speed credit

[renegadeimp]

I did hear that supposedly they lost their licence and were closed down. But i didnt get anything concrete on that. However, even though the OFT were on their back and were under heavy watch, even during the appeal, it didnt stop those companies from continuing their MO.

[tinkerbell_2k12]

So should i recieve a notice of assignment if someones bought the account?

[renegadeimp]

Application / Licence Details

Licence Number:

0613263

Licence Status:

Current

Current Applicant / Licensee:

Business Name Company Registration Number

MCO Capital ltd 6472855

Public Notices:

Stage Date Document Link Event Number Notes

Appeal to First Tier Tribunal 06/09/2012 8

Appeal to First Tier Tribunal 06/09/2012 11

Appeal to First Tier Tribunal 06/09/2012 5

Appeal to First Tier Tribunal 06/09/2012 4

Determination to Refuse to Vary 09/08/2012 4

Determination to Refuse to Vary 09/08/2012 5

Determination to Refuse to Vary 09/08/2012 11

Determined To Revoke 09/08/2012 8

Minded To Revoke 13/03/2012 8

Minded to Refuse to Vary 13/03/2012 11

Minded to Refuse to Vary 13/03/2012 5

Minded to Refuse to Vary 13/03/2012 4

Minded to Refuse to Vary 15/09/2011 4 This notice has been withdrawn before any determination was made and a new notice issued on 13 March 2012.

Minded to Refuse to Vary 15/09/2011 5 This notice has been withdrawn before any determination was made and a new notice issued on 13 March 2012.

Minded To Revoke 15/09/2011 8 This notice has been withdrawn before any determination was made and a new notice issued on 13 March 2012.

Categories:

Consumer credit

Right To Canvass Off Trade Premises:

No

Trading Name(s) (Current):

Paycheckcredit

Popcredit

Speedcredit

Issued Date:

06-Feb-2008

Expiry Date:

06-Feb-2013

Legal Formation:

Body Corporate (incorporated inside UK)

Current Individuals that run the organisation:

Name Position

Antti Osmo Ritvonen

Gordon John Reykdal

Stefan William Johnson

Historic Individuals that run the organisation:

Name Position

[/b]Tuomo Kari Kustaa Mäki

Current Organisations that run the organisation:

Name Company Registration Number Position

MWLAW Services Limited 4668658

OÜ Prossimo Investments Registrikood 11191724

Nature of Business:

Cheque Cashing Services

Current Address(es):

[/b]Address Type Address

Correspondence Grundberg Mocatta Rakison LLP, Imperial House, 15-19, Kingsway, London, WC2B 6UN, United Kingdom

Principal Place Of Business Grundberg Mocatta Rakison LLP, Imperial House, 15-19, Kingsway, London, WC2B 6UN, United Kingdom

Registered Office 11, Pilgrim Street, London, EC4V 6RN, United Kingdom

Historic Address(es):

[/b]Address Type Address

Registered Office Imperial House, 15-19, Kingsway, London, WC2B 6UN, United Kingdom

 

So it appears their licence is still valid, but take a look under public notices How they still managed to get away with it is mindboggling. Plus they have given false info in their credit licence anyway.

 

I should add that they actually DID lose their licence, but then appealed against it, so they were able to keep trading until their appeal. http://www.bbc.co.uk/news/business-19194632

 

That still hasnt stopped them on their path of harassment and intimidation though.

 

I find it amazing they had the cheek to say this: "MCO Capital is disappointed at the decision of the OFT and is studying the adjudication that it takes very seriously."

Edited January 20, 2013 by renegadeimp

[tinkerbell_2k12]

When that license runs out on the 6 th of feb it shouldnt be able to bed renewed, how theyve managed to get away with the way the go on is absolutly disgusting.

