MCO Capital loan

Robie_Nudd

grahamqat wrote: »

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?

The postings by the Experian Rep (nos 914,919,923 & 926) show clearly how the matter is being treated by the investigating authorities. As for Gomer Pyle he can believe what he wants; I had no need to come on this forum in the first place; if I didn't know what I was talking about I wouldn't have bothered contributing. Please continue pursuing MCO as you feel appropriate; you can question what I've said but don't expect startling revelations about confidential matters. Finally I'm sure Gomer has much more expertise on the banking system than I have; that doesn't mean to say what I am saying is incorrect.

grahamqat

Hi Robie, thanks for getting back but the burning question you didn't (or perhaps couldn't) answer was "if the web-sites have caused MCO to lose so much money, why are 20 of them still running across Europe?" We would all appreciate comment here because it is simply not logical to continue a loss-making business, when you can see where it's going wrong. I do note that:

http://www.vippitori.com

has been shut down, but only to allow MCO to reopen it with a .fi extension.

grahamqat

Glad to report that:

http://www.kabouterlening.com

is now off-line. It's going to take a while for the software guys to shut down all the sites, but be patient, their security is reported as very poor.

GomerPyle

I'll be interested to take a look at the comments from Experian.

In spite of my background I'm not uncritical of banks but to suggest that the whole UK financial system works to the same dloppy standard as MCO Capital is utterly ridiculous. The consequences of such behaviour are entirely predictable as MCO have discovered.

To suggest that this was a fraud perpetrated by professionals is also bogus. I've dealt with foreign police forces handling bank fraud of such complexity I'd barely be able to explain it. This case appears to consist of someone walking through an open door.

The only worthwhile piece of infrmation (not avalable from a phone directory) MCO appear to have asked for from applicant's is their date of birth and I'd be fascinated to discover how they verified that.

The suggestion that the bank accounts were bogus and phones unregistered means that at least half the verifiable information would have thrown up 'red flags'.You can't have it both ways. A newly opened bogus account doesn't produce a positive credit rating.

I've been through old style bank inspections in the good old days and seen staff marched off the premises, never to be seen again, for nothing of this order of slack procedure.

It's reaching a stage where it's barely necessary to spell out what's gone on Robie, so I won't, and your vague 'conspiracy theory' suggestions are looking weak.

A loan shark wthout a debt recovery agent is like a bath without a plug so, irrespective of the status of their websites, MCO are no longer viable if the comments of Intrum Justitia are correctly reported.

I could care less where the money's gone and our police have better things to do than investigate such entities. Pulling their licence and leaving them to chase the money through the civil courts would be the ideal solution.

GomerPyle

Having read the Experian representative's comments in the thread I won't make any of my own as his input is helpful. However, it's interesting to note that he didn't hang around long.

I did notice this comment in a letter to a victim from Intrum Justiitia which has a significance no one may have picked up on

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

It might be expected that a debt recovery agent would 'purchase' a loan book from a lender, with conditions and fees, but in referring to their position as handling loans on a 'collection basis' indicates otherwise. I would expect that MCO would only receive money when, and if, Intrum effected recovery.

It's a schoolboy howler to equate a book full of debtors to a cash mountain and, for a new business venture, a delay in cash in-flow would make ensuring the integrity of debtors its prime directive.

Hypothetically it would be possible to insure against bad debt but no comment is necessary on that point.

GomerPyle

Another name to Google is 'Pengetrae' - the Danish version of 'Tom Hills's' stable of companies.

http://www.er.pengetrae.com/

PDV Investment ApS

Sluseholmen 2-4

Sluseholmen 2-4

2450 Copenhagen SV

2450 Copenhagen SV

http://www.krak.dk/firma/pdv-investment-aps:87070144/4000-roskilde

Facts about PDV Investment ApS

• CVR nr.: 32653006
  CVR No: 32653006
• CVR P nr.: 1015707735
  CVR P No: 1015707735
• Etableringsår: 2009
  Established: 2009
  
• Registreringsår: 2009
  Registreringsår: 2009
  
• Topledelse: Tuomo Kari Kustaa Mäki
• Senior management: Tuomo Mäki Kari Kustaa

Reports of more police investigations and of more people being wrongly chased for repayment of loans.

A blanket ban on SMS loans is being considered.

These companies have wreaked havoc in any country in which they have been allowed to operate and none of this information is difficult to find.

The Danish reaction has been ferocious and I'll look into that situation more deeply later.

Debtfreeatlast_2

GomerPyle wrote: »

The only worthwhile piece of infrmation (not avalable from a phone directory) MCO appear to have asked for from applicant's is their date of birth and I'd be fascinated to discover how they verified that.

Everything they asked for in terms of verification was avaiable from their Experian search, the only thing they had wrong was time at address. My DoB was correct.

The one thing I can guarantee they didn't check is Bank account details, as I do not have one!

I think Robbie suggested earlier that most lenders do not check that the money is going to a Bank in the borrowers name, this I do not think is true as I would expect it forms part of ID. Hell you cant open a online betting account without go through EU KYC verification.

GomerPyle

Understand that I'm not getting at you Debtfreeatlast but there's an important point in what you say.

MCO Capital knowing your birth date is of no significance and proves nothing. It's where they got it from that matters. We know they've wittingly or unwittingly abused Experian's records by their own admission - 9,000 times. A birth date is not the gold standard of ID verification - far from it. This is a chicken and egg question.

If MCO Capital are still taking loans it merely demonstrates their lax attitude to the law. As I've already pointed out by reference to the OFT regulations, MCO Capital's website and their CCA Licence, they would be trading illegally and, being a criminal offence, an arrest warrant could be issued in the name of the proprietor. If that happened perhaps they'd be a little more careful to observe the regulations. This may be remarkable, but I can only read the law as it's written and the facts as I find them, but the more remarkable thing is that MCO Capital don't appear to give a hoot.

I'll investigate what 'Tom Hill' did in Denmark that provoked such outrage.

grahamqat

Read your postings with interest Gomer, but for the web-sites to remain they must be returning a revenue stream rather than a loss. Or do you think the likes of MCO are just too incompetent to know how to close them down? I have asked this question of Robie several times but he doesn't seem to have an answer for this.

grahamqat

Just in case the info is of use to anyone, the independent audit for YE12/2009 for MCO was carried out by:

Stephen English, Senior Statutory Auditor,
RSM Tenon Audit Ltd,
1 Bede Island Road,
Bede Island Business Park,
Leicester, LE2 7EA.

Strangely the audit is not signed but someone has just scribbled: RSM Tenon Audit Ltd at the bottom of the covering letter.

Might be a useful bit of research to see if such a persson exists or it's just a made up name?