with MCO until the end of this month is also beyond belief. I guess there maybe genuine cases they still have to follow up, but if they really cared about their reputation or how they are perceived they would have distanced themselves from MCO straight away.

BraisbyI

All very well, but we as individuals who have been caught up in this mess spending many hours in calls, emails and recorded delivery mail plus any costs incurred with Experian et al should do what?

We could always just chalk it down to experience and forget about it!!

Me I would rather look at the possibilities of hitting back, and do it as hard as I can.

I went to Jane for some advice from someone with experience in a field which is not my forte, Jane kindly gave me some FREE advice at which point I asked her to post on this forum to see if anyone else was interested in looking at taking this further.

LoopyJuice

I have been told that IJ are continuing to handle the inbound fraud reports for a month to allow MCO to find another solution and not leave people with nowhere to report this. They reported that all outbound correspondence and chases for payment have already been stopped. I think that's not bad of them as they could have just walked away, which is what I imagine they wanted to do!

geomacl

Jeese - I don't log on for a day and the world of MCO gets murkier and murkier.
Thanks for your input Gomer - lots of useful data and data sites.
I'm with BraisbyI and grahamqat in a desire to wreak some financial penalty upon the perpetrators of this fraud in order to offset us for our time, effort and stress!
Speaking about stress, how is your father, Jahman - I hope that he's well on the mend?

GomerPyle

I wouldn't give the debt collection agency any credit for purchasing a debt book that was nothing but hot air. At the very least they aren't showing themselves to be very competent in dealing with a new company who have admitted that theyre clueless by owning up to such a level of fraud, which isn't to say I'm not highly sceptical of the published story. It makes as much sense as their business plan.

This is an outrageous oversight by a company of that size and swallowing the loss should represent some reminder to them of their responsibilities for their own self-protection, if not that of the public at large.

I'll review the KYC requirements that MCO Capital are legally obliged to perform on applicants to see how far out they are in fulfilling in their statutory obligations. The laws were enacted to protect the citizens of the UK for a very good reason and I, for one, will gladly remind my MP that they aren't a joke.

If I get a demand - I'm going to court. Luckily (or unluckily) due to ill health it's unlikely I'll ever need credit again, so I could care a jot about my credit record and I could reduce a court to hysterical laughter in describing the activities of this 'ship of fools'.

"Repay a loan I've never received ? - please elucidate on that novel financial concept"

Not everyone is in my position, but any that can go to court, I recommend they do, as the costs to the company would ensure they never attempt this again. Anyone know an expensiv barrister for hire ? :j

I'm reasonably sure I'd win the case even if I slept through the proceedings. The debt collection agency's reaction is known as waking up to reality.

Apologies for being whimsical myself but this is an outrageously ridiculous situation. We can only hope that the concept of of a mobile phone payments system is for ever associated with this debacle and sinks along with it.

Now for KYC homework.

geomacl

GomerPyle wrote: »

I wouldn't give the debt collection agency any credit for purchasing a debt book that was nothing but hot air. At the very least they aren't showing themselves to be very competent in dealing with a new company who have admitted that theyre clueless by owning up to such a level of fraud, which isn't to say I'm not highly sceptical of the published story. It makes as much sense as their business plan.
I'll review the KYC requirements that MCO Capital are legally obliged to perform on applicants to see how far out they are in fulfilling in their statutory obligations. The laws were enacted to protect the citizens of the UK for a very good reason and I, for one, will gladly remind my MP that they aren't a joke.

Now for KYC homework.

We eagerly await your KYC homework (not wishing to appear ignorant (although I may well be!!) Does KYC stand for Know Your Customer regulations pertaining to the financial industry?

GomerPyle

Yes your're correct geomad and ithe legislation was enacted to protect the country from money laundering, criminal fraud and terrorism.

The penalties for non-compliance are swingeing and correctly so. In my banking days it caused fear and terror within our walls and the cost of implementing compliance was high.

My research is almost complete and you won't be surprised at the results.

Rouncy

Zinor wrote: »

Dear xxxxxxxxxx(aka Zinor)


I can confirm that Intrum Justitia Ltd were acting on a collection basis only to accept repayment of loans taken out by customers.

The account we have access to has been updated accordingly and you will not receive any communication form Intrum Justitia Ltd in respect to this account.

However, please direct any further concerns you may have to MCO Capital.

I would like to thank you for bringing this matter to my attention. If you require any further assistance, please do not hesitate to contact me.

Kind Regards,

Tracey Smith
Quality and Compliance Supervisor

Intrum Justitia Ltd

Hello all,

I've just had a similar response from the same lady - with an added sentence stating that IJ were acting in good faith on the data supplied by MCO & had no reason to doubt the validity of the info supplied.

Hmmmmm..a little checking goes a long way !

Thanks to all for the continued good work in getting to the bottom of this scam.

Scrofulous

If you wanted to launder money into the UK (and I am not suggesting that is what has happened in this case) this approach would be a very ingenious way of doing it. You wouldn't sell the "debt" off to a collection agency though (too much scrutiny from unhappy customers), you would simply write it off in your accounts. The amazing thing is the OFT would just let you carry on doing it for as long as you want, or so it seems.