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Microcredit Limited have Ceased Trading as a Payday Loan Company

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Effective from 16:00 Wednesday 10th December 2014, Microcredit Limited have Ceased Trading as a Payday Loan Company.

 

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Bet theyll just use another name.

 

edit: schedule 3 is concerning as opos is microcredit, and thats who they primarily 'sell' the debts too.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

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They will only sell the debts to them and the other named DCA. No more Loans can be given out and all interest and charges are suspended. I expect other Payday Loan companies to follow suit by the end of the month in time for the new FCA Regulation which take effect from January 1st 2015

 

Good Riddance! to Microcredit Limited.

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Thats my point. Theyre selling the debts to themselves that are chock full of bogus charges etc.

 

Schedule 3 says that they do not have to write off interest or charges, which is possibly why MC sold a huge amount of debts to them. In anticipation of this announcement.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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This is great news!

 

But I am wondering where it leaves people such as my partner who's debt was recently sold to OPOS Ltd and is full of extortionate charges. We currently trying to get OPOS to remove them but are they obliged to now Microcredit have ceased trading?

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According to that PDF, They dont have to remove the charges. Its now up to opos to decide to remove them or not. But since theyre all unlawful, it should be easy as they wont go to court as theyll have to declare them all as fair.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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To be honest, i dont htink opos have ever been to court. Normally when someone contests the charges, Opos quickly write them all off.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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To be honest, i dont htink opos have ever been to court. Normally when someone contests the charges, Opos quickly write them all off.

 

Thanks for the reply :). I've got a separate thread regarding OPOS about the charges. There has been a number of back and forth emails and now their finance manager is investigating them. We hope to have the resolution we want/deserve soon.

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Should have sent 1 email, then started a reclaim. if they screw around, go to court or file a formal complaint. By back and forth emails, and getting the ' finance manager' to investigate, they probably consider you gullible.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Should have sent 1 email, then started a reclaim. if they screw around, go to court or file a formal complaint. By back and forth emails, and getting the ' finance manager' to investigate, they probably consider you gullible.

 

We will be making a formal complaint should they not decide to remove the charges or get back to us with their response of their investigation. I know it does seem like we're gullible, we have spent a lot of time finding out our rights. How do we start a reclaim?

 

This is a fantastic forum but a lot of the threads are left open so trying to find out exactly what to do/how to do it is quite difficult.

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What exactly do you want to do.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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great news - one of the worst of them gone. I have a current complaint with FOS about unaffordable lending in, wonder how it will affect that. Tbh, I dont care - having read the horrible experiences that people have had on here with this lot, CFO and motormile, it is great to see the back of them

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Mini credit were bound to fold under the new regulations from the FCA. It's likely why opos seem to have come back on the scene again after being quiet for so long.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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renegade, do you think they jumped because of the cap on fees etc or where they pushed by fca because of past behaviour? who do u think is next to fold?

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What exactly do you want to do.

 

Have the unlawful and unjustified charges removed so my partner only pays back what he actually owes. I have a thread on here explaining my situation with Mini Credit and OPOS.

 

We contacted them for a full break down of the debt then told them we require them to remove the charges/penalties because they are unlawful and unjustified. I asked for advice and help about writing the letter to them but it fell on deaf ears. I'm not insinuating any negativity about this forum, I think its fantastic and we would be a whole lot more stuck without out. I try to write the posts in my threads step by step so to help others in the same situation. This is all fairly new to me so I don't really know what I'm doing. Sorry if this sounds offensive in any way, its really not supposed to!

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?437488-Remove-Minicredit-OPOS-unenforceable-charges/page3

 

Rosepetal's thread ^^^^

Edited by citizenB
added link to thread

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two points

the two companies that are taking on minicredits accounts both have the same address

 

Can anyone point me to the evidence that minicredit and Opos are the same company, I have looked but I can not find.

 

It was fairly obvious this was going to happen, looking at my credit report the outstanding balance doubled a couple of months ago .

The minicredit website is now taking applications and redirecting them to another company with offices on Princess St in manchester


Any opinion I give is from personal experience .

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renegade, do you think they jumped because of the cap on fees etc or where they pushed by fca because of past behaviour? who do u think is next to fold?

 

They were pushed as the OFT register already had a minded to revoke marker on it


Any opinion I give is from personal experience .

