CFO problems. Please assist

[kikucitis]

Could someone help me, with capital finace one charges i dont understand them , in december i took loan out 150 pounds, i paid on january interest 58 pounds, rollover, in start february it was refiance for onather 140 pounds, so my interest i paid 130 pounds, totalloan amount l is 290 pounds, this month, is 180 interest, everytime i pay inteerset, rollover, they add the same rollover money to loan money and putting 39 %, now if i would want to pay loan of is 484 pounds even i paid rollover money (interest) every month, how it ccan be from 290-to 484?

[silverfox1961]

Hi and welcome to CAG. I have moved your post onto a thread all of its own as you will get more help that way.

 

On to CFO

My suggestion is to stop rolling it over, contact them in writing and offer a monthly amount you can afford on condition they stop all interest and charges. If they ask you to phone them-DON'T. They will 'cajole' you into paying more than you can afford.

 

Do not worry about the phone calls you may get or the threatening text messages. They can do nothing without a court order.

 

What you must do is revoke their right to continuous payments. Here's how

http://www.consumeractiongroup.co.uk/forum/content.php?850-Continuous-Payment-Authorities-How-to-stop-them

Send that to CFO and your bank. Once that is done, if the bank then allow a payment, you can have them for unfair treatment.

 

More info:

http://www.guardian.co.uk/money/2012/feb/24/continuous-payments-authority-know-your-rights?newsfeed=true

[kikucitis]

i tried last month to offer them payment plan, they wont have it, they said, it will be past to debt collcetor,i have read so many threads about CFO how bad it can turn, i am affraid they can turn up to my house, or contact my work?

[silverfox1961]

No they cannot. CFO will pass the debt to MT Collect who are CFOs plaything. They will send you text messages saying they are on their way to raid your home if you don't pay NOW. This is bovine excrement. They can do nothing to you without the assistance of the courts. They won't turn up. They don't have the bodies to do so.

[kikucitis]

Put my charges will go up every day and if they will agree for payment plan i propably will be paying only interest? because they just will be putting up charges? But will MT collect will agree to payment plan, i have read they never do, and sometimes empyying bank accounts all the time!!!!

[silverfox1961]

This is why you must revoke their permission to the contiuous payment authority.

Also as a second line of defence, you could tell your bank that your card may have been compromised. They will then cancel your existing card and give you a new one

[kikucitis]

if i will do that, they still will be putting charges on my account?

[silverfox1961]

You should read around the forums. Most 'charges' (and in CFOs case-'fines') are unlawful and once levied, can be either removed (if you haven't paid them) or refunded (if you have paid)

You will see opinions about the loan plus one months interest is all CFO can claim. We are yet to see any proof that this is in fact, fact

[kikucitis]

Even if i pay interest this mont, they putting interest amount on agian, plus 39%, and it keeps rising even if i pay interest every month, it should be only loan amount, thats is with onother payday oans, but CFO is charging 2 interest in month?

[matt3333]

I have had a call from Red Bridge trading standards, They have had a lot of complaints about CFO and are investigating them. Trading standards are unable to get involved in indvidual cases but will consider all complaints they recive as evidence against CFO. If any one wishes to email a complaint to redbridge TS thier email is

community.safety@redbridg e.gov.uk

 

[matt3333]

Could someone help me, with capital finace one charges i dont understand them , in december i took loan out 150 pounds, i paid on january interest 58 pounds, rollover, in start february it was refiance for onather 140 pounds, so my interest i paid 130 pounds, totalloan amount l is 290 pounds, this month, is 180 interest, everytime i pay inteerset, rollover, they add the same rollover money to loan money and putting 39 %, now if i would want to pay loan of is 484 pounds even i paid rollover money (interest) every month, how it ccan be from 290-to 484?

Complain to trading standards and OFT about theese charges use this guidance to help with your complaint guidance.pdf

 

It certainly seems that they have rolled your loan over to unsubstainable levels with out assesing if you were able to afford it. They are also less than transparent when it comes to explaining their finance charges. They are supposed to make sure you understand what you are apllying for / total cost of credit.

 

I also suspect that you may have some form of learning difficulty, I only say this because of spelling mistakes and you state you have difficultiy understanding the charges. If this is the case the CFO are supposed to take mental capacity issues in to consideration when offering credit and you may be further protected under the equality act. Seek free indepenent legal advise from citizens advice. I dont wish to be offensive in pointing out this possibility I also have learning difficulties.

Edited March 12, 2012 by matt3333