Happy days oft license revoked:)

[Placidbob]

http://www.credittoday.co.uk/article/14257/online-news/oft-revokes-payday-lenders-licence

 

"MCO Capital Limited (MCO) has been fined £544,505 and has had its consumer credit licence revoked for breaches of the Money Laundering Regulations 2007."

 

http://www.guardian.co.uk/money/2012/aug/09/payday-lender-licence-revoked?newsfeed=true

 

Better information on this one

[renegadeimp]

Toothfairy still exists... for now.

[Placidbob]

Thinking on it toothfairy has two trading license' with MCO and another company so they might survive this one. All the same a good result:) Also assuming this goes through and they fail the appeal, where will that leave the customer? Is the debt still owed?

[ihateyes]

Thinking on it toothfairy has two trading license' with MCO and another company so they might survive this one. All the same a good result:) Also assuming this goes through and they fail the appeal, where will that leave the customer? Is the debt still owed?

 

debt will still be owed. they will sell to another company who should be easier to deal with

[renegadeimp]

Yea, but SC will sell the debt for 7-10% of the full amount and the New owner will make a 1000% profit if the debtor pays back the full amount. IMO selling and buying debts should NOT be allowed. But we all know that will never happen.

[Mark2012]

If the company has had their credit licence revoked can you not apply to court and ask for the credit agreement to be voided due to the fact that the company who signed it was found not fit? Maybe a silly question but thought I ask it just looks logical to me. How can they be unfit to carry a license but their agreement still have value. And I am not talking about the original amount borrowed but the thousands of charges they have been asking us to pay back which instigated a lot of us to make a complaint and get them investigated.

[sequenci]

There might be something in that Mark. Not sure just at this point, will try and look into it.

 

Renegade, where did you get this 7-10% from?

[renegadeimp]

It's been stated on here in a few threads by a few admins over the years plus google searchs can bring up approx numbers. I simply relayed it. If im wrong, im wrong, but theres a lot of info out there.

[sequenci]

No worries. I think the stats can differ wildly depending on how old the debt is, and potentially the value ot the debt also.