MCO Capital loan

geomacl

An interesting theory Elaine - with just a chance that you may be correct. I will be cancelling my membership of credit rating company once this is all done and dusted!!

colinho

geomacl wrote: »

Colinho
This address is also being given out by Experian (who were surprised that it appeared to be only a mailing address!!) I have also had a call back from the SFO (Nigel) who advised me that the SFO are NOT taking up this case.
The SFO suggested that I call the CIB (Companies Investigation Branch ) - whatever that is - at (I have telephone # but as a newbie cannot include it for some reason?). I did and spoke for ages to an answering machine leaving a case outline and a contact address so that they could send me a "form"!!! <yawn>
Not sure what else to do for now?
Why can't I send links?????

Well done, Thanks!
Didn't expect SFO to take it up, but the fact that the SFO will have now had at least 2 people asking questions of the OFT, and others, means that little waves of worry will be lapping around some people sitting comfortably at their desks, having failed to do their homework properly.
If anybody is near the Warwick address, and could do a drive past, I would not be at all surprised to find that that is also a mailing address. You never know where your telephone call or email is being answered. Possibly Finland? And I'm expecting at some point it will turn out that somebody who was clever enough to anticipate the questions, made a hard-to-follow-trail, but also had some well prepared answers for lazy regulators.
As previously indicated, if MCO were really in discussions with the government, and were aware of massive ID Fraud on their systems, they would not still be lending to clearly fraudulent applicants, their website (secure.helploan.co.uk/?K=) would surely have a statement regarding the situation, and additional security checks would be required. Let's assume this fraud is several thousand (at least from the reports), then multiply £ 300 by say 5,000.
Now read what I assume is the parent company stock situation:

MONTREAL, Sept. 21 /CNW Telbec/ - For the three-month period ended July 31, 2010, MCO CAPITAL INC. ("MCO Capital" or "the Company"; ticker symbol MCO.H/NEX) did not record any income and incurred operating expenses of $24,739. Therefore, MCO closed the third quarter of fiscal 2010 with a net loss of $24,739 or $0.002 per share, compared with a net loss of $17,334 or $0.004 per share during the same quarter of the previous year. For the nine-month period ended July 31, 2010, MCO recorded a year-to-date net loss of $111,916 or $0.011 per share, compared with a net loss of $37,405 or $0.009 per share during the same period of the previous year.

For the first nine months ended July 31, 2010, operating activities used total cash of $175,759. On December 16, 2009, MCO closed a private placement of 6,088,040 Class B shares for proceeds of $502,263 in order to finance the expenses associated with the projected acquisition of IOU Central Inc., a company operating a loan platform in the United States. This acquisition is expected to close during the fall of 2010.

As at July 31, 2010, MCO's total assets stood at $417,832, including cash of $327,233. Total liabilities, in the amount of $214,960, consisted primarily of $200,000 interest-free advances from the parent company. Shareholders' equity amounted to $202,872.

There's no way these people are the victims, no real bank would give them a credit line, so they'd have exhausted their entire worldwide capital reserves with 690 UK loans .
This may well turn out to be another example of the same due diligence practised by our parliamentary or HMRC accountants/investigators, in which everything is fine, until they realise blindingly obvious.
To anybody reading this, I'm only expressing my opinions, but for your own protection, the more questions that are asked, the better protected you will be!

geomacl

I believe that you are correct Colinho. It seems to be less and less likely that MCO are the victims - they are certainly not innocent - they are still offering "payday" loans on their web site!!!!!
Whatever is happening, it's a clever operation - most savvy folks are not taken in by this scam but there will be people out there who will be dumb enough to send off a cheque for £513.
I await to hear of the first "client" to have the bailiffs arrive at their door.
Have you raised your concern re the involvement of MCO with Action Fraud? Have you contacted Trading Standards? I have tried but so far failed to get someone interested enough to listen.
Great idea to have someone local drive past (or visit?) the Warwick address!!

colinho

geomacl wrote: »

I believe that you are correct Colinho. It seems to be less and less likely that MCO are the victims - they are certainly not innocent - they are still offering "payday" loans on their web site!!!!!
Whatever is happening, it's a clever operation - most savvy folks are not taken in by this scam but there will be people out there who will be dumb enough to send off a cheque for £513.
I await to hear of the first "client" to have the bailiffs arrive at their door.
Have you raised your concern re the involvement of MCO with Action Fraud? Have you contacted Trading Standards? I have tried but so far failed to get someone interested enough to listen.
Great idea to have someone local drive past (or visit?) the Warwick address!!