When i questioned that joesph wengarf about the emails for months is marshall hoares legally owning the account and need a proof of notice of assignement he admitted they didnt own it, and ive notice with all the new people on here posting about them that theyve changed that line on the email now. But even with their license nearly being revoked their unlawful threats and charges havent changed, whats it going to take for them to be shut down

[renegadeimp]

Thats the thing, i dont think the appeal is until march, so the OFT could renew it under a temporary licence. The sad thing is, we know the guys behind the company and the actual guy who runs it all. This guy doesnt have the company in his name due to his shady past, but has his friends run it instead, or at least has their names on the licence.

[tinkerbell_2k12]

Lets hope they have some sense and make an example of them for all other payday loan companies to clean their acts up

[renegadeimp]

Theyll probably shut MCO down. But knowing the actual owner of these companies, he'll just open up more and get his friends to manage them. I mean, after all, its free and easy money for him.

[tinkerbell_2k12]

I bet theres a chance all the speed credit accounts just get bought by toothfairy so then he still owns them , since theyre all technically one company.

[renegadeimp]

Most likely will since TFF operates under a different licence, but its owned by the same people.

[tinkerbell_2k12]

I got this random final response email about my account from web loans processing regardsing speed credit today, which i obviously have a few problems with, with them still not playing fair ( which they never do ).... should i just ignore this on now update my complaint with fos

 

This email constitutes our final written response. This may or may not contain an offer of redress or compensation. If you wish to accept any such offer please respond in writing confirming your acceptance and we will endeavour to put into place the terms of the agreement as soon as possible.

If you are unhappy with the Final Written Response and wish to appeal further you have the right to make a formal complaint with the Financial Ombudsman Service. You must make sure you do this within six months of receiving the Final Written Response or you may lose your right to ask the Ombudsman to review your complaint.

The contact details for the Financial Ombudsman Service are as follows:

Financial Ombudsman Service

South Quay Plaza

183 Marsh Wall

London

E14 9SR

Website: www.financial-ombudsman.org.uk

Email: [email protected]

Phone: 0800 023 4567 or 0300 123 9123

You may also be interested to read their pamphlet, “Your complaint and the ombudsman” which can be found atwww.financial-ombudsman.org.uk/publications/consumer-leaflet.htm

We hope that you find the information contained herein to be helpful and that the Final Written Response and any offers which may be contained therein have resolved your complaint to your satisfaction.

 

SUMMARY OF FACTS

You took out a loan of £200 on 12th June 2012 with Speed Credit for a period of 14-28 days. Interest accrues at a rate of £48 every fourteen days. The loan was not repaid in full upon expiry of the contractual term. (if its expired should they still be adding interest ) As a result, and in accordance with the terms and conditions, your file was passed over to a debt collection agency. Your outstanding balance is currently £1416.

SUMMARY OF THE COMPLAINT

Your complaint relates to the frim not accepting a reduced offer.

Although we are not obligated to accept any proposal deemed unreasonable, we had offered to reconsider your proposal to repay £10pcm if we received documentary evidence to support the financial circumstances of this offer. We further offered to reduce your balance to £941 for such an offer. Despite this, we have not received the necessary documents.

We had also offered to close your file for a £400 one-off payment, or for £600 in £40 instalments. You have rejected these offers, however, not recognising any amount over £296. For these reasons we cannot uphold your complaint.

SUMMARY OF OUR OFFER

We will accept payment of £400 to close your account. This would consist of 10 payments of £40. The first payment needs to be made in February 2013. Otherwise, you may send the necessary documentary evidence of your financial circumstances to me directly by this email address or to our fax number 0203 137 0794 to the attention of Michael Lapides and we will reconsider your proposal to repay £10 for a balance of £941 ( ive never offered to repair 941). This offer is made in satisfaction of your complaint, and is contingent on its withdrawal.

 

Please let me know in writing if you accept our offer. Alternatively, please let me know what it is that I can do further to resolve your complaint.

 

I look forward to hearing from you.

