MCO Capital loan

grahamqat

Hi Belnotphist - If you write I would say dont sign the letter. The AF web-site tells you to give minimal info to IJ.

geomacl

belnotphist wrote: »

I've received 3 letters, the first 2 from Helploan and the 3rd "debt recovery" one from Intrum Justitia (received on Friday 2 days after the 2nd one from Helploan!).

Just phoned IJ (using 0151 472 7155) and could not get them to block the account immediately. They said I need to write to them and sign and date the letter to get it blocked.

Welcome to forum belnotphist
Have you tried the 0844 576 5731 number for IJ in Liverpool - up until now, those who have phoned that number have managed to have their fraudulent accounts frozen - I certainly did!!
I agree with grahamqat - don't sign letter - type/print your name at the bottom and put "(sgd)" after it. They have too much information on you already!!!
Forum hits increased by over 600 since this morning - how many authorities MCO/IJ reps are monitoring?

bridggar

goingtothedogs wrote: »

Hi folks

The Sunday Times is doing an investigation into Help Loan/MCO Capital and has asked us to post the following. Please contact him directly if you're interested ….

Would any moneysavingexpert.com reader, who has been a victim of the alleged Help Loan/MCO Capital Ltd fraud, be willing to do an interview and be photographed for a Sunday Times investigative article? If so, could they email James Silver via the contact page on his website www.jamessilver.net

Yeah right - he'll take all your details and just apply for a credit card in your name - these scammers....tut tut...:)

geomacl

bridggar wrote: »

Yeah right - he'll take all your details and just apply for a credit card in your name - these scammers....tut tut...:)

Good one bridggar :j

belnotphist

I assume that the receptionist on the 0151 switchboard number forwarded me to the same place as the 0844 number, but maybe not! Calling the 0151 number was cheaper for me.

Anyway, I've sent a recorded delivery letter, with my name "written in pen". Why they said they needed a signature I don't know. What are they going to do - check it and still continue to harass me if it doesn't match because they think I'm trying to "fraudulently" cancel a fraudulent loan?!

geomacl wrote: »

Welcome to forum belnotphist
Have you tried the 0844 576 5731 number for IJ in Liverpool - up until now, those who have phoned that number have managed to have their fraudulent accounts frozen - I certainly did!!
I agree with grahamqat - don't sign letter - type/print your name at the bottom and put "(sgd)" after it. They have too much information on you already!!!
Forum hits increased by over 600 since this morning - how many authorities MCO/IJ reps are monitoring?

geomacl

belnotphist wrote: »

I assume that the receptionist on the 0151 switchboard number forwarded me to the same place as the 0844 number, but maybe not! Calling the 0151 number was cheaper for me.
Anyway, I've sent a recorded delivery letter, with my name "written in pen". Why they said they needed a signature I don't know. What are they going to do - check it and still continue to harass me if it doesn't match because they think I'm trying to "fraudulently" cancel a fraudulent loan?!

I found the phone call more satisfying as there was a warm body at the other end who confirmed that my account was now blocked - IJ are not renowned for writing letter nor replying to letter.
Go for broke belnotphist and spend a few pence on the 0844 number - sort of belt and braces - please let us know if they are not responding immediately by blocking your account should you decide to call

Scrofulous

Just signed up to post this. I called IJ today and asked for letter confirming that no further action would be taken (as they assured me would be the case). Agitated young man replied this was not possible, despite my assurances that this was good business practice. Nor was he interested in taking my my CRN. Let's wait and see if the gorillas come a calling.

I feel the people really at fault here are the OFT. How they can give a company like MCO a consumer credit licence is beyond me. I wrote the following e-mail to my MP:

I was recently caught up in the pay-day loan scam that has seen thousands of individuals being pursued for sums of money by MCO Capital (t/a Help Loan) in the form of loans for which they did not apply.Their details were used by a third party acting fraudulently to secure sums of up to £300 into accounts not controlled by those whose names they exploited. I immediately wrote to the company by registered posts repudiating their demands for repayment, but have heard nothing. Having received a couple of letters threatening recovery action, I have tried again to contact the company, but to no avail. I ended up reporting the matter as a crime to Thames Valley Police.

