Any success for repayment plans CFO?

[Oceanic83]

Hi Guys

 

Been a while since I have been on here and I currently have an outstanding loan with CFO which is capital 750 and interest around 270, so totals 1020.

 

I have already been in a loop of paying off and taking it back out again, or rolling over interest - stupidly, I know.

 

I have been scouring the net and indeed this forum for any hint of people getting success with a repayment plan for CFO - is this even possible??

 

I can afford to split the entire balance into 4 months, I can't afford to make it any shorter term than that. I am considering cancelling the CPA and advising my bank and then telling CFO. Also telling bank that my details are compromised and will ensure they do not allow CFO to take money from my bank. In anyones experience do you think CFO would accept this form of repayment plan - I know some people struggle and have to offer only token payments, so hoping there is a glimmer of hope that this is not going to completely destroy my life.

 

Thanks

[renegadeimp]

With repayment plans, work out an I&E and allocate them what you can afford after your high priority bills and other creditors are paid. Remember, they are not above any other creditor, and if y ou can only afford £1 a month, then thats all they get.

[Oceanic83]

With repayment plans, work out an I&E and allocate them what you can afford after your high priority bills and other creditors are paid. Remember, they are not above any other creditor, and if y ou can only afford £1 a month, then thats all they get.

 

 

Thanks for replying! I can afford splitting to 4 or 5 monthly payments but just can't afford the whole thing at once nor the rolling interest loop of hell. I'm a bit scared of whatever tactics they might try on me based on the horror stories on this forum.

[renegadeimp]

heres a quick and rough step by step list to follow. Step 1 is the most important thing.

 

1. Secure your bank account. Cancel your card and any DD's relating to CFO. Also, cancel the CPA on the account that they are guaranteed to have put, or consider opening a parachute account.

2. Write ( do not phone) CFO and advise them that you are going to be defaulting and would like a repayment plan. Make sure you work out an I&E so you know you can afford it and stick to the agreed repayments. Also make sure you state that you want all charges and interest stopped while you are on the repayment plan. (This is important)

3.If they are adamant in their response that you have to do what they say, then i can help you with a letter that will make them sit up and take notice.

4. If they think that you have to do what they say, then you need to form a complaint with the OFT ( their regulator), and file a formal complaint with CFO and demand their final response within 8 weeks.

 

 

Also be aware, that they WILL try to contact you under the guise of CFO resolve. If you get any emails or letters relating to this, PLEASE let us know, as it is extremely unlawful and is bordering on criminal activity.

[Oceanic83]

heres a quick and rough step by step list to follow. Step 1 is the most important thing.

 

1. Secure your bank account. Cancel your card and any DD's relating to CFO. Also, cancel the CPA on the account that they are guaranteed to have put, or consider opening a parachute account.

2. Write ( do not phone) CFO and advise them that you are going to be defaulting and would like a repayment plan. Make sure you work out an I&E so you know you can afford it and stick to the agreed repayments. Also make sure you state that you want all charges and interest stopped while you are on the repayment plan. (This is important)

3.If they are adamant in their response that you have to do what they say, then i can help you with a letter that will make them sit up and take notice.

4. If they think that you have to do what they say, then you need to form a complaint with the OFT ( their regulator), and file a formal complaint with CFO and demand their final response within 8 weeks.

 

 

Also be aware, that they WILL try to contact you under the guise of CFO resolve. If you get any emails or letters relating to this, PLEASE let us know, as it is extremely unlawful and is bordering on criminal activity.

 

Excellent. Thanks very much. My bank are pretty good at preventing unauthorised transactions if I tell them in advance. Been trapped in CFO loop since Feb and want out ASAP! Will let you know how I get on

[renegadeimp]

Make sure you tell your bank SPECIFICALLY, and in writing that you want all transactions and the CPA cancelled with immediate effect. Your bank CANNOT refuse to do this. They are breaking the law if they do.

[Oceanic83]

Will get something written up this week and deliver it to the bank in person along with copies of the documents to confirm that they must take my instructions.

[renegadeimp]

If you need help, let me know. It is very easy to get it cancelled, you just need a carefully worded letter, and to put your foot down.

[Oceanic83]

I've been to my bank and they confirmed that a CPA has never been used and that they will refund me if one is activated. I've reported card lost/stolen so new one being sent out with different numbers etc - current one blocked. Emailed CFO revoking CPA authorisation and advised that any attempts to take money are now unauthorised transactions. Requested 6 months with stopped interest am charges. Also insisted only written comms and any attempts to call my work will result in formal complaint to OFT.

