Hi I have also received a reply from the OFT about the complaint I lodged with them about speed credit. They have sent me the following. Together with a lengthily questioner to complete so I urge you all to email the OFT with you experiences in dealing with this lot. Dear Mr ******** Consumer Credit Act 1974 (the Act) Complaint Against: MCO Capital Ltd t/a Speed Credit and Northern Debt Recovery Limited Licence No: 613263 and 631166 Thank you for your email received on 29 August 2012, I am very sorry to hear about the difficulties you have been experiencing with regards toSpeed Credit and Northern Debt Recovery Limited. As you know, the OFT is undertaking a review of payday lending companies’ compliance with the Irresponsible Lending Guidance (ILG) and Consumer Credit Act 1974 (the Act). The aims of the compliance review are to assess compliance levels across the payday lending industry, identify the reasons for any non-compliance and to inform any future enforcement action. Further information on the work being undertaken can be found on the OFT website at: www.oft.gov.uk/compliancereview-paydaylenders While the deadline for submitting formal responses passed on 18 May, the OFT is continuing to gather further information from consumers who have contacted us regarding a payday lender. I would be grateful if you would take a few minutes to complete and return the attached complaint form to us. The information you provide will be used to assist the OFT’s further consideration of business practices in the payday lending sector. While the OFT has no authority to become involved in individual disputes, a list of organisations which provide free help and guidance can be found at: www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/PlanYourWayOutOfDebt/DG_187500 Thank you again for contacting us.

Hi Have been looking at the public register of credit licences for speed credit and found this http://www2.crw.gov.uk/pr/default.aspx . From reading this it seems that the sharks have appealed the revoking of their licence which means that they can still legally operate until the appeal is heard which I am lead to believe could take up to two years. ***Sigh***

Hi yes I have put a complaint in to the OFT about 2 weeks ago and again day before yesterday but have heard nothing back. The question still remains, what does it mean for us that still owe speed credit money if their licence has been revoked ?

Hi Back on topic. This site is called "The ConsumerAction Group". My personal opinion is that if we don't take any Action to bring this company's unscrupulous business practices to light in a public and meaningful way then they will continue to hide behind their relative anonymity and maze of websites and continue to entrap unknowing people. I am all for making a stand !!!

Good Morning According to my calculations today is the last day that these guys had to appeal their licence revoke. Does anyone know if they have appealed and what does it mean for us either way ? Thanks

charles34c thanks for the reply. I have done exactly as you have sugested and sent an email to [email protected] asking them to confirm in writing that the email that I received was indeed acceptance of my repayment proposal. This is the email that I sent with the email that they sent me insterted below. Hi I have received the below email from you and therefore assume that this is your response and your acceptance of my repayment plan that I have proposed to you (Sent by post and fax and submited on the NDR website). Should I not receive a reply to the country I will continue on this assumption. Regards

And next question is should I make my first instalment today or wait for what tomorrow brings ? Surely there is enough evedence in that message to suggest that they have accepted my proposal ?

Hi I have now received the below email from NDR, should I take this as they have accepted my repayment plan proposal or not ? Dear xxxxxxx, Thank you for contacting us. You can make a payment by one of the following ways: over the phone on 0843 381 0843 on our website www.northerndebtrecovery.com (quickest!) bank account transfer A/c number 93462382 Sort code: 20-50-94 Ref: xxxxxxxxxxxxxxx Please note if you decide to transfer money into our bank account, you need to allow 5 business day for the money to clear and for it to be logged onto your file. Please note if you decide to pay every month via the bank we will need to change your repayment plan to cover the transfer period which will prevent your re-payment plan failing. Yours sincerely, COLLECTIONS (126) NORTHERN DEBT RECOVERY 0843 381 0843

