MCO Capital loan

grahamqat

Hi Guys, just downloaded latest MCO UK accounts, filed yesterday at Companies House. It's a PDF (scanned) file and I dont know if I can attach such files on this forum. They were audited by Tenons by the way. If any one can tell me how to attach a PDF file I'll try, otherwise I'll print and retype the balance sheet in Word then cut and paste on here. Trading to end 2009 looks pretty negative I suspect due to setting up web-sites, addresses etc. Any help appreciated - I'm no expert!

GomerPyle

Debtfreeatlast wrote: »

My understanding from one of the earlier reports was that the cash was being sent to one account, hence the hole in their "checks"

If that's true, it's farcical.

Who's ever head of a loan shark being ripped off ? :rotfl:

I'm quite lost for words.

grahamqat

Don't think I can attach PDF files so re-constructed abbreviated accounts follow:

2009

Current assets
Debtors 25,000
Cash at bank 1,231

______
26,231

Creditors amounts falling due
within one year (113,477)

(87,246)

Capital and Reserves
Called-up share capital 100
Profit and loss account (87,346)

_______
Shareholder's defecit (87,246)


It looks OK now, but apologies if format goes weird when I submit.

Just checked, the format is weird when submitted but all the figures are there.

Robie_Nudd

Debtfreeatlast wrote: »

I should have read a little further! well said

I have the advantage of actually knowing what's happened but the disadvantage of not being able to tell you. Alot of the comment has been surmise; however if I say something on here please take it as being, in general, correct.

GomerPyle

I doubt they'll be paying a dividend this year.

On the subject

http://blogs.mirror.co.uk/investigations/2010/11/time-to-crackdown-on-booming-p.html

Time to crackdown on booming payday lenders who charge up to 4,400% annual interest

MCO Capital have at least highlighted one thing that needs to be done.

Montana is now the 16th US state where payday lending is effectively banned thanks to a 36% limit on the annual interest rate lenders can charge.

Even the home of ruthless capitalism sees the sense and justice in moderating the greed of loan sharks.

New MP Stella Creasy yesterday launched a bill aimed at limiting the total amount lenders can charge, a measure already in place of half of EU countries. "We can't stop people borrowing money," she told us. "But we can do things to protect them."

It's a no brainer really. About time.

grahamqat

But Robie are you still saying that MCO are the innocent victims of ID fraud?

GomerPyle

Robie Nudd - I think anyone who has financial industry experience doesn't need a picture.

I see where you're going Robie but I'll be here to refute any assertion you make attempting to paint MCO Capital as victim in this affair. That won't wash and I have already listed some of their failures.

I'm happy to repeat and expand on it if necessary.

Robie_Nudd

grahamqat wrote: »

But Robie are you still saying that MCO are the innocent victims of ID fraud?

I think I said I wasn't coming back to answer any more questions until I had something I could usefully add but since you ask:-

a) Are MCO victims of ID fraud - yes
b) Are they innocent - they are innocent in that they had nothing to do with the fraud perpetrated on them
c) Is MCO reputable - quite clearly reading the posts on this forum they are not; you don't need me to rehash everything that has been said on here about their antecedents, their misleading interest rates, the set up of their website and so on.

GomerPyle

Having gone back and read your first post I now see exactly where you're coming from. :rotfl:

I've read all the contributions here and as I have some knowledge of this case thought I'd give some insight which you all probably know anyway. Despite the conspiracy theorists, MCO aren't involved

Write off naysayers as being loopy then claim divine knowledge - and you're still doing it.

.. fraudsters, professional as they were..

You're making me smile.

..already armed with a list of names/dates of birth/addresses. I cannot speculate where this came from;

Are you suggesting that MCO checked birth dates ? They don't claim to do that - and how would they do it ? Even my mother can't remember mine.

Names ? - addresses ? - methinks phone directory perhaps.

It will come as no surprise to everyone that the bank account names were as fictitious as the claims. Certain banks allow accounts to be opened on line without any verification at all; other banks allow multiple accounts to be opened by one individual.

It would cme as a big surprise to the FSA and initiate a series of bank investigations unprecedented in the financial services industry. Your comment about multiple accounts indicates you're winging it without any idea what you're talking about.

As for the phone verifications - pay as you go phones - no subscribers; no trace - a classic sting by a well-organised group.

The point being that if a customer fails ID verification, then he doesn't get the loan. You don't just ignore it and go ahead anyway. You're espousing the MCO Capital method, not the normal method used by the rest of the industry. :rotfl:

I've all of a sudden lost faith in your special knowledge.

May we compare notes after the various investigations are complete ?

grahamqat

Thanks for coming back to me Robie, but I have a real problem with "they had nothing to do with the fraud perpetrated on them" simply because they caused it with their web-sites and procedures. If I put a notice in my car that the keys were in and doors unlocked, would the Police say I had nothing to do with its subsequent theft? No, nor would my insurer's. I appreciate what you're tring to impart to this forum but there's a yawning chasm between what you are saying and what people here believe. Incidentally, if the web-sites have caused MCO to lose so much money, why are 20 of them still running across Europe?