 

Yours sincerely,

 

Michael Lapides

Complaints Assistant

Web Loans Processing Limited

[renegadeimp]

This may have been answered before, but who actually owns the debt now? Is it WLP? If not, screw what their final response it and get back in touch with the OC. If it is WLP, remind them of OFT guidance on debt collection. Something which they have clearly not adhered to, although they claim they have.

[tinkerbell_2k12]

on their first contact WLP said they were answering my complaint to speed credit on behalf of speed credit which seems a bit odd, but they keep asking for a full i & e form and proof of benefits to be sent to marshall hoares address which obviously shows their in the same office as the mh and ndr lot

[renegadeimp]

Tell them to sod off, and you are dealing with SC. They have no legal rights over the debt, and they are trying to say they have.

[tinkerbell_2k12]

thank rene, should i just carry on with the token payments, and ignore anything else they say or drop them an email stating i wish no more contact from them and if that was a final response from speed credit to tell speed credit to email or write to me themselves instead of getting a third party to do it for them

[renegadeimp]

Yep. keep making those payments to show your willingness to pay the debt.

 

I will try to write you up some kind of letter in response, although i'm going to do a bit of research first due to how they've worded their letter, plus i'll find some guidance/regulations you can quote. If i dont get it up by tomorrow, just throw me a PM or bump the thread and ill post it up. Thats if someone else hasnt written you one beforehand

[tinkerbell_2k12]

thats brillant and very kind rene thanks

[Sillyboywyn]

After dealing with these, i would reply saying you will pay the amount you first stated (£200 plus one month and a default), pay it off in full in one payment and then forget about them.

[tinkerbell_2k12]

Hi silly, i cant afford to pay it off as all ive got comin in is income support. Its kind of like blackmail off them if i pay what they want to pay theyll reduce it to 400 but if i dont theyll want 941. Im not willing to pay more than the orginal loan plus one months interest

[renegadeimp]

Have you made formal complaints to them and the regulatory bodies yet?

[tinkerbell_2k12]

Yeah ive complained to oft and ive put in a compalint to fos, i havent heard back from fos yet but oft have logged my complaints about them

 

I havent replied to wlp about that email yet tho

[renegadeimp]

Then tell them to bog off as the debt is now in deep dispute and you are waiting for the FOS's response. While the debt is in dispute, they are supposed to halt collection proceedings until the dispute is resolved.

[Sillyboywyn]

Hi silly, i cant afford to pay it off as all ive got comin in is income support. Its kind of like blackmail off them if i pay what they want to pay theyll reduce it to 400 but if i dont theyll want 941. Im not willing to pay more than the orginal loan plus one months interest

 

If you remember my last convo with you, they blackmailed me into cancelling my complaints with the OFT and the FOS in order to pay the loan capital plus one months interest. Obviously i never took back the complaints, but i still need to send that email to the OFT etc.

[tinkerbell_2k12]

I havent had any if their collection emails since before christmas, so they must of taken a halt?

[tinkerbell_2k12]

If you remember my last convo with you, they blackmailed me into cancelling my complaints with the OFT and the FOS in order to pay the loan capital plus one months interest. Obviously i never took back the complaints, but i still need to send that email to the OFT etc.

 

 

Yeah i remember that, its very very naughty of them tryin to blackmail people

[tinkerbell_2k12]

Is this email ok to send

 

 

Are speed credit still the legal owner of my account?

As speed credit still own my account, shouldn't a final response be coming from them an not you?

I find you email to consider a considerable amount of blackmail, as it states you will lower all the fees if i'm willing to pay the amount you set of 400 out in the instalments of 40 which you request or the total of 941 in lower instalments, if i'm willing to retract my complaint. This email shows you wish to penalise me for being in financial difficulty as i can only afford to be a lower monthly instalments I informed speed credit of in june 2012 that i was in finical difficulty and they ignored my contact to add all there extra charges, OFT rules state that they encourage creditors to considersuspending interest for customers in financial difficulties and they encourage creditors to accept token payments which i have offered but you claim is not enoughA copy of your email will be forwarded to the oft an fos to update my complaint