This has been a real pain to deal with and the problems are still ongoing, but this is something I am just getting on with as the price one pays for living in a digital age. However, my real concern is one of public policy. The company apparently requires only a few pieces of information before it will transfer the money into an account – name, address and date of birth (all of which are in the public domain for most individuals), plus a mobile phone no. It seems extraordinary to me that companies who hold a Consumer Credit Licence from the OFT are allowed to behave in such a way. You might think that the company itself would want to avoid this extremely risky behaviour, but when you look at the typical APRs their loans attract (between 900 and 1800% ) it soon becomes apparent that the risk/return ratio is being pushed to its limits and that a reckless disregard for the authenticity of its applicants is almost built-in as part of the business model.

I am fortunate in being reasonably well-informed in these matters and am able to deal with the kind of threatening letters I have received, but I am troubled by the thought that there will be vulnerable people out there who are either worried that the bailiffs will be turning up on their doorsteps or who may have paid this money out of fear or confusion. My understanding is that MCO Capital is a £100 private company controlled by a sole director, based in Finland. It seems to me to be an extraordinary failure of the regulatory system and I am convinced that both policy and practice at the OFT needs to be tightened. I should be grateful if you, as my local MP, would take up the issue with the Department on my behalf.

Rouncy

geomacl wrote: »

I have just spoken to AF again and they are disappointed that second and third letters are being sent to some people. It should not happen IF you have contacted MCO/IJ at Liverpool address/telephone (CoLP are recommending letter). Has anyone received a 2nd or 3rd letter who had previously contacted IJ??
There will be a feature on Radio 4 at 12 noon today where a rep from MCO will be participating.
If you miss it you should be able to listen to it on BBC I-player.
AF rep did clarify that they would not normally accept calls from those subject to identity fraud as the victim is the company making the loans (in this case MCO) Apparently CoLP are satisfied that MCO is the main victim and will have lost significant sums of money.

Thanks for this, Geomac l-I'm just catching up on the latest on this forum, so will listen to it this evening.

Ironically, whilst the program was on I was in a lecture organised by my professional body about Money Laundering. (I do have a life - but I have to do a certain amount of ongoing training every year & this was local & free !). Part of the session was given by a representative from SOCA, who mentioned identity theft, AF etc, so I took the opportunity at the end of the session to ask about where details might be stolen from. Apart from the ones previously discussed in this forum, he said that a surprising number of organizations have "issues" with data security which they never make public. I then mentioned MCO/Helploan & the number of victims, and he sounded quite surprised. Maybe it'll spark another
line of investigation, maybe not.

geomacl

Scrofulous wrote: »

Just signed up to post this. I called IJ today and asked for letter confirming that no further action would be taken (as they assured me would be the case). Agitated young man replied this was not possible, despite my assurances that this was good business practice. Nor was he interested in taking my my CRN. Let's wait and see if the gorillas come a calling.
I feel the people really at fault here are the OFT. How they can give a company like MCO a consumer credit licence is beyond me. I wrote the following e-mail to my MP:

Welcome Scrofulus and thanks for the pro forma letter to your MP. I think that's an excellent idea and would like to suggest that others on this forum do the same and write to their local MP (note: you may find him/her too busy filling in their expense accounts :rotfl: but it's worth a try) - I plan to do exactly that.
Your confirmation that IJ would not be sending any confirmation letter supports my belief that a phone call (in addition to the letter) is to be highly recommended - you never would know if they reacted to your letter otherwise.

davidbuk

The publicity for this seems to be gathering pace....

http://lovemoney.com/ news/get-the-best-deal/scams/5000-brits-caught-out-by-clever-new-scam-10262.aspx?source=1000585

If this link posts then you need to remove the spaces I put in between .com/ and news to get to the page