Hi I have sent an email to all three of the suggested parties which was as such. ****************************************************************** Hi As I believe that your news paper is currently running an investigation into the company Speed Credit and their associated companies, I thought I would take it upon myself to share my current experiences with you. Unfortunately I recently ran into some cash flow problems after my wife became unemployed and my overtime which accounted for more than a third of my salary was cut. In desperation I took out a number of payday loans from a number of providers. Long story short I have been unable to repay these lenders within the time scales that I had originally agreed to. I formulated a plan to settle the debts with these providers with a repayment proposal over a few months and asked them to freeze all interest. This was a relatively painless task after sending them all a copy of my income and expenditure statements, payslips etc and all of the lenders bar one have accepted my proposal. My experience with Speed credit began after I had sent them the said letter explaining that my financial situation had changed considerably and that I was unable to repay the debt in the time scales that I had agreed to. I went on to add that I was not disputing the fact that I owed them £301 and all that I was asking for was for this amount to be repaid at a rate of £50.16 over a period of 6 months bearing in mind that I had previously rolled over the loan a number of times and had in fact repaid the capital amount of £200 odd borrowed in the form of interest only payments. After a week I had still not heard back from Speed Credit but continued to get emails stating that I needed to pay up or suffer the consequences of court orders, bailiffs etc. On Saturday 25th I received an email from a company called Northern Debt Recovery stating that I had failed to honor my agreement with Speed Credit and that my debt had now been handed over to them and that recovery agents would be sent to my address. I then telephoned NDR to ask why they had not responded to my letter and instead had decided to hand me over to Northern Debt Recovery. I was told by a gentleman who called himself John that my debt had not been handed over to NDR and that it was still with Speed Credit. This is where it starts to get interesting !!! I then called Speed Credit and surprise surprise the telephone was answered by a gentleman who called himself John and surprisingly sounded exactly the same as the person I had just spoken to at NDR. I was told that I would have to wait for all of my file notes to be uploaded to NDR from Speed Credit before they could comment on my proposal and was told to Fax my original letter together with my statement of income and expenditure over to Speed Credit as they had no way of receiving email. The said documents were faxed over on the morning of Monday 27th August. Needless to say I heard nothing back from either Speed Credit or NDR except for a number of emails demanding immediate payment and the threats as above of court action bailiffs etc. I tried to reply to each and every email the moment that I received them but alas the emails were always undeliverable however I did reply with the same text that I had sent in the emails to NDR's online "Contact Us" section of their website http://www.northerndebtrecovery.com/contact.php again never received a reply that was relevant to my enquiries. Yesterday I was absolutely shocked to received a letter in the post from Speed Credit Stating that I had now made absolutely no attempt to contact them regarding my outstanding debt with them and that I would now suffer the consequences !!! My wife then called Speed Credit to ask why we had received the letter after our countless attempts to come to some kind of amicable arrangement with Speed Credit to repay the debt. The person that answered the telephone simply told my wife that my salary was more than most people received and that I should pay up immediately, due to this persons extreme rude and threatening behaviour on the telephone, my wife terminated the call visibly shaken by the conversation that had just taken place . The statement made about the amount that I got paid only substantiated my suspicion that my income and expenditure statement and letters that I had previously sent had not even been read. So here are my assumptions and findings. 1. Speed Credit and Northern Debt Recovery are one in the same (Against 1974 credit act) 2. The threat of collectors visiting my property without a court order (Against 1974 credit act, threatening and if they did visit without a court order this would be trespassing) 3. Both Speed Credit and NDR are chasing this debt (Against 1974 credit act as only one company can own the debt and chase it) 4. There is another serious breach of the data protection act I will explain below If I were to visit the following seemingly independent companies websites http://www.paycheckcredit.co.uk/ or https://www.toothfairyfinance.com/ or http://www.speedcredit.co.uk/ I would be able to loggin to my account officially held ONLY with Speed Credit, using the same login details on any one of these websites. Please do not hesitate to contact me should you need any additional information in this regard, nothing would make me more happy than to see this **** of the earth company go down in flames, I realise that their holding company MCO Capital has had their credit licence revoked but this does not seem to have curbed the way that these companies are conducting their business one iota. Kind Regards