Paycheckcredit/toothfairy/ndr/mh

[Braveheart155]

Hi to everyone

I took out loan 400 pound from paycheckcredit which is MCO capital November 2011 i rolled over couple off times end up my job gone. I tried despite to contact them for repayment plan but they never accepted.So usual things was happen everyday lots of mail text phone call but i didnt answer and i sent their email address i want everything in writing.Still no reply by the time every months i paid their account 1 pound. My outstanding balance right now around 3000 K. The thing is last night when i checked my credit file i saw there is a default by Toothfairy and outstanding balance 2800 pound. Right now i am so confuse because i took out this loan from paychekcredit which is MCO capital.Does anyone know how come toothfairy defaulted my credit file and do they have relationship with MCO even they have got different licence.

Thanks in advance

[renegadeimp]

Toothfairy are MCO. The same people operate both companies. They use different licences purely to evade the law.

[Braveheart155]

Just i receive following email from them can someone please advice what can i do next?

Thanks in advance

 

This is a reminder that you committed to pay back your Pay Check Credit Loan debt.

 

This debt is now very overdue. We have allowed you to extend the loan as a goodwill gesture.

 

As part of settling this debt you are committed to paying GBP 3010 by 25.01.2013.

 

In accordance with the Standard Terms and Conditions you agreed to, we will be automatically taking payment tomorrow as agreed to therein. Please ensure the amount of GBP 3010 is available by midnight tonight.

 

IT IS ESSENTIAL THAT YOU HONOUR THIS AGREEMENT AND THE PAYMENT.

 

If there are insufficient funds in the account and/or the payment fails, your file may be fast tracked to Door Recovery Agents and failed payment fees of GBP10 per transaction applied.

 

If payment continues to be non- forthcoming, then the file will be passed to our Solicitors for review. This may lead to a County Court claim (or Sheriff Court claim if you are in Scotland) against you.

 

IF YOU DO NOT WISH FOR US TO TAKE THIS PAYMENT YOU NEED TO CONTACT US ON 0843 381 0843 IMMEDIATELY SO THAT YOU CAN ARRANGE FOR REPAYMENT, STOP YOU INCURRING FURTHER LATE PAYMENT FEES AND ESCALATING ACTION!

 

If you have any questions regarding this, or will be unable to pay contact customer services NOW!

 

Yours sincerely,

 

 

COLLECTIONS

NORTHERN DEBT RECOVERY

0843 381 0843

[renegadeimp]

Hi braveheart. Ignore it. They will never take it to court. Especially with almost 3000 worth of fees.

[Braveheart155]

Cheers renegadeimp. When was debt araound £600 i tried to setup a repayment plan with them but they would not accept it or any form of part payment on a regular basis. Until today i have only managed to pay £26 and i am continiously paying every month £1 which is allowed as long as i am paying something towards it. So you reckon to ignore it and they will never take me to court for the high interest charges? but if they take me to court is no problem for me because i think if a judge looked at the ludicrous amounts of interest then maybe it would be thrown out can you imagine only NDR this case desk to desk £200 i think they are all in the same offiice i presume so. Anyway thats for your reply to my thread...

[renegadeimp]

If they took it to court and you submitted a defence, i guarantee they wouldnt turn up and theyd make excuses. The guy behind all these companies has tried it before. in one case he didnt turn up to court 4 times, and still kept threatening people. When his main company got shut down, he "promoted" his friends to be ceos of each company while he took his name offd. In effect he went into hiding.

[Braveheart155]

Today i received another email from oft

 

Thank you for your further email dated 29 January 2013, updating us about the

problems you are still having with the traders.

We will take into account the further information you have helpfully given us as we

continue to monitor these traders fitness to hold a credit licence.

Thank you once again for taking the time to write to us about this matter.

[silverfox1961]

Hi

That email you have received is just a standard reply from the OFT.

 

Having just checked the OFT Consumer Credit Licensing page, there is still no link between Toothfairy Finance (A.K.A Web Loan Processing Limited) and MCO capital.

Both licences are still showing as current although MCO shows as being under appeal to a First Tier Tribunal.

 

If you care to have a look at this post from last year, you may then wish to bury your head as I still can't understand it.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?333895-ToothFairy-Paycheckcredit-Speedcredit&p=3915065&viewfull=1#post3915065

[Braveheart155]

After i complained to OFT anf FOS ireceived followwing email what should i do know? Can someone help me please?

Thanks in advance.

 

We are sorry to hear that you have a complaint about the service you have received. The company attempts to treat its customers fairly in all circumstances and we apologise if you believe the service you have received falls short of your expectations in any way.