Yes, avoided the ActionFraud nonsense about writing to the London address, previously reported in this forum as simply a mailing address, and spoke with an advisor, asking where they got their financial information on MCO.
He didn't know.
So I simply suggested that he check out the mailing address, the money trail, and the fact that this company seems to be able to lend enormous amounts of cash it hasn't got according to its own filings.
He went very quiet.
The "new" information is "now in their system". The cynic in me says "Friday Afternoon system means forgotten". But my call is logged, and I will continue to politely bother as many people as possible.

Ref. credit agencies, l'm not sure that it's a good idea to walk away - rather accept that they are there, and ignoring them is not a solution. Better that anybody who can, registers with CIFAS, which puts a note on file that you believe you've been a victim of ID Theft, but which also allows you to request password protection on your credit references. That is, any subsequent searches will require that password, so any hooky company which carries out a phoney search as part of an elaborate scam, simply wouldn't be able to.

geomacl

colinho wrote: »

Yes, avoided the ActionFraud nonsense about writing to the London address, previously reported in this forum as simply a mailing address, and spoke with an advisor, asking where they got their financial information on MCO.
He didn't know.
So I simply suggested that he check out the mailing address, the money trail, and the fact that this company seems to be able to lend enormous amounts of cash it hasn't got according to its own filings.
He went very quiet.
The "new" information is "now in their system". The cynic in me says "Friday Afternoon system means forgotten". But my call is logged, and I will continue to politely bother as many people as possible.

Ref. credit agencies, l'm not sure that it's a good idea to walk away - rather accept that they are there, and ignoring them is not a solution. Better that anybody who can, registers with CIFAS, which puts a note on file that you believe you've been a victim of ID Theft, but which also allows you to request password protection on your credit references. That is, any subsequent searches will require that password, so any hooky company which carries out a phoney search as part of an elaborate scam, simply wouldn't be able to.

Have you registered with CIFAS - I note that they too charge for this service. I never knew half of this massive system of fraud protection until I got caught up in this bloody nonsense.
I have registered a password with Experian so anyone asking for my details cannot do so without my say so - I have to pay £7.99 a month for the luxury of a service which I thought would be part of the basic security checks which these credit agencies carry out. We all ought to be aware of anyone asking for our credit history!!! But then again, Experian would not make any money!!!!!

geomacl

Elaine1965 wrote: »

Goedemiddag meneer ***********,

Als u de lening niet heeft aangevraagd of u verdenkt er iemand anders van dan kunt u aangifte doen bij de politie.
Helaas zijn wij niet verantwoordelijk hiervoor, en kunnen we de lening niet annuleren.
Als u een politierapport heeft dan kunt u deze opsturen, zonder dit bewijs kunnen wij helaas niets.

Met vriendelijke groet,

Klantenservice
____________________________________
Which means we can't do anything about it etc. This in response to my mail to Mr Tuomo Kari Kustaa Mäki who, unless I am terribly mistaken, seems to be the common denominator in all of this. Here is my view:

The credit reference agencies like experian and creditexpert make money out of scaring you sh*tless about your "credit rating". It is in their interests that they promulgate the myth of MCO Capitals existence to get you to sign up. Knowing these blighters called MCO do not exist Trading Standards/Plod/SFO should demand of the credit reference agencies that they annul any entries relating to MCO and its many soubriquets.

Scaring those not quite as ravaged with the problems of intelligence as I am is one thing. Making money out of a fraud is clearly another.

Elaine - who is this Tuomo Kari etc person you refer to? Have I missed a previous post?
Anyone contacted Trading Standards - either in Warwick or London? My local guy is well meaning but clueless!!!

catherine12345_2

geomacl wrote: »

Have you registered with CIFAS - I note that they too charge for this service. I never knew half of this massive system of fraud protection until I got caught up in this bloody nonsense.
I have registered a password with Experian so anyone asking for my details cannot do so without my say so - I have to pay £7.99 a month for the luxury of a service which I thought would be part of the basic security checks which these credit agencies carry out. We all ought to be aware of anyone asking for our credit history!!! But then again, Experian would not make any money!!!!!

I too have registered with CIFAS and I have a password registered with Experian. I have cancelled my subscription with them though - i'm not paying out £7.99 a month. You can pay £2 for a one-off credit report and request a password put on your account so I don't think you need to keep up a monthly subscription in order to do this.

catherine12345_2

P.S. "my loan" was taken out in July and when I called them I was told that quite a few people had called to register a similar fraud that day. If they were aware in July/Aug why didn't they tighten up their online lending policy then - they seem to have just kept letting it happen month after month.

philfox

My wife received one of these MCO Capital Invoices at the end of last month. I tried to contact them by phone on different numbers - eventually getting the promise of a callback from their department dealing with identity theft.
It never came.
I found an email address for their customer support and sent them an email. I got an identical reply to one in a previous post on 2nd September 2010:

Dear Phil,

You recently informed us that you did not receive a loan from MCO Capital. The first step you should take is to contact a credit reference agency to alert them of this matter, one agency is Experian at 0844 481 8000 or email them at consumer.helpservice@uk. experian.com
to report that an individual is using your Identity to fraudulently obtain credit. If they have used your Identity with MCO Capital, they may be using it elsewhere.

