I am a bit like you since I do not have ML/MR in my squad. I faced this formation 3 times already this season and played my classical 4-5-1 V (attacking arrows on both my wingers + 1 MC). I won 3 games (5-0, 4-0, 4-0) very easily including one this morning in cup against a very good opposition.
But, here your problem seems to be the overall quality Try this but defensive with counter-attacks. Be patient even if you are down by 2 and switch to normal in the last 20 mins if everything looks bad.