 

Please accept this email as acknowledgment of your complaint. We have 8 weeks in which to try to come to an amicable agreement. If we are unable to come to resolve your complaint in that period, you will receive a Final Written Response. This will set out the company’s final position in respect of your complaint.

 

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: http://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 at http://www.financial-ombudsman.org.uk/publications/consumer-leaflet.htm

 

We hope that you find the information contained herein to be helpful and that we are able to resolve your complaint to your satisfaction.

 

I have reviewed your file in detail and can see that you took out a loan of £400 from Speed Credit on the 28th November 2011. The loan was on a 14-28 day term. Interest is charged at the rate of £72 every 14 days. A £10 missed payment fee is added every time a payment should be made and is not. As you did not pay back your loan in the contractual period or the subsequent grace period, as per the terms and conditions a third party debt collection agency was appointed. At this point a £350 fee became chargeable. To date, we have received £29. As a result your balance to date is £3224.

 

Under OFT Guidelines, we are only obligated to accept reasonable payment plan offers. We feel that £40pcm is a reasonable amount for a payment plan, unless you provide us with documentary evidence as to your financial hardship. Documentary evidence includes but is not limited to a P-45 form, pay stubs that show a reduction of salary, receipts of expenses, etc. Therefore, your offer cannot be accepted.

 

We are willing to accept £40pcm and close your file for total payments of £800, please confirm a date that you can begin making payments. We feel that this is more than reasonable considering the length of time since the loan was taken out.

 

I hope that has answered your inquiry, if not please let me know what it is that will resolve your issue.

I look forward to hearing from you.

Yours sincerely,

 

David Schwartz

Complaints Assistant

Web Loans Processing Limited

 

NOTICE: The contents of this e-mail are intended for the named addressee only.

It contains information which may be confidential and which may also be privileged. Unless you are the named addressee (or authorised to receive for the addressee) you may not copy or use it, or disclose it to anyone else. If you received it in error please notify sender immediately and then destroy it.

[renegadeimp]

So basically they are admitting that they have loaded the debt with unenforceable and unlawful fee's. Thats nice of them.

 

Under OFT Guidelines, we are only obligated to accept reasonable payment plan offers

 

No, under OFT guidelines youa re obligated to accept a repayment plan based on the financial circumstances of the debtor. Not whatever arbitrary amount you deem fit.

[Braveheart155]

Thanks prompt reply mate. The thing is i took out this loan speedcredit which is MCO capital but now 5-6 different company involved and this loan default on my credit file as a Totthfairy loan. Do i need to accept their offer and send my private information or so i cannot pay every months 40 pound it is impossible or shall i need reply this email?? I dont really what to do??

Thanks

[renegadeimp]

MCO/Toothfairy/Webcheck loans/SPeedcredit/MDR etc are all the same company. They hide behind multiple names and licences to evade the law and regulation, but the OFT is on their backs. MCO have already been closed down and fined. They are in the appeal stage right now.

[Braveheart155]

Which way should i go now? Shall i accept their offer 40 pound every months or do i need send my offer which i can pay 25 pound every month but at this point they want my paperworks income & ex. This is the law or i dont know really i dont know what to do as i am carer of my wife and i cannot work and i receive 58 pound every week thats all my income.Any advice would be greatfull.Thanks.

[renegadeimp]

You state your offer and you stick to it. Dont let these idiots pressure you into anything else. If they try and force you, or make you pay charges, get a formal complaint into them and the OFT.

[Braveheart155]

Thanks for your reply but also i wanted to ask if i need to copy the OFT in my reply to them regarding the amount that i can pay them monthly (ie £25) and not the £40 that they have stated also do i need to send them proof that i can only pay £25 monthly (as in my private personal papers)? to show my affordability to pay this? They said to me in their email that they need my income and expenditure papers to show my affordability to pay otherwise they cannot accept my offer and can they do this? I feel confused regarding them as i can pay the £25 monthly in my current financial situation but not the £40 they are asking, any more advise would be greatly appreciated, thanks again

[renegadeimp]

you need to tell the OFT everything. in 12 weeks time, a ton of PDL's could be closed down due to the way they operate. The OFT needs every complaint.

[Smith5112]

Hello I'm wandering if anyone can be a huge help! I regrettably took out a loan of 400 pounds with speed credit, I owe them 501, as we know the site has been closed down, I believe they are linked to tooth fairy finance so I went to this site and clicked the pay now button only to find out it says my loan doesn't exist? I went back to speed credit and rang the number it gave which told me all loans had been passed onto northerndebtcollectors.com so I went to this site, clicked the pay now button, and that too said my loan doesn't exist? Can someone please tell me what's going on!? Thankyou.