No more debt collections for Help Loan

Collection agents will no longer attempt to collect loans from people who never agreed to them, based upon a fraud committed against a company called Help Loan.

Help Loan is a payday loan company, owned and operated by MCO capital.  Help loan was apparently defrauded by fake loan applications that were made in other’s names.  Intrum Justtita, Help Loan’s collection agent, will no longer attempt to collect on the fraudulent loans, it was recently announced.  They are apparently dropping the account.

Anyone who was contacted by the collection agent regarding a fraudulent loan has been advised to contact all of the three credit reporting agencies, Experian, Call Credit and Equifax, to determine if they are the victims of other credit fraud as well.

The London Police are also on the case and will be contacting everyone affected as part of their investigation.

Help Loan is still apparently in business despite the fraud, as their website is up and offering loans.  The company just began operations back in the summer and issues loans from £50 to £300 at high rates.

The idea is to help get strapped consumers from one payday to the next.  The loans are approved based upon work status and bank accounts.  They have to be fully repaid 28 days after the loan.

A representative of MCO Capital has said that the company is extremely upset about all of the fuss and guarantees that no one except Help Loan and MCO will lose money because of the fraud.