MCO Capital loan

geomacl

Definitely a point to ponder grahamqat. The more you think about this whole farce, the more confusing it becomes!! Let's hope that we are informed of the investigation conclusions when the dust has settled!!

grahamqat

Hi David, yes you are probably right. If IJ aquired all the loans at 10p/£ then they could have taken a £0.5M hit. Are they really going to walk away that easily?

Tom_Violence

Just received an email form CreditExpert/Experian saying that they have received a reply from MCO asking them to remove their searches form my credit report.
Do I still need to bang off a letter to the Intrum address mentioned above ?

geomacl

Tom_Violence wrote: »

Just received an email form CreditExpert/Experian saying that they have received a reply from MCO asking them to remove their searches form my credit report.
Do I still need to bang off a letter to the Intrum address mentioned above ?

I would encourage you to send off a letter to MCO at the IJ address as shown above from the NFIB/AF web sites. Remember to only provide minimum data ( From CoLP web site - "Please confirm in the letter your name, address and that you did not take out the loan. No other information is required.") and don't sign it!!!! Simply add your name after the Yours etc and put "(sgd)" after it. Also include the loan reference number from the original Helploan/MCO letter.
If you don't want to write then you can phone IJ on 08445765731 ready with loan reference number - they may ask for your DoB but I would ask them what they think it is - if correct, then you can say something like "that's close" (as indeed I did when I called them a few wekks ago). They will most likely aqgree to remove you from their system - also try asking for written confirmation (you never know, you may be the first to get one )
Good luck

grahamqat

Hi Tom/Geomacl - good advice, but I think phoning is better. I did this, got through straightaway to a lady that checked and said the loan was already blocked. If you write, you may be unknowingly confirming you are current at that address. This is useful to IJ if they decide to pursue a collection or if they sell the debt on again.

geomacl

grahamqat wrote: »

Hi Tom/Geomacl - good advice, but I think phoning is better. I did this, got through straightaway to a lady that checked and said the loan was already blocked. If you write, you may be unknowingly confirming you are current at that address. This is useful to IJ if they decide to pursue a collection or if they sell the debt on again.

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I tend to agree with you grahamqat - I would have a preference for phoning them - that's how I, hopefully, managed to get me removed from their system.

grahamqat

It is a bit odd. I e-mailed MCO after the first letter and got a reply to say the loan had been removed from the system. I know they did this because when I phoned IJ they said the loan was already blocked and tagged fraud. However, this didn't stop the second letter arriving from Helploan.

Debtfreeatlast_2

grahamqat wrote: »

Here's one for you Geomacl. When you contact MCO/IJ etc they say the loan is blocked/cancelled without question. You don't need to prove you didn't get a loan. This means that ID fraud and legit applicants could do the same and walk off with the money, with the debt cancelled as well. Obviously there is a flaw in this. The immediate response from MCO/IJ to cancel the loan can only mean they know there was never a loan in the first place, or in reality all loans will be pursued vigorously regardless of what MCO/IJ tell you. Only time will tell.

They will know which are and which are not legit, as the cash has to of been put in to one or maybe a few accounts. With UK banks it is very hard to open an account without a doubt they have not gone to the trouble of opening up accounts in all of our names for a £300 theft, and this is where MCO deserve everything they get, they accepted the loans having done the mininum of checks, and it appears they have not even checked where the money was going was even in the correct name.

grahamqat

Fair point Debtfree. If they can spot that now they could have done at the time so my guess is they have never given out a single actual loan. Would have been difficult with capital of only £100 anyway.

grahamqat

Also Debtfree, you may have stumbled on the common thread between all 5000/10000 ID victims - They may share say 5 or 10 different surnames only so very few fraud bank account names would be needed. Incidentally the name of your bank account can be anything, it doesn't have to have any connection to your actual name.