By far the worst company to deal with!!

[wigan89]

Hi everyone,

 

I stupidly borrowed £400 off these idiots back in December/January which i could not pay off. They kept taking money out of my Lloyds TSB account totaling £100 which put me in a mess with my account and now i owe nearly £1000 to Lloyds for charges and unarranged overdrafts!

 

The problem i have is now 6 months down the line, with no contact at all apart from a couple of texts a few months ago threatening me with the bailiffs, i got a call from a women who worked for them saying i now owe CFO £1000, so the £400 loan is now at £1000.

 

I told her i wouldn't be paying it and why hasn't this been defaulted on my credit file or sent to the debt collectors, the stupid women didn't have a clue what she was talking about and ended up saying she would be happy to accept £550 within 10 days of the phone call.

 

I asked her why letters haven't been sent out and she said it's my fault why the loan is now so high because i never got in contact with them, but i sent numerous emails trying to arrange a repayment plan months before.

 

How do i deal with these people? I don't want to end up paying £5000 on a £400 loan! The idiot even ended up putting the phone down on me.

 

Thanks for any help.

[renegadeimp]

Did you tell your bank the problems you had with the creditor and the transactions were not authorised? They cannot threaten you with bailiffs either. You MUST start making full and formal complaints.

 

You also shouldnt be talking to them on the phone. Theyve offered you a discount which means they know all the charges are unfair and unenforceable, and by you keeping in contact with them, theyve marked you as a cash cow.

 

As long as you have everything in writing, if it ever goes near a court, you can show a judge exactly what they are doing and the fact they are adding on unlawful charges purely to self enrich themselves.

 

 

Again, do NOT phone them unless you can record the call in full. As you found out, they will say and do anything over the phone, then deny it when questioned later, as there will be no evidence.

[wigan89]

Thanks for the reply

 

Yes i told the bank, but they've been providing me with an unarranged overdraft to pay these people, so now i'm in a lot of debt with Lloyds TSB. I haven't called CFO or writen them any letters, the only time i've spoke to them is when they called me.

 

The thing i'm most worried about is how much the debt currently stands at now, 12 months down the line this could be sitting at £3000 or something silly. What can i do now? Should i let them keep calling or should i be waiting for letters or even send them letters?

 

Thanks

[renegadeimp]

You need to put in a full complaint to your bank. They should have stopped the transactions and refunded them if they were unauthorised, and not simply given you an overdraft so they could get money out of you.

 

As for CFO, ignore their unenforceable charges. You only owe them the original loan plus original agreed interest and any fair charges thereafter. It seems they have you marked as a cash cow, and are adding on more and more stuff. It wouldnt surprise me if they started offering discounts soon either.

 

I'm thinking that theyve marked you as an easy target and will try and get a judgement by default further down the line.