Capital Finance One emptied bank account

[magictorch1976]

Hi all

 

Please can I seek some advice? My bank account has been cleared by Capital Finance One, (worst ever people to deal with,) and this has left me in a case of hardship i.e. no money for rent, bills etc.

 

During August 2010, I applied for a PDL with CFO. This was in addition to a number of other debts I had and on reflection, it was a stupid thing to do. However, when faced with the choice of eating or not, I felt I had little choice, having already explored other options.

 

As the end of September 2010 approached, when the loan was due for repayment, I realised that I was not going to be able to meet the repayment and after years of struggling financially, I conceded to a debt management plan with debt-line.org.uk.

 

Whilst going through the process of setting up the DMP, I switched banks from Barclays to RBS with a view to starting with a clean slate. This meant that the card details held by CFO were now invalid. I received a few emails from CFO advising that I was in arrears and the total debt owning ended up at £762.19.

 

They were contacted by Debt Line and advised of my position and in December 2010, cashed the token payment cheque from Debt Line to the value of £1. I was also aware that they cashed the first real payment of £22 on the 25th January 2011. By all accounts, this points to the fact that they accepted the DMP.

 

During early January 2011, I had to pay out some vet bills, totalling just over £200. This was a total and unexpected nightmare but the pet being insured, I thought I could handle the situation by applying for a further small loan, with the intention of paying it back as soon as the insurance cheque arrived.

 

I tried a number of websites, most of which declined. I didn’t pay a lot of attention to whom I was applying through because I was trying to do it in my lunch hours at work and speed was required rather than doing what I would normally do and check these things out carefully. Again, in hindsight stupid idea, but I was desperate and probably not thinking too clearly.

 

I came across payday credit dot co dot uk which on the face of it, appeared to be a “lender” not a “broker” and I entered all the usual details, (including debit card,) and submitted my application. This came back as “approved” and up came Capital Finance One’s “approval” page asking for more details. I clicked out of the website at that point thinking firstly I already owed them money and it would be irresponsible to proceed on that basis.

 

As it happens I never got the money from anywhere else and my vet has been rather more than understanding.

 

Proper payday, (rather than payday loan,) was 28th January and I logged onto internet banking, (I bank with RBS) in the morning just to confirm, as I guess we all do, that I had been paid. There was a debit card payment pending for £400. I called the bank immediately asking what this was for and they advised it was to Capital Finance One, whom had been trying to take payments since 24th January, which had all been declined. After coming off the phone to them, I noticed another payment had arrived on the screen, this time for £362.19! In essence, having been paid just 8 hours before, I was now overdrawn by £250, with no overdraft limit.

 

Phone calls to CFO for the next few hours proved fruitless. They never answer the phone. I tried to escalate this within the bank by speaking to their Fraud department who in essence have been useless. They tow the line that because I have an outstanding loan with the them that they are well within their rights to do this, despite me trying to impress upon them that they obtained my card details deceptively, (remember that they never had my card details originally because I my banking relationship with RBS began after entering into the DMP and CFO were never given my new card details.) Also, they accepted the fact that I was on a DMP because they cashed the cheques.

 

I finally got through to CFO and considering this was the first time I had spoken to them, their vision of customer service is not worth writing on toilet paper, i.e. they have none. I won’t go into details other than I found the “call centre” operative I spoke to the most common and useless girl in the whole world and her supervisor even worse. They insisted the loan was settled in full and that they would not consider refunding any part of it to me. I tried to impress the whole DMP thing on them and that I had never proceeded with my application but because I had “applied for more credit,” this obviously gave them the right to clear my account because it’s in their terms and conditions! I can’t pay for anything. My regular payments are all going to bounce and RBS will no doubt charge me for the privilege.

 

My questions really I guess are:

 

1. Is the fact that they can apparently do this and it’s in their “terms and conditions” an unfair contract term and;

2. Seeing as RBS Fraud won’t help me, they have suggested I speak to the VISA Debit Chargeback team, (which I can’t do until the pending transaction is claimed in full by CFO.) Do you think this is a good route to go down?

