I have been tracking this company down.......

[BornThisWay]

To enquire why they keep taking money out of my bank account.

 

They now seem to be CFO Lending and astonishingly offer payday loans where you repay £49 per £100 borrowed - an APR of 11,873.8 !!!

 

At what point precisely can they be reported as loan sharks? The companies who charge £30 per £100 have eye watering APRs but surely this is just illegal?

 

I can't believe that they are allowed to trade given that clearly their clients will be driven into bankruptcy in a very short time!

[renegadeimp]

Unfortunately they are well known and they work within the law, although on a very fine line. The other payday lenders do this too.

[BornThisWay]

Then the law definitely needs changing. If they charge this APR I can't begin to imagine what there charges are for missed payments, etc.

 

Do they ever take anyone to court, because I really would like to hear a legal view on what they are doing?

 

I am going to write to them and ask them what they think I owe them - I believe it to be nothing - but having looked at this I assume that if even £1 was left outstanding it is probably now £1,000.

 

Obviously I am not going to pay them, let them take me to court and prove that I owe them anything!

 

Have had to change my bank account 'though

[renegadeimp]

Have a really good read of this forum. There are many stories, some good, some bad.

 

However in response to your first post, have you ever taken a loan out with a PDL, or with CFO?