MCO Capital loan

geomacl

geomacl wrote: »

I'm off to watch Scotland's rugby team being whacked by the All Blacks - who says I'm not a glutton for punishment???
Have at it folks.

I now wish I had stayed with this forum - we were anihilated.

GomerPyle

Setting aside the obvious irregularities that have been mentioned, there are a heap of other points that make this fiasco peculiar.

Even if a company runs off its own credit balances (and I doubt this one did for economic reasons) your banker is going to be, and should be, scrutinising your business closely and even if you don't notice your money poutring away in an uncontrolled manner, they should, especially if it's the bank's money. The cashflow model of a loan shark has only one shape and you'd have to be pretty dense not to notice when it's upside down.

It's incomprehensible that MCO Capital should run a different business plan in the UK from the one they run successfiully in the rest of Europe, which makes me speculate on the possibility that they might have delegated it to someone else who claimed to be able to take care of the loan side whilst generating what this group really wants, which is premium rate SMS revenue.

MCO Capital had the finance and I note that the business was in existence long before it burst into activity half way through this year. You borrow your backer's money, generate SMS revenue on a mouth watering scale and pocket the difference until it all implodes.

This is highly spculative but an example of a classic scam that fits this situation nicely. A case of the biter well and truly bit.

grahamqat

Perhaps the bloke they delegated it to lives in Dagenham?

LoopyJuice

Just thinking "out of the box" but why are we all fixed on the idea that 9000 people set up 9000 bank accounts just to get one over on MCO Capital for £300? With identity theft reported to cost the economy £1.5 billion I am sure that there are more than 9000 fraudsters in the UK at the moment with more than 9000 dodgy bank accounts. What if a third of the ...say...30,000 fraudsters with dodgy bank accounts saw MCO as an easy target in their endless search to rip someone off? They probably saw another 50 easy targets, so we are probably not just talking about one £300 deposit in their dodgy account. There will also be benefit payments, Paypal rip offs from the multitude of non-existent items they sold on Ebay etc etc etc flowing into this account. I'll be the first to hold my hands up if I am wrong, but I'm remaining open minded until more comes out about the arrest(s).

Prudence2_2

BraisbyI wrote: »

I received a letter from my MP this morning (Amber Rudd), it was quite positive as she says "I find it extraordinarythat such companies holding a Consumer Credit Licence are allowed to behave in such a manner, accordingly, I have written to Mr John Fingleton, Chairman of the Board of the Office of Fair Trade, enclosing a copy of your email, to ask for his comments to the serious issues which you have highlighted. When I receive his reply, I will write to you again."

Although this took about 2 weeks from me sending the email I hope she has had some background work done to ensure she knows what she is complaining about.
Ian

Thanks for sharing this Braisby! Let us know when she gets back to you. I have written to my MP and he is looking in to it.

jahman

LoopyJuice wrote: »

Just thinking "out of the box" but why are we all fixed on the idea that 9000 people set up 9000 bank accounts just to get one over on MCO Capital for £300? With identity theft reported to cost the economy £1.5 billion I am sure that there are more than 9000 fraudsters in the UK at the moment with more than 9000 dodgy bank accounts. What if a third of the ...say...30,000 fraudsters with dodgy bank accounts saw MCO as an easy target in their endless search to rip someone off? They probably saw another 50 easy targets, so we are probably not just talking about one £300 deposit in their dodgy account. There will also be benefit payments, Paypal rip offs from the multitude of non-existent items they sold on Ebay etc etc etc flowing into this account. I'll be the first to hold my hands up if I am wrong, but I'm remaining open minded until more comes out about the arrest(s).

One distinct possibility, I suppose, is that an enterprising identity thief probed Helploan and discovered that it was easy to scam. He/she then advertised the fact on some criminal forum or other and hundreds of other thieves jumped on the band wagon. There may be no Mr Big, just a loose confederation of opportunist thieves who alighted on MCO Capital like thousands of flies on a fresh ... well you get the picture:(;)!

Cheers,

jahman

geomacl

The following was received today from Experian in reponse to my email indicating that I believed that they (CRAs) were obliged to inform people of checks being made on their account

"I can advise you that due to the vast amount of applications we process every day for credit applications and credit reports we would be unable to send out daily notifications to advise of any type of credit checks being done on individuals and their reports.
- Whilst you were a member of Credit Expert, it is a benefit to provide an alert service as this helps us to prevent fraud appearing on your credit report and means that we can help you to deal with fraud before it escalates further.
ADDITIONAL INFORMATION:
- In relation to actual credit checks it is the responsibility of the company doing the check to notify the individual concerned that they have done a credit check and it is also the responsibility of the lender to make sure they have enough information about the person making the application to believe that it is the correct person making the application before they proceed with a credit check.
- It is not a service that we will be providing in the future unless you are a member of Credit Expert and I can see that you cancelled your membership on the 16 October 2010."

Bottom line - if you pay us we will inform you of any credit checks!!!! :mad:

Over 800 hits TODAY and only 4 posts - we're being watched :cool:

Prudence2_2

geomacl wrote: »

unless you are a member of Credit Expert and I can see that you cancelled your membership on the 16 October 2010."

Bottom line - if you pay us we will inform you of any credit checks!!!! :mad:

This system is crazy. Basically the CRAs are exploiting our credit histories for commercial gain, but accepting no responsibility for what happens when searches are made. As for Credit Expert - this is like paying your bank to make sure your money is still there! The law needs to be changed.

GomerPyle

That's the nub of the problem geomacl. A company has a set up from which they can take advantage even if their records are faulty. It also means that it can be profitable for them to have companies like MCO Capital trashing their records.

They do however risk losing credibility. The bottom line being that instant profitability at the expense of long term credibility is not good business.

It's impossible to be sure what happened with MCO Capital as they didn't observe even the most basic principles of running a financial business and appear to have relied completely on their CRA and debt recovery agent to dig them out of the hole they dug, either mistakenly or on purpose.

If the police were faced with chasing thousands of fraudulent loan applicants then I see no reason why they shouldn't leave it to MCO Capital to pursue the matter through the civil courts, otherwise they are merely acting as a free debt recovery service for an organisation that recklessly failed to protect itself from fraud.

If MCO Capital allowed duplicate loan applications from people who had failed to repay earlier loans, then they weren't following their own published procedures. It's almost difficult to believe they weren't just giving money away.

geomacl

Prudence2 wrote: »

This system is crazy. Basically the CRAs are exploiting our credit histories for commercial gain, but accepting no responsibility for what happens when searches are made. As for Credit Expert - this is like paying your bank to make sure your money is still there! The law needs to be changed.

I could not agree more with you, Prudence. This CRA system is nothing short of a racket with the consumer - as ever - being ignored unless you pay them some loot on a monthly basis. So they get income not only from those companies who use their services but also from the public whose records they hold, for the "privilage" of using their data for gain.
I have learned so much as a consequence of getting tied up with this MCO lot, that it's almost worthwhile. I wonder if we, as individuals, can request that CRAs remove our data from their computer systems - is this not what the Data protection Act was set up to do? That is, protect the public from the use of computer held data without their permission??:mad: