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Hi, i like many others in bother with PDLs. I took out a loan with PTP for £600, paid back £353.64 but then got into difficulty and couldn't pay. I contacted all of the PDLs by email and heard nothing but was then bombarded (and I do mean bombarded) by texts, mobile calls, landline calls and even at work calls, endless day after day after day, sometimes even 7 days a week but mostly 6! Recently Mckenzie Hall stated harassing me 4/5 times a day and recently at work. I work in a shared office and could not take the call so just said that she (me) wasn't in the office and stated 'would you like to leave a message'. To which the caller gave their number and the name of the company! Now that could have been anyone in my office taking that message, is this legal? Secondly, I have now received a letter from them stating: "We write to give you formal notice that Pounds to Pocket has legally assigned the rights to the above debt to mackenzie Hall Debt Purchase. This means that Mackenzie Hall Debt Purchase now legally own the debt." the rest is the usual taking you to court etc etc etc Plus they have registered a default with callcredit. Any advice would be greatly appreciated. I am taking steps to contact all and offer some form of payment but these guys are aggressive. I have changed my mobile number to stop the texts etc. Thank you
69/12 9 August 2012 The OFT has imposed a £544,505 financial penalty on the online payday lender MCO Capital Limited (MCO) for breaching the Money Laundering Regulations 2007, including its failure to adequately verify the identities of loan applicants. The OFT has also revoked MCO's consumer credit licence. It is thought that MCO's failures led to it being targeted by fraudsters who used the personal details of over 7,000 individuals to successfully apply for loans amounting to millions of pounds. The Money Laundering Regulations 2007 require lenders to conduct appropriate identity checks and are designed to reduce the risks of businesses being used for money laundering and terrorist financing. The OFT found that MCO had also engaged in unfair business practices by writing to people, who they were aware may not have taken out loans, asking unequivocally for repayment. MCO also ignored the OFT's requests to stop this practice. Additionally, MCO was found to lack the necessary skills, knowledge and experience to run a consumer credit business. All of these failures justified the revocation of MCO's consumer credit licence. The company has a right of appeal against the OFT's decisions David Fisher, OFT Director of Credit, said: 'MCO's failure to put adequate procedures in place made it vulnerable to fraud. The way in which MCO then wrote to consumers to collect debts caused unnecessary distress and inconvenience to thousands of people. This financial penalty sends out a strong message that businesses lending to consumers must have adequate anti-money laundering procedures in place.' Consumers who are pursued by a lender for a debt they do not owe should write to the lender and, where appropriate, the debt collection agency, making it clear why payment is being refused. Further information on what consumers can do is available in a leaflet produced by the Credit Services Association. NOTES The OFT has a role under the Money Laundering Regulations 2007 to supervise the anti-money laundering controls of estate agents and consumer credit financial institutions (CCFIs). CCFIs are those businesses engaged in consumer credit lending which are not either authorised by the Financial Services Authority (FSA) or supervised by HM Revenue and Customs (HMRC) as a money service business. The Regulations seek to reduce the risk of businesses being used for money laundering or terrorist financing. They require regulated businesses to, for example, apply risk sensitive policies and procedures on the verification of customer identity, record keeping, training staff and reporting suspicious activity to the Serious Organised Crime Agency. The OFT's power to impose a financial penalty arises under Regulation 42(1) of Money Laundering Regulations 2007. The OFT may impose a financial penalty that is 'effective, proportionate and dissuasive'. Action Fraud issued a press release in April 2011 which stated that the City of London Police wrote to over 7,000 people whose personal details were compromised by fraudsters. The OFT made a third decision not to grant applications by MCO to vary its licence in addition to the decisions referred to above. MCO has 28 days in which it may appeal the OFT's decisions to revoke its licence, to impose a financial penalty and to refuse the applications to vary its licence to the First-tier Tribunal (Consumer Credit). See anti-money laundering FAQs. Lenders and debt collectors should at all times (including when seeking payment of disputed debts) have regard to the principles in the OFT's debt collection guidance. Link: http://www.oft.gov.uk/news-and-updates/press/2012/69-12
HI, im after some information, if any one can advise.. ...i had a loan with pounds to pockets which i paid for about 7 months, (was for12), unfortunately i fell into arrears and could not pay it off. ..now its been passed to mackenzie hall, and they have emailed me asking for my personal details, which im reluctant to give, im not disputing the debt, i want to pay it off, and have asked for their bank details to set up a standing order, but they say they cant do anything without my details, seeing as theyve addressed the email to me and ive replied saying yes i want to pay and p2p passed on my details, so they must know its me there dealing with.. ..i dont want to give my details there asking for, (name, dob, address, post code, tel no etc), i jus think its a bit invasive seeing as i have acknowledged the debt... ...do i have to provide my details?????