 

I am extremely concerned that they have deceptively obtained my card details and debited my account with no prior authorisation or warning. Surely they should not be allowed to do this? They had accepted my DMP. What I am doing outside of my DMP is none of their business and quite frankly, I am appalled at their business practices. I understand I owe them money, (with extortionate charges,) and I explained I was paying back at a rate I could currently afford. This could have changed this year with me being able to clear it at a faster rate. On another note, my card payment to my DMP has declined now which means my other creditors won’t get their fair share and I am now breaking my agreement with them. I am so angry!

 

Advice, pointers etc. are much appreciated.

 

Thank you in advance. Have a good day.

[julianrob77]

Hi there

 

sorry to hear about your troubles, i myself have come foul of this problem.

 

never sign up to a payday loan that uses your bank card.

 

i have to say though i dodged a bullet with capital finance one. they charge an unreal amount for letters and the penalty charges are verging on the illegal in my view. i would contest any of these charges openly- i suggest you write to them and say that you are taking legal advice.

 

it is also unfair that they repeatedly debited your account- thus incurring returned payment fees.

 

i have to say the era of these vultures must come to an end soon. it cannot continue.

 

J

[zakkhan]

Hi Magictorch1976

 

I have had the same probelem with CFO. My story is very simialr to yours and found that CFO had cleared my account of £1550. They took £25 four times, £50 once and £200 seven times all within a period of half an hour.

 

I too bank with RBS and was wondering if you managed to get your money back. If so, how?

 

Any help or advise would be greatly appreciated

[asmilecostsnothing]

I recommend you get complaining.... and loudly

 

First stop could be the BCCA - Thats short for British Cheque & Credit Association can be found on the internet - use their website to make contact tell them whats happened

Capital Finance One have a membership with them and signed up to follow a code of conduct

 

When it comes to CFO - complain

Also be aware they use other names and aliasis

[LindaSmallman]

Here's their Managing Directors Details:

Capital Finance One06736553 Categories:

 

Consumer credit Credit brokerage Debt administration Provision of credit information services, excluding credit repair Provision of debt-adjusting on a commercial basis Provision of debt-counselling on a commercial basis

 

Right To Canvass Off Trade Premises:No

 

 

Trading Name(s) (Current):

 

Money Resolve Payday Advanced Payday Credit Payday First

 

Issued Date: 17-Dec-2008

Date Maintenance Payment Due: 16-Dec-2013

 

 

Legal Formation:

 

Body Corporate (incorporated inside UK)

 

Current Individuals that run the organisation:

 

NamePosition James Keeble

 

Nature of Business:

[42man]

Whistleblower....please do not keep posting your personal email addresses on these threads - I have sent you a PM.

[Rec]

Magictorch, did you resolve this? They have just done the same to me and any advice would be appreciated...

 

Many thanks,

[Bradders73]

Have any of you resolved this... They just done me go £1170 can't pay mortgage or direct debits left me with nothinh

[renegadeimp]

Get a chargeback issued with your bank. Dont take no for an answer.

[Bradders73]

Get a chargeback issued with your bank. Dont take no for an answer.

 

Ive asked for one.. Do they have to give me one? I've had no reply yet.

[caledfwlch]

Magictorch, did you resolve this? They have just done the same to me and any advice would be appreciated...

 

Many thanks,

 

Ive asked for one.. Do they have to give me one? I've had no reply yet.

 

Hello guys, this happened to me at the weekend with CFO!

 

My Thread is

http://www.consumeractiongroup.co.uk/forum/showthread.php?359900-CFO-drained-my-account-Unauthorised-Debit-Card-Transactions

 

I managed to get Natwest to perform a chargeback - you will need to be firm with the call centre on the phone, show you know your rights and are sticking up for them. Their "policy" that they cannot do a chargeback when its a loans company taking unauthorised payments is complete rubbish. No company can bring in a "policy" that overrides your lawful and legal consumer rights.

 

I also pointed out to the lady I was dealing with, that if I end up having to make a formal complaint with the Financial Ombudsmen, Natwest will be charged a £500 "investigation fee" regardless of whether my complaint is upheld or not, which seems daft over £100.