The next step is we will need to receive this concern in writing accompanied with the invoice to the address below. When this is received, we will take the next steps in regards to this matter.

MCO Capital Ltd.
Innovation Centre
Gallows Hill
Warwick CV34 6UW


Identity theft is a serious problem for both you as a consumer and companies who grant credit as we both lose. As you may be the victim of identity fraud elsewhere, we urge you to further investigate this possibility. There are several websites available with information to help a victim of Personal Identity Fraud and what to do in these circumstances. For example, one such website is; CIFAS - www. cifas.org.uk .

Please accept our apologies for any inconvenience this may have caused you. Should you require anything further, you may contact me directly at the below email.


Kind Regards,

Niklas Furu
MCO Capital Ltd.
niklas.furu@rtffinance.com

---

This message was sent using IMP, the Internet Messaging Program.


I wrote a letter, as advised, to the Warwick address on the 2nd September, asking for confirmation that the they would cease chasing my wife for this loan, and that they would remove any adverse information from her credit record. We have had no reply to this letter and today she received a letter from 'Helploan' saying 'your payment should be received by 02-09-10'.


We have contacted Trading Standards, the police, and our local MP about this matter.


I originally thought that this was a case of identity theft and that MCO Capital was legit, but now I'm not so sure.

Strangely, I was talking to a friend in the pub last Saturday, and he happened to say that his wife had received a demand for a loan. It turns out that hers was from MCO Capital, so there must be possibly 100's - if not 1000's - throughout the country, who have had demands for repayments to loans they haven't taken out from this company.

Something must be done about this company.

colinho

philfox wrote: »

My wife received one of these MCO Capital Invoices at the end of last month. I tried to contact them by phone on different numbers - eventually getting the promise of a callback from their department dealing with identity theft.
It never came.
I found an email address for their customer support and sent them an email. I got an identical reply to one in a previous post on 2nd September 2010:

Dear Phil,

You recently informed us that you did not receive a loan from MCO Capital. The first step you should take is to contact a credit reference agency to alert them of this matter, one agency is Experian at 0844 481 8000 or email them at consumer.helpservice@uk. experian.com
to report that an individual is using your Identity to fraudulently obtain credit. If they have used your Identity with MCO Capital, they may be using it elsewhere.

The next step is we will need to receive this concern in writing accompanied with the invoice to the address below. When this is received, we will take the next steps in regards to this matter.

MCO Capital Ltd.
Innovation Centre
Gallows Hill
Warwick CV34 6UW


Identity theft is a serious problem for both you as a consumer and companies who grant credit as we both lose. As you may be the victim of identity fraud elsewhere, we urge you to further investigate this possibility. There are several websites available with information to help a victim of Personal Identity Fraud and what to do in these circumstances. For example, one such website is; CIFAS - www. cifas.org.uk .

Please accept our apologies for any inconvenience this may have caused you. Should you require anything further, you may contact me directly at the below email.


Kind Regards,

Niklas Furu
MCO Capital Ltd.
niklas.furu@rtffinance.com

---

This message was sent using IMP, the Internet Messaging Program.


I wrote a letter, as advised, to the Warwick address on the 2nd September, asking for confirmation that the they would cease chasing my wife for this loan, and that they would remove any adverse information from her credit record. We have had no reply to this letter and today she received a letter from 'Helploan' saying 'your payment should be received by 02-09-10'.


We have contacted Trading Standards, the police, and our local MP about this matter.


I originally thought that this was a case of identity theft and that MCO Capital was legit, but now I'm not so sure.

Strangely, I was talking to a friend in the pub last Saturday, and he happened to say that his wife had received a demand for a loan. It turns out that hers was from MCO Capital, so there must be possibly 100's - if not 1000's - throughout the country, who have had demands for repayments to loans they haven't taken out from this company.

Something must be done about this company.

Can I make a suggestion to everybody, like myself, who is a victim? Immediately put in an FOI request to your local police authority and Trading standards body, requesting all information on their dealings with MCO Capital and/or Helploan? That should give an idea of the volumes of people involved, what, if anything, those authorities (particularly our friends in London and Warwick ) have actually done. Those bodies are legally bound to provide the information within 20 days, so it's entirely possible we'll see who has been spoken to at MCO, where they are, and what they are claiming. Then perhaps some collective action could be organised.
Please post your views on this line, and any information you can obtain.