MCO Capital loan

grahamqat

Hi Geomacl - sorry to say no the authorities aren't going to close anything down. They didn't do during the credit crisis, they just stood by while the world went into financial meltdown. Make no mistake, the FSA, OFT, NFIB, will do nothing, why should they? They are interested only in their own pay and pension schemes. MCO will have their scam web-sites up and running with impunity for however long they want - except, some software gurus seem to have found their web-site passwords and can close them down. Nothing to do with me, they found this thread and rose to the challenge - havin' fun , it's what they do.

GomerPyle

I certainly hope they do close them down permanently.It would be a mercy to them and stop them throwing away their money and then expect our police to sort out the mess for them.

Frighteningly under the umbrella of RTF Finance it's incredible to learn that they have their own Finnish debt recovery company - I kid you not

Team Capital Oy

We've seen how much damage they can do with just their crackpot loan shark set up. I shudder to think what they could achieve with another part of the team working in tandem with them.

I speculated earlier how they could be attempting to continue to function without a debt recovery agent and this would be their only solution, but that would create anarchy.

To add to MCO Capital's woes they are guilty of further breeches of consumer credit regulations, which they might care to read up on here

http://www.oft.gov.uk/about-the-oft/legal-powers/legal/cca/Precontractinformation

Anyone foolish enough to take out one of these loans and, after much searching, I have found a couple, they have a 14 day 'cooling off; period' during which they can cancel it. I believe that MCO Capital don't mention this, and that is another breech to add to all their others.

Both people tried to cancel their loans and amusingly.......

The period of cancellation is 14 days from the conclusion of the contract or (if later) the date on which the consumer received the full terms and conditions.

If it doesn't appear in the written terms and conditions (and I believe it doesn't), then the 14 day period would still be yet to start.

I will no longer refer to them as 'loan sharks' - they're 'loan guppies' because their procedures are so sloppy any company trying to enforce repayment would encounter serious problems. A complete and utter laughing stock allowed the freedom to create alarm and chaos without any constraint.

MoneySpender_2

I'm afraid your information of Team Capital Oy is correct, Gomer, missed that one. "Perintätoimisto" = debt recovery company. In the YLE MOT show only Flex Cash was accused of collecting the debts for many of these companies in Finland, apparently somehow unethically.

RTF can also be found in Canada and the partner seems to be already listed there and in the NYSE: www DOT newswire DOT ca/en/releases/archive/January2010/19/c2200 DOT html

MoneySpenderUK

GeorgeEliot

grahamqat wrote: »

Still curious why he didn't sign off the audited accounts. Might phone up and ask him tomorrow.

Sitting on the edge of my seat wanting to know what he'd say!

LoopyJuice

If IJ had bought the debt then they would have to have sent us a "Notice of Assignment" to inform us and the Creditor name would have changed to Intrum Justitia or Intrum Justitia Debt Finance (they do for other debts they bought). This leaves me pretty sure that they were collecting on a commission basis and hadn't bought the debts. Also the email response from them that some people have had seems to support this.

The wheels of the OFT turn slowly, but I expect they are still turning on this one!

GomerPyle

An excellent point LoopyJuice so presumably the letters people were receiving were merely 'frighteners', and I do recall that initially another debt recovery company was involved.

It's strange that this organisation has such trouble with the debt recovery process as I have found evidence that OÜ Prossimo Investments - the ultimate owners of MCO Capital named in their CCA Licence - have personal experience in Estonia.

These are excerpts from official legal notices

http://www.ametlikudteadaanded.ee/index.php?act=1&srange=41-50&salguskpvavald=06.10.2010&sloppkpvavald=09.10.2010

Tallinn Mati Roodes bailiff, whose office is located in Tallinn, 22-12 Kentmanni, the debtor shall täitmisteate PROSSIMO INVESTMENTS LLC, registration code 11,191,724th Sissenõudjaks on EESTI VABARIIK KOHTUTE RAAMATUPIDAMISKESKUSE KAUDU. The claimant is RAAMATUPIDAMISKESKUSE THROUGH THE COURTS OF THE REPUBLIC OF ESTONIA. Nõude summa koos täitekuluga on 5 930,00 kr. With the enforcement of the claim amount is £ 930.00 5.
Vabatahtliku täitmise tähtaeg on 10 päeva selle täitmisteate edastamisest, mille järgimata jätmisel võib võlgniku suhtes teha täitetoiminguid. Voluntary compliance deadline is 10 days täitmisteate the transmission of a failure to comply with the debtor may be subject to enforcement action.
Täitekulu kuulub tasumisele pooles ulatuses, kui täitedokumendi täitmine toimub vabatahtlikuks täitmiseks antud aja jooksul. Enforcement costs due to half of the enforcement instrument compliance is voluntary compliance with a given period of time.
Võlgnevus tuleb tasuda: saaja Mati Roodes kohtutäitur, a/a 10010124747012 SEB pangas, selgitusega: 026/2010/1208. Liabilities to be paid: Roodes Mati's bailiff, a / a 10010124747012 SEB bank statement: 026/2010/1208.
Võlgnikul on õigus tulla vajaliku teabe saamiseks kohtutäituri vastuvõtule E, K kl 13.00-17.00 või T kl 10.00-13.00. The debtor has the right to get the necessary information from the bailiff's appointment E, T or C at 13:00 to 17:00 10:00 to 13:00 hrs. E-post mati.roodes@taitur.just.ee Tel 653 1111, faks 661 1110. E-mail @ mati.roodes taitur.just.ee Tel 653 1111, fax 661 1110th

