Microcredit Limited have Ceased Trading as a Payday Loan Company

[suzanne80]

Yes legal advice would be good. They may still own part of the building so a charge can be put on the premises, also they have ceased trading in UK only it says on their site. They apparently are an Estonian company, part on Europe so we should have rights. My claim was settled in early dec before they ceased trading so cant believe they didn't settle what they owed, they did this knowing they were going to cease trading. They still should pay us as they then sold their debts. Very bad operation

[suzanne80]

Sorry about the spelling, rushed that email, hope it makes sense. If we owed them money, they would ensure we paid it. We should have some protection to ensure they pay us. Feel let down

[fletch70]

I have no legal qualifications but my understanding is that when a debt is assigned the new owner takes on the rights AND responsibilities

[suzanne80]

They seem to have sold all the debts to Opos and Kapama, but they have not assigned anyone to sort any money that they themselves owe. Do you think we have a case with Opos

[suzanne80]

The ombudsman decision is enforceable in court, it is just getting it in before they sell their assets

[acid53]

perhaps citizenb or one of the guys could get someone with legal knowledge to give us a steer on this? when i queried this with opos, they claimed they only have liabilities for the portfolio of debts they bought e.g if you were not a customer in debt which got sold then they have no rights

 

suzanne, that is even more frustrating than my case thn as i have just had my decision, as yours was determined before they wound up. what i cannot understand is how they were allowed to sell their debts without any clause or condition being included to honour existing complaints

[suzanne80]

Yes I agree how have they been allowed to do this. I have contacted Citizen Advice and they said although FOS gave them for legal advice they are not sure how to deal with this. I have also contacted a lawyer who told my to raise a judgement which is what I have done. But I am just so angry we seem to have no protection to get our money. Yet they ensure they sold all the debts. It is terrible the FCA have allowed this

[acid53]

absolutely shocking, given the behaviour of customers when minicredit were operating it would have hardly taken a mastermind to figure out they were likely to screw people over again.

 

also seems to me that there is nothing to stop other pdls doing the same?

[citizenB]

For those of you considering enforcing judgments against mini credit, it might be best for you to start threads in the Financial Legal Forums.

 

http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?170-Financial-Legal-Issues

 

then I can direct those with the "knowledge" to your thread(s) for advice.

 

One thing I am a bit confused about is.. have you been awarded judgments by the court or just favourable decisions by the Financial Ombudsman ?

[suzanne80]

enforcing an ombudsman’s decision in court This note explains why a consumer may need to enforce an ombudsman’s decision in court – and what this involves. But it shouldn’t be taken as legal advice. why do I need to go to court?

If a consumer accepts an ombudsman’s final decision before the deadline we set, the decision is “binding” on both sides. This means the business is required to put things right in the way the ombudsman tells it.

In almost all cases upheld by the Financial Ombudsman Service, the business does this without a problem.

But in a few cases, the business does not respond to a final decision. If this happens, we will first try to get in touch with it to find out why. And if we can’t contact the business – or it is refusing to comply with the decision – we report it to its regulator.

When Parliament made the law establishing the Financial Ombudsman Service – the Financial Services and Markets Act 2000 (FSMA 2000) – it made an ombudsman’s decision legally enforceable in court.

[dundeelaw]

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

 

The FOS Ajudicator was keeping me updated and told me that they are all in discussion to stop Microcredit from dissolving the company. My complaint has been with the Ombudsman for 3 months now. They are now writing their Final Decision based on the evidence they have as Microcredit have not been forthcoming with information requested by the Ombudsman.

 

I should hear within the next week or two. Fingers Crossed.

[suzanne80]

this is great news. But I hope they do as im unsure whether to spend anymore money trying to get my payment. They have ignored all correspondence from the court. I feel im getting no support. Mine went to adjudicator then they tried to enforce payment and that was FOS could do. then referred back to me to take legal action. But cant spend anymore as not getting anywhere

[acid53]

dundeelaw, did you adjudicator tell you this verbally or put this in writing. my case has been settled in my favour similar to suzanne and the position seems to be that there is nothing FOS can do so the info you have been given seems to be at odds with what FOS are telling us

 

suzanna, should we set up a thread in the financial legal forum on this? I'd be happy to support any action that you are taking financially if others believe there is merit in progressing this through court etc

[suzanne80]

yes that's a good idea, as we could put a charge on microcredit bank and the money comes out but it costs 100 and not sure if they have money in the bank, yes lets set up a forum

[suzanne80]

ive set up a thread

[suzanne80]

has anybody got the bank details for microcredit