 

How long you think they will take to respond. Loan due in over a week.

[renegadeimp]

CFO are random with replies. With your bank, you need to tell them to block all transactions to CFO and its merchant. You also need to get confirmation in writing.

[renegadeimp]

Also, thats very straneg your bank said that CFO arent using a CPA. That is their normal way of taking money from an account. Its well documented. Perhaps theyre changing tactics?

[Oceanic83]

They've always used my debit card to take money from me. Will I DM you my letter and you can take a look? Will remove my personal data though. Don't want to put it up on here.

[Oceanic83]

Oh I can't DM. That's annoying

[renegadeimp]

Post the letter up on the forum. As long as you get rid of personal info, it will be fine.

[Oceanic83]

Hello,

 

 

 

 

Please take this as official notification that I revoke you from using the continuous payment authority on my bank account and that the only communication method that can be undertaken is through emails to this registered email address alone : xxx@xxx .com

 

I require an email trail of this notification and future communications if I must make any formal complaints to yourselves and the financial ombudsman.

 

I have been trapped in an endless loop of payday loans and this has led me to extreme levels of stress and financial hardship which has also had an adverse effect on my health. I am unable to continue servicing loans on a continuous loop and I am writing to advise that I will default on my loan which is due on xx/xx/xx. I am also writing to request a reasonable repayment plan through which time all interest and charges must be stopped. Having considered my income and expenditure I can afford to pay the current outstanding balance over 6 months in equal instalments only.

 

I would appreciate your cooperation and acceptance of this request and then close my account once the final repayment has been made.

 

I will not accept telephone calls to discuss this, this must all be in writing. I am also revoking any authorisation to contact my employer and any attempts to call me at work will result in a complaint to the OFT.

 

I intend to make the first scheduled repayment on the due date and would appreciate if you could give me the sort code and account number plus any reference required for making such payments.

 

I have also advised my bank (account ending xxxx) that you have been revoked from using CPA and that any attempts to take funds from my account are now classed as unauthorised. Transactions between yourselves and myself will commence on the agreement of the repayment plan. I will not hesitate to take legal action if necessary in this matter.

 

Kind regards,

(Name)

[Oceanic83]

Think it's ok?

[renegadeimp]

Looks good to me. Direct, to the point, outlines what they need to do and also gives them your reason for the repayment plan.

 

I would word it diffferently, but it doesnt matter as the letter contains what you need to say.

[Oceanic83]

They've request my bank statement and an income and expenditure form. Saying they will use credit reference agency to assess my situation. Can you draft me a sharp letter to help me ASAP??

 

 

Please complete the document attached and provide 1 month’s most recent bank statement. We will be doing our own credit check.

 

Further to your email please find the Income and Expenditure form. If you could complete the attached and send it back to accountsupport@cfolending.com accompanied by your last one month’s full bank statement.

 

Once we have received the completed form and the copy bank statement we will assess your current financial situation and one of our collections agents will be in contact with you.

 

Please note- Your account will not be placed on hold until we have received your completed documents. Please also ensure that the information you provide is accurate as this will help to speed up your application for a payment arrangement. We may also use Credit reference agencies to check the information which has been provided.

 

Kind Regards,

 

Account Support Department

[renegadeimp]

They are not allowed your bank statement, and yes, they can check your credit record, but it isnt up to them to decide what repayment plan you need. They are doing their usual tricks and need to be reported to the OFT.

[Oceanic83]

Is there anything official I can tell them re my reasons for not providing a bank statement.

 

I a,m not giving them one

[renegadeimp]

A bank statement is considered confidential and personal information. As they are a low priority lender, they have no entitlement or reason to even ask to see it. Even if they took you to court, a judge may ask for it, but even then only the judge would get to see it.

[Oceanic83]

A bank statement is considered confidential and personal information. As they are a low priority lender, they have no entitlement or reason to even ask to see it. Even if they took you to court, a judge may ask for it, but even then only the judge would get to see it.

 

I've told them that they have no right to see the bank statement as its personal and confidential. I gave them an income and expenditure without listing lenders names on there. Wonder when they will bother to response. Got a bad feeling about this.

[renegadeimp]

Why have a bad feeling. Get a full complaint in and get the oft involved. If they dont provide a satisfactory response in 8 weeks, the FOS can get involved.

[Oceanic83]

They insisted on bank statements so I wrote up a formal complaint taken from the CAB website. CFO have now accepted my payment plan as long as my complaint is considered closed.

 

Happy days!

 

Only 6 months until payday loan free for good

[renegadeimp]

Do NOT close that complaint