speed credit

[Sillyboywyn]

Do not pay another penny.

[tinkerbell_2k12]

even though speed credit is closed down, do i just keep paying them my monthly payment like normal?

Just i noticed their website is now closed

[beerinsurance]

http://www.dailymail.co.uk/money/cardsloans/article-2295721/MCO-Capital-Limited-shut-OFT-fraud-check-failures.html

[renegadeimp]

Pity the OFT didnt include toothfairy, MHB in there as they are ran by the same person.

[beerinsurance]

I suspect they will buy up the debt and continue chasing people.

[renegadeimp]

Since its all the same company, they most likely already have the info.

[Tokyoround]

So what happens now? I'm more than happy to pay what i owe but these thieves are harassing me for a ridiculous amount.

 

I did think it odd that i hadn't received any calls or texts at all this weeks. Pleasantly surprised to find out these scumbags have been shut down and fined at last!!

[renegadeimp]

You owe the original loan, contracted interest and a default fee, minus anything you have already paid. Keep the money safe in your account for now, so if someone legit comes along to ask you for payment, then you have it.

[Tokyoround]

You owe the original loan, contracted interest and a default fee, minus anything you have already paid. Keep the money safe in your account for now, so if someone legit comes along to ask you for payment, then you have it.

Thanks, is it worth notifying my DMP provider (Stepchange) about whats happened? So they don't keep paying speed credit only for someone else to come along later and have no record of the payments? When you say contracted interest, how long is the period? I have seen people say we should only pay original loan + 1 month interest and default charge but where does this advice actually come from?

[renegadeimp]

They most likely already know, but theres no harm informing them that you want payments stopped until the OFT make an announcement about repayments.

[Smith5112]

Has anyone managed to pay off there loan? On approaching speed credit the site as we all know has been closed down so I rang the number which referred me to notherndebtcollectors.com when clicking the pay now button to pay off my debt it says my loan doesn't exist? Someone please help!

[Smith5112]

I've also tried to log into tooth fairy but that also says my loan doesn't exist! I have no clue as to what is going on!

[Tokyoround]

Just got off the phone with Stepchange. MHB have bullied them into increasing my balance to a ridiculous £1,516.23 for a £300 loan. They now say they can't change it and I have to get the Financial Ombudsman to make these jokers remove the stupid interest and illegal charges. I am beyond ****ed off.

 

Regarding the loss of licence. I was told that the OFT sent Stepchange and email roughly saying that MHB and Speed Credit fall under the MCO umbrella, but Toothfairy is part of webloans processing or something. He said that MCO are essentially going to transfer the debt to Toothfairy and continue pursuing us. Apparently MCO and Toothfairy/webloans are diffent groups yet share the same bank account. How on earth that does not ring alarm bells to the OFT to shut both operations down does not make sense to me. Are there not money laundering controls that prevent two "unrelated" entities sharing a bank account?? Ridiculous!

[renegadeimp]

Theyve bullied stepchange? Tell stepchange yoh want that debt removed from the dmp. They cant refuse.

[Tokyoround]

Theyve bullied stepchange? Tell stepchange yoh want that debt removed from the dmp. They cant refuse.

They gave me some spiel about how they can't remove it once it's on there because of my other creditors

[renegadeimp]

They can remove it. Basically what they are sayign is that the creditor can change their debt to whatever they want, and the DMP will force you to pay it.

[matttye]

Surely people don't have to keep on responding to their correspondence when they blatantly ignore everything being said.

 

I think I would send them one letter like the following: -

 

"Please find attached my income and expenditure form which shows that I can pay you £X a month to repay my loan + one month's interest [+ default fee*]. I consider the remainder of your charges to be unlawful and the only way I will agree to pay such charges is if you pursue me in a court of law and an order is made by the court. Please note that no amount of threatening correspondence or visits from 'doorstep collectors' will cause me to agree to repay such fees and such correspondence/visits will be treated as harassment. I do not give permission for any 'doorstep collector' acting on your behalf to visit my property and such visitors will be reported to the police for trespassing. I choose to only discuss financial matters by e-mail/letter so as to protect the interest of all parties involved; I will therefore ignore/terminate all telephone calls attempting to discuss this debt without any further warning.

