Microcredit Limited have Ceased Trading as a Payday Loan Company

[renegadeimp]

Check the minicredit forum history. A year or so ago, we had someone here who actually went pretty deep researching the company and the links they had with each other.

[fletch70]

Renegade, I always keep an eye on the minicredit forum and have also frequently looked at the forum. As of yet I have not seen anything that suggests they are the same company . You however have been saying they are the same since at least March 2012 which is getting on for 3 years ago. If you are so sure, please just link the evidence.

Edited December 17, 2014 by fletch70

[ims21]

Gently please chaps....if there is evidence to this effect then please link to it.

 

Thanks

[citizenB]

Woah!! Bloody hell!

This is awesome!

 

But worrying....

 

Update!!!!! ....

 

I have just received the following email...

 

 

 

This was one of the fraudulent accounts that was setup in my name, now check out this email from Helena @ MC sent earlier this year

 

 

 

 

What do i do?!?!?!?

 

I think you need to send a Formal complaint to the new Company's Registered/head office address - include a copy of the email/letter you received advising that the loan was not applied for by you - you want an immediate apology, any adverse data on credit files removed, also immediately and you want this within 10 days. After which time you will be escalating your complaint to the Ombudsman and also copying your complaint to the FCA.

[fkofilee]

I think you need to send a Formal complaint to the new Company's Registered/head office address - include a copy of the email/letter you received advising that the loan was not applied for by you - you want an immediate apology, any adverse data on credit files removed, also immediately and you want this within 10 days. After which time you will be escalating your complaint to the Ombudsman and also copying your complaint to the FCA.

 

Hi Cit B... They have already removed the adverse information this year. My issue, the account should be closed yet it was still sold and is infact still open... :/

I rang OPOS yesterday and emailed them the emails i have received. My concern is that OPOS have bought this and will potentially start reporting on it again...

[fletch70]

Thats exactly why you need to get your complaint in asap. If they do start reporting or chasing you afain you have a papertrail to give to the fos.

[fkofilee]

Well that was quick...

 

Dear Fkofilee,

 

I would first like to apologize for the inconvenience that this has caused You. Although the loan has been written off and the credit reference agencies were notified of the fraudulent account it unfortunately got sent to Opos Limited during in December automatically. I will ask Opos to close the account with immediate effect and I can assure you that your credit file will not be affected by this in any way.

[citizenB]

Excellent

[RosePetalBeauty]

It appears Mini Credit are writing off some outstanding balances. I've read 2 separate emails today on another forum saying that accounts have been closed, balances have been written off and credit files are to be updated within 3 days, even one that was passed to a debt collection agency 2 years ago!

[renegadeimp]

Thats because they have been ordered too rose. In a few months this company will be no more. But will probably be reincarnated under another name.

[RosePetalBeauty]

Thats because they have been ordered too rose. In a few months this company will be no more. But will probably be reincarnated under another name.

 

In the document in #1 it says they are to waive any interest or charges owed to Microcredit but not too OPOS/Kapama.

 

A customer had their account passed to a debt collection agency 2 years ago, therefore not owing Microcredit but have had their outstanding balance written off - so how?

 

So basically Microcredit are writing off debts apart from those they had sold to themselves, if OPOS/Kapama are the same company/people.

 

Apologies if I've got the wrong end of the stick, just want to know where my partner stands. He hasn't had a reply since Monday from OPOS which offered no information about said 'investigation'. If nothing by tomorrow, he will be writing a formal complaint.

 

We're all for paying what we owe but it seems to unfair that some customers get their balances wiped yet others are still being cash cowed.

[fletch70]

First off, as requested by IMS we are still waiting to see the evidence that they are connected.

Secondly when a creditor passes an account to a DCA unless you receive a notice of assignment saying that the DCA is the new owner then the OC is still the owner with the DCA acting ,possibly on a commission basis to get the money back. Even if it is sold there is usually a clause allowing the OC to buy it back, that is seen when a PPI claim is made on a sold account.

 

The usual reasons why they write accounts off are either they couldn't enforce in court or they breached guideline on lending. Sometimes it is because it simply does not make business sense to keep collected £1 a month

[dundeelaw]

Update:

 

FOS in discussion with FCA about Microcredit Limited's Status. The company is still Active at Companies House and it looks as if they will stop any attempt to dissolve the company whilst complaints are ongoing.

[acid53]

excellent news dundee - i have an outstanding complaint at adjudication stage so very interested in any progress with this. where did you get that info? I have posted on another thread that I have emailed FCA about this same issue but had nothing definitive back

[mike00]

I took out a loan for £100 with £20 interest, due on 27th May 2013. By 21st June (less than a month!) Minicredit had inflated that to £415.00 in total. Suffice to say I never paid the greedy sods a penny. Do I have grounds to complain to the FCA? Kapama are now calling and emailing about this debt (I just received notice of assignment).