http://www.ametlikudteadaanded.ee/index.php?act=1&srange=1-10&sotsisona=10589838

Tallinn Mati Roodes bailiff, whose office is located in Tallinn, 22-12 Kentmanni, the debtor shall täitmisteate PROSSIMO INVESTMENTS LLC, registration code 11,191,724th The claimant is RAAMATUPIDAMISKESKUSE THROUGH THE COURTS OF THE REPUBLIC OF ESTONIA. With the enforcement of the claim amount is £ 5 930.00 Voluntary compliance deadline is 10 days täitmisteate the transmission of a failure to comply with the debtor may be subject to enforcement action. Enforcement costs due to half of the enforcement instrument compliance is voluntary compliance within the time Liabilities to be paid: Roodes Mati's bailiff, a / a 10010124747012 SEB bank statement: 026/2010/1208. The debtor has the right to get the necessary information from the bailiff's appointment E, T or C at 13:00 to 17:00 10:00 to 13:00 hrs. E-mail @ mati.roodes taitur.just.ee Tel 653 1111, fax 661 1110th

It's interesting to note that the other notices show the name of the creditor but in this case they're shown as Courts Raamatupidamiskeskus (the Centre) which is a state agency administered by the Ministry of Justice.

One could therefore speculate on what sort of debt the bailiff is appointed to collect.

The OFT would just be adding to its workload if it didn't revoke the CCA licence of this outfit and it would undermine their own position.

The only thing Robie was right about, is that there's more to this, which I am not able to speculate on but on a basis of mathematical probability this affair doesn't add up - not that anything MCO Capital did added up. :rotfl:

It's easy to underestimate the damage they've down and how much more serious it could have been. They were polluting the records of a major credit reference agency and causing, wittingly or unwittingly, debt recovery agents to issue potentially thousands of
innappropriate loan repayment demands. The courts could have been overwhelmed, if as I would, people had justifiably chosen to contest them formally.

geomacl

Surely there is enough information about MCO and their cohorts - on this forum alone TO SHUT THEM DOWN - COME ON OFT,CoLP, NFIB (we know that you're all watching this forum!!) If folks on this forum can find out this information, you can too - and lots more besides with your extensive (and expensive!!) resources!! :mad:

grahamqat

Hi Geomacl, I e-mailed this to the OFT on 28/10/2010:

"Dear Sir/Madam,

You may be aware of a very large fraudulent loan issue concerning MCO Capital Ltd which has affecetd up to 10,000 victims. (See Action Fraud Web-site). Would you inform me if their Consumer Credit Licence (0613263) has been suspended yet.


Thanks and Best Regards,

Graham ****"

As yet no reply, not even an acknowledgement. I think they may reserve the right to allow 20 days to respond. Wouldn't hold out much hope of the authorities acting here because the scam is so complex and international. Even AF don't want to be contacted any more. Sorry to sound negative but it is Monday!..

GomerPyle

I can understand the fury of those who have been innocently targeted by MCO Capital, who don't have any justifiable excuse for their actions and behaviour.

They have a lax and carefree attitude to the law that defies belief. This comment is another example.

http://www.consumereducation.org.uk/consumer-court-cases/no-more-debt-collections-for-help-loan/

A representative of MCO Capital has said that the company is extremely upset about all of the fuss and guarantees that no one except Help Loan and MCO will lose money because of the fraud.

I suggest that people submit their claims as a verbal guarantee is enforceable in UK law.

Enforcing a Verbal Agreement

Apart from taking the matter to court there are other ways to enforce a verbal agreement. If money is owed then the matter can be passed on to a collection agency :rotfl: to try to enforce the matter for you. The disgruntled party can also apply pressure themselves by sending letter, emails and making telephone calls to the person who is in breach of contract. Copies of all emails and letters should be kept in case the matter does reach the law courts.

I wouldn't put much faith in them honouring it, but it would be valuable evidence of their intent to avoid any legal obligation and for the cost of a stamp it might be worth adding to their woes.

The same article is also clearly surprised to note

Help Loan is still apparently in business despite the fraud, as their website is up and offering loans.

geomacl

grahamqat wrote: »

Hi Geomacl, I e-mailed this to the OFT on 28/10/2010:

"Dear Sir/Madam,

You may be aware of a very large fraudulent loan issue concerning MCO Capital Ltd which has affecetd up to 10,000 victims. (See Action Fraud Web-site). Would you inform me if their Consumer Credit Licence (0613263) has been suspended yet.


Thanks and Best Regards,

Graham ****"

As yet no reply, not even an acknowledgement. I think they may reserve the right to allow 20 days to respond. Wouldn't hold out much hope of the authorities acting here because the scam is so complex and international. Even AF don't want to be contacted any more. Sorry to sound negative but it is Monday!..

What email address did you use for the OFT, Graham? I will send a similar email