 

I am aware that your company seems to bombard debtors with threatening correspondence. Please note that any repayment plan has to suit MY finances, as I cannot pay you more than what I have. Therefore I shall be ignoring any further correspondence from yourselves, Northern Debt Recovery, Marshall Hoares "Bailiffs" or indeed any other company you instruct to chase this debt on your behalf unless it demonstrates that my circumstances have been taken into account. Any further correspondence received will be tantamount to HARASSMENT unless you are willing to propose a sensible repayment plan that I can actually afford.

 

Please note that I DO NOT AUTHORISE your company or any company acting on your behalf to take payments from my debit card or bank account. I have copied this letter to my bank and, in accordance with Regulation 55 of The Payment Services Regulations 2009, you are hereby unauthorised to take payment using my debit card. If you ignore this letter and try to take payment, any monies taken WILL be subjected to a charge back and you will be reported to the Office of Fair Trading for breaking the law.

 

Please note that any and all correspondence will be kept on file and complaints WILL be made to the Office of Fair Trading and the Financial Ombudsman if I deem the correspondence to be threatening and unlawful.

 

This letter has been sent recorded delivery and proof of postage shall be retained."

 

* If applicable

 

Send a copy to your bank too.

Edited March 31, 2013 by matttye

[renegadeimp]

Good idea to send it but rather pointless as they will simply ignore it.

[matttye]

Good idea to send it but rather pointless as they will simply ignore it.

 

I know what you're saying but at least it prevents the need for any further effort on the debtors behalf until the creditor is willing to act reasonably.

 

Should perhaps include a sentence about only being willing to discuss financial matters by email/writing and any telephone calls will be ignored and/or terminated.

 

The purpose of the letter is not to get the creditor/debt collectors to stop contacting the person as I don't think they will do that, but it's just to immediately set out what they will and will not accept. If a doorstep collector turns up they can then report it to the police and show the letter sent refusing permission for them to attend. If the bank releases funds they can then complain to the bank and ombudsman about the bank ignoring instructions. If the creditor plays hard ball, so can the debtor. They can send as much correspondence as they like, but if you set out the terms in which you are willing to communicate with them in the initial letter then you need not respond further unless they adhere to what you've said.

Edited March 31, 2013 by matttye

[Tokyoround]

The ****ers don't answer their phones anymore, I had my recorder ready and wanted to have some fun with them

 

Tried both the mhb number and ndr (hint they both go through to the same place...) and was a put on hold for ages then a recorded message telling me their hours were until 8pm.. Durr it's 7pm now pick up so I can have some fun!!

[renegadeimp]

Speedcredit rarely if ever answer emails and phones. Same with tf/NDR etc. You also need to stay off the phone to them unless you can record the call in full. This means using truecall or similar. Dictaphones just dont work as well.

[tinkerbell_2k12]

I havent had a notice of assignment since mco capital have offically been shut down, ive kept to my payment plan and ive had no contact from any of the companies whats so ever.

 

Should i be expecting a notice of assignment?

[renegadeimp]

You wont get one. They are all the same company.

[tinkerbell_2k12]

i got an actual notice of assignment through the post today which i was suprised about.

As you've already stated its the exact same address, same bank details, just theyve changed it into web loans processing. , since the bother with my first payment ive had no bother off them what so ever really, the man that was dealing it with took my phone number and email details off the system to stop NDR and MH harrassing me after i complained about it, as im sticking to my repayment plan so why should they harrass me.

 

Fingers crossed that everyone else on here gets sorted becasue we all know what a hassle it can be to deal with them

[renegadeimp]

I think you need to let the oft see that. Im sure its unlawful.