[acid53]

I have just had word this morning that my complaint against municredit has been upheld by the adjudicator but as minicredit have not replied then it will have to go to go ombudsman for final determination.

 

 

does anyone know whether i will have a cat in hells chance of getting my interest and charges back given that minicredit are on the wind down. i have written to the fca asking them what wind down arrangements they have in place do so that outstanding complaints are dealt with?

 

dundeelaw, did u hear anything more about this?

[acid53]

FYI of anyone with existing complaints with FOS against Minicredit- I've been in contact with FCA re the status of Minicredit and what if any arrangements are in place for them to honour existing FOS Complaints. Here is the latest email I sent (escalated to MArtin Wheatley)

 

Hi X, Thank you for the prompt reply and I appreciate the effort and time you have taken to respond .

 

However, as with the response that your colleague X provided, the form of words you have chosen does not really directly answer my question which is quite frustrating (hence my escalation to Martin) I understand your point about the complaints process in that I can lodge a complaint with FOS and have already done so.

 

However, what I am not clear about is the honouring of any redress that arises from any complaints that are upheld. If Minicredit are under no obligation to pay redress for this upheld complaints, then the actual complaints process will be largely worthless and probably not worth the effort (particularly as Minicredit will have had the benefit of selling on their debts on so will exit the market with what I would imagine is a very lucrative outcome given the extortionate charges they have levied on customers) Perhaps answering yes/no to the following questions may clarify things: -

 

Are Minicredit still trading and is there still have some form of relationship or arrangement with FCA? - Can Minicredit wind-down the company without honouring the redress that may be due to customers as a result of upheld FOS complaints?

 

I'm sure you understand my concern - given Minicredits actions in the past, I would strongly suspect they will take the most cynical approach to whatever option is open to them

Edited February 25, 2015 by citizenB

[acid53]

bad news for anyone with outstanding FOS complaints against Minicredit - here is the reply I got this morning from FCA. AS expected these guys can just ride off into the sunset with their saddlebags full of cash

 

Dear X

 

Thank you for addressing your concerns to Martin Wheatley. He has asked me to respond on his behalf.I apologise for any delay in response to you previously.However, as stated previously, Minicredit has had its permissions with us cancelled on 29 December 2014.

 

As such, they do not have any relationship with the FCA as they are no longer authorised by us. They appear to have ceased trading and this can be confirmed by the entry on the Companies House website, which states the firm has dissolved.

 

You can search for this firm by clicking on the link here.Your second question relates to the liability of the firm when a case is upheld with the Financial Ombudsman Service and based on what appears from the website, the firms liabilities (including debts it owes [may have been reflected in the process of passing these accounts over]) may have been passed onto Kapama Limited, who now manage the majority of these accounts.

 

As I would not be able to ascertain this information for you, you may wish to contact Kapama Limited directly via the contact details below to attain further information on who is responsible for any debts that may have been owed by Minicredit before they dissolved:

 

Scott [email protected]

 

I hope this answers your query and provides you with a platform for your next actions.

Yours sincerely,

Edited February 25, 2015 by citizenB
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[fletch70]

If an award has been made by the FCA then the new owners take on the rights and the responsibilities of minicredit

[acid53]

are u sure on that fletch? I have emailed Opos/Kapama to see what they are saying but I fear they will just have bought their debts and not be responsible for any of the actions of the company related to FOS complaints

[fletch70]

It a case based in law and I hope someone can link to it but I will check it out. An absolute assignment gives the new owners all the rights AND responsibilities . I would think that it all depens on exact timing of the FCA ruling and the sale.

[suzanne80]

I am in same position are you going to try enforce the decision in court. I won my case with FOS in Dec im owed money from them.

[acid53]

hi suzanne. fos told me to wait 28 days of which i have about 10 days to go. did fos give u a definitive final answer?

[suzanne80]

Yes I waited the 28 days and had no reply from Microcredit. Fos then said they have done all they can. They sent me a letter saying I can enforce the decision in court. So im trying for that now. You have to send a judgement and then assets can be taken to pay the money. Don't know if it will be a success but worth a try

[acid53]

i wonder if the forum moderators could ask any of the guys with legal knowledge to advise on the chances so that we dont spend any more money on it? my understanding is that minicredit do not exist as a company anymore so i dont know who can be taken to court?

 

its clear that minicredit have done the fca up like a kipper and anyone who has complaints like us. i have been raising this with months with fca and fos but it seems these companies can simply wind up and run with the money