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Rosepetal

Without more details it is difficult to pass comment

I suppose the questions would be

How much did you borrow?

How much have you repaid?

How much do they claim you still owe?

 

In my case the figures are £220, £0 , £1200 or their abouts. I have not heard a word for 2 years now


Any opinion I give is from personal experience .

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great news - one of the worst of them gone. I have a current complaint with FOS about unaffordable lending in, wonder how it will affect that. Tbh, I dont care - having read the horrible experiences that people have had on here with this lot, CFO and motormile, it is great to see the back of them

 

All FOS Complaints regarding Microcredit Limited are being prioritised. I had this confirmed today as I also have a complaint in. The Ombudsman is already reviewing it and should have a decisionbefore the 29th December.

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two points

the two companies that are taking on minicredits accounts both have the same address

 

Can anyone point me to the evidence that minicredit and Opos are the same company, I have looked but I can not find.

 

It was fairly obvious this was going to happen, looking at my credit report the outstanding balance doubled a couple of months ago .

The minicredit website is now taking applications and redirecting them to another company with offices on Princess St in manchester

 

 

I cannot find any information either that the companies are related. Different Trading and Registered Addresses, Different Director for each company. The only thing they have in common is their company start date of 2008. It may be that the Directors of the two companies know each other and have an agreement in place to passs on the debts, other than that, there is no other information to support they are the same company.

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Thats my point. Theyre selling the debts to themselves that are chock full of bogus charges etc.

 

Schedule 3 says that they do not have to write off interest or charges, which is possibly why MC sold a huge amount of debts to them. In anticipation of this announcement.

 

I am aware they are not obliged to write off the charges and interest, however, they cannot add anymore interest or charges after 4pm on December 10th. The Charges and Interest can still be challenged by customers with OPOS and Kapama Ltd

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Woah!! Bloody hell!

This is awesome!

 

But worrying....

 

Update!!!!! ....

 

I have just received the following email...

 

Opos Reference:

Client Name: Kapama (Mini Credit - https://www.minicredit.co.uk)

Client Reference:

Amount Due: £1,063.00

 

Dear Fkofilee,

IMMEDIATE PAYMENT REQUIRED

We have been instructed by our above named client to collect the outstanding balance as detailed above.

 

You can make immediate payment by credit or debit card via our payment line by calling . You can also make payment and manage your account online by going to our secure website http://www.oposlimited.com (PIN:5770).

 

Cash Pay ment can be made into any branch of the Royal Bank of Scotland

 

Account Name: Opos Limited

Sort Code: 83-07-06 Account No: 10526682

Bank Transfers can be made directly into our bank account with Santander

 

Account Name: Opos Limited

Sort Code: 09-06-66 Account No: 43530927

 

If you are experiencing financial difficulties it would be beneficial for you to contact our Money Advice Section who can review your payment arrangement to be spread over a longer period of time and in line with your affordability. Please contact one of our trained advisors on who will be happy to talk through your situation.

 

Yours sincerely,

 

Opos Limited

a: 2nd Floor, 15 Meadowbank Street, Dumbarton, G82 1JR

t:

f:

e: general@oposlimited.com

w: http://www.oposlimited.com

 

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

 

 

Dear Fkofilee,

 

 

 

After our internal investigation we are able to confirm that it is highly unlikely that You took out the loan Yourself. We have contacted Call Credit to make them aware that the loan was taken fraudulently. We have also asked them to delete the account and any corresponding searches. This request can take up to 10 days to be completed. You are not liable for any balance created in Your name and You will not receive any more unsolicited correspondence from minicredit.co.uk about this loan.

 

It is always regretful when fraud occurs and we hope that we have helped alleviate Your concerns in this instance. If You have any further queries, please contact 0871 890 30 15.

 

 

What do i do?!?!?!?


 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

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I would write back enclosing a copy tell them you want confirmation from them and also get a complaint in to fos


Any opinion I give is from personal experience .

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Thanks for that email. Proof that the 3 companies are the same now exists. Why on earth the FCA havent done anything about it is beyond me.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Renegadeimp

Maybe I have missed it but can you please explain to me where the proof that the three companies are connected it. We know that two of them share the same address so are connected but not minicredit.


Any opinion I give is from personal experience .

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