What do I do next re Capital Finance One?

[buttercup04]

Hello, I'm new to these forums and have been reading through this part of the forum with interest as I am having some major problems with Capital Finance One.

 

I took out a loan with Capital Finance One early last year and then went into a DMP with Payplan. I have been paying them since then and there was a couple of occasions late last year when CFO got money from my debit card but I moved banks and changed my debit card details and there were no further problems.

 

In July, I was a bit short on money and applied for a Payday Loan online, turns out that the company were a subsiduary of CFO and when their page came up I panicked and realised that they would now have my debit card details. Needless to say on my payday on 31st July, a total of £421 had been taken from my account by CFO. I contacted my bank's, Lloyds TSB, fraud department who told me that they couldn't refund the money but would put a block to prevent CFO from taking any more money.

 

After carefully watching my account for the rest of the month, no further transactions were taken from CFO so thought that Lloyd's block must have worked. On my payday on 31st August, I checked my account and CFO had again taken money from my account totalling over £500. I contacted Lloyd's fraud department who passed me to disputes and they informed me that the money will be paid back into my account tomorrow (Tuesday). When I asked them about the block, they told me that they can't block CFO from taking money and that I could be having to go through this whole rigmarole every month of contacting the bank, getting refunded and in the meantime my bills aren't getting paid or being paid late because of all this hassle.

 

Can Lloyds stop CFO from taking any more money? I moved to Lloyds from RBS because I had similar problems there so don't want to have to move banks again if I have to as my credit is not good and don't think I will get accepted elsewhere. Any advice you can give would be appreciated and I apologise for this being such a long post.

[renegadeimp]

They can block the transactions. Your bank is breaking the law by doing what they are doing.

[buttercup04]

Thanks for your reply, renegadeimp. What can I do though to sort this as not sure where to start?

[BornThisWay]

Buttercup if you read the thread on here which is marked 'Resolved' you will see that your bank is being lazy and that in fact they can stop the transactions if they can be bothered. The FSA has ruled that a bank must take an instruction from a client to stop a continuous payment authority of the type Capital Finance One are claiming to have.

 

If you read that thread you will see what you have to say to your bank, and the reasons why they cannot let CFO keep helping themselves to your money.

 

You have learned the lesson that I have posted about elsewhere - if you apply for another payday loan you run the risk of CFO getting your bank details and they will not hesitate to take money - whether you owe it to them or not.

 

But first things first - write to your bank telling them that you withdraw the instruction to pay CFO any more money and that you will go to the FSA if they continue.

[renegadeimp]

Also, get chargebacks started and if the payments were made on a visa card, dont take no for an answer.

[Ell-enn]

What was the name of the other payday company?

[buttercup04]

Ell-enn, the payday company was Money Majesty.

 

BornThisWay and Renegadeimp - Thanks for your replies. I am going to look at the thread that you suggested and am also going to look into taking this further as well.

 

Plan to find out the details for Lloyds TSB Customer Relations to see if they can sort me out with a new account as I am getting no help whatsoever with Branch or their call centres. I contacted Disputes this morning as money not back in my account yet. They told me that it will be in my account by lunchtime so will be keeping an eye on my account to see if that happens.

[Ell-enn]

thought as much - time for a complaint to trading standards - there is nothing on Money Majesty site to indicate they are owned by CF1 - they are using it as a debt-collecting tool !! Did you receive a text from Money Majesty asking you to apply?

[buttercup04]

Yes I did receive a text from Money Majesty. Whenever I have applied for payday loans I do tend to look at the bottom of the page on the website to check that they aren't affiliated with CFO and as you said there was nothing on the site to indicate that they were.

 

I have managed to get a name for someone in Customer Relations for Lloyds so have emailed them and now awaiting their response.

[Ell-enn]

Hi Buttercup, in order to get to the bottom of how CFO got your new bank details (we need to prove this to take further action), you should send a Subject Access Request to CFO it will cost £10 but they must respond with all information they have on you, including intereaction with other finance companies - so that should show how they got your details. We can help you word the S A R as there will be specific details you need to request from them.

 

We really need to get CFO taken to task by the authorities about this, people need to know that when they apply to other PDL companies there is a risk of their bank details being passed on to other companies who they may owe money to.

[BornThisWay]

El-enn I would be grateful if you could post the details on here as I too would like to know how CFO got my bank details and would like to send an SAR.

 

It is beyond my comprehension how these bottom feeders avoid any reference to the Data Protection Act, which is taken very seriously by all the other financial institutions!

Edited September 5, 2012 by BornThisWay

[buttercup04]

El-enn, if you could give me the information to help me submit a SAR then I will quite happily do that.

 

I haven't had a response yet from the person at Lloyds TSB I emailed, they haven't even acknowledged it so don't know if it is being dealt with or just being ignored! Not going to give up, will try and get another name or if anyone on here might have an email address for one of the head honchos at Lloyds then I would be really grateful if you could give that to me.

[Ell-enn]

Hi Buttercup & BornThisWay, affixed is the SAR letter for CFO. If you don't have an account reference number just delete that part - your name and address will be enough for them to find our file.

 

Make sure you send the letter by recorded delivery (and that you have the correct address for them). You will need to affix a £10 postal order - it is VERY important that you write on the back of the postal order in capital letters "Fee for Subect Access Request Only" - also write your name and address on the back. Keep a copy of the letter and take a photocopy of the front and back of the postal order and staple to your copy of the letter.

 

A few days after posting check on the royalmail website to print off the signature receipt and keep safe with the letter.

SAR for PDL companies.doc

[BornThisWay]

Brilliant El-enn - thank you so much. That should shake them up a bit and well worth the £10!!!

[Ell-enn]

Don't forget to send by recorded delivery and make sure you follow the instructions for the postal order in my post above - lets see what they respond with, should be interesting!

[buttercup04]

Thanks for that El-enn, will keep you posted.