 

All the links for the relevent info & legislation is over in my thread

[Bradders73]

Hello guys, this happened to me at the weekend with CFO!

 

My Thread is

http://www.consumeractiongroup.co.uk/forum/showthread.php?359900-CFO-drained-my-account-Unauthorised-Debit-Card-Transactions

 

I managed to get Natwest to perform a chargeback - you will need to be firm with the call centre on the phone, show you know your rights and are sticking up for them. Their "policy" that they cannot do a chargeback when its a loans company taking unauthorised payments is complete rubbish. No company can bring in a "policy" that overrides your lawful and legal consumer rights.

 

I also pointed out to the lady I was dealing with, that if I end up having to make a formal complaint with the Financial Ombudsmen, Natwest will be charged a £500 "investigation fee" regardless of whether my complaint is upheld or not, which seems daft over £100.

 

All the links for the relevent info & legislation is over in my thread

I tried all the things in your thread to get a charge back from NATIONWIDE the 1st lady hung up when I started quoting the FSA. The others I spoke to didn't seem to know what I meant they just kept telling me they have to investigate it 1st. Eventually I got an email telling me they've re credited my account for the full amount but out of there own funds not a chargeback. They say they will redebit my account if CFO provide relavent documentation. I'm afraid that just because I owed CFO money nationwide will take there side.

Is this right?

[AngryDover]

Hi Bradders,

 

Think you need to contact the Nationwide Head office Customer Relations team and make sure you make an official complaint! Don't take no for an answer!!! They have to do the chargeback and then investigate it, also try amending the letter I sent to Barclays for your needs (CFO Emptied my account Too!)

 

Good luck!

[Old Cogger]

Read this may give you an Idea of Regulations+

Cancelling a regular card payment FSA RULES CONTINUOUS PAYMENT CARD.doc

[Old Cogger]

also this: -

Some customers their right to cancel recurring payments.doc

[cazzya]

I got into financial trouble as most of you have and did not repay a payday loan. Recently I changed banks and got a new job. As I missed the payroll cutoff it meant I had no money for 6 weeks so very stupidly I applied for a payday loan. I put all the details in and of course was refused for which I was actually grateful and my family helped me out. I thought no more of it until one of my DD's failed. CFO had cleared my new account and also tried to take 17 x £25 in one day. The upshot it is that the bank refund me now as soon as CFO take the money. CFO have refused to repond to the Visa dispute from the bank and I got no response to emails. I don't even know the name of the website as CFO go under so many different names. Today someone called me re payment and I hit the rrof when he said he was from CFO. Basically he states that in the terms and conditions it states that I agreed to them using my new details in the reapplication and they will continue to try and take payment. When I told him to only contact me via email or post he stated quite openly that they will call me every day until I pay. I shouted at him which was not proffessional but felt good! The battery went on the phone so presume they will keep calling and taking money. The good thing is that they have to prove the terms are legit as every Visa dispute they lose goes against them. The bad thing is that he refused to send me terms and conditions and in my anger I forgot to ask which website it was.

[BankFodder]

http://www.consumeractiongroup.co.uk/forum/announcement.php?f=84&a=253

[Domsmith19]

I also took out a loan in December 2012. And to cut a long story short I didn't pay it and the debt went from 150 to £1900 in 8 months.. Since I applied for the loan I have changed my debit card, and yet this morning looked at my bank balance and CFO had taken all the owed amount! I have no idea how they got my new bank card details! But surely this is now an unauthorised transaction! As I have a new security number etc.. And their 'call centre' staff are disgraceful! The 'woman' I spoke to shouted at me and then hung up the phone! Where's the best place to start a complaint!?!?

[renegadeimp]

Tell your bank to do an immediate chargeback, as the money was compltely unauthorised. Do not take no for an answer. THey can do an immediate chargeback. Also, STAY OFF THE PHONE TO CFO. They are the bottom of the PDL's and as youve seen, will willingly steal from people whenever they can.