Capital Finance One, help please

[cmc82]

I am currently having a problem with CFO Lending. I took out a loan of £585 to pay for car repairs and owe them £801 at the end of the month. I cannot afford to make this repayment now or anytime in the near future.

 

I have spoke to StepChange but don't really want a Debt management plan as this is my only outstanding debt as such - none of the others are in arrears. I have emailed CFO advising them of my problems and offered a repayment play of £89 x 9 payments. Their response states that they are unable to do anything until the account has been 33 days in default. In this time they advised the account will have considerable charges of a daily interest charge, administration fees and charges for them to attempt payments. Surely this isn't legal - they are not committed to helping me in the slightest?

 

Is there anything you can advise? No doubt come the end of next week I will get them calling my house, work etc. I am trying to be proactive and advise them of this in advance but they are not interested.

 

Thanks in advance

[renegadeimp]

Theyre wrong and are breaking OFT guidance.

[Jakewwfc]

Hi cmc82, if you check page one of this thread there was a post by oceanic83 or something similar of an email that he had sent to cfo regarding his situation and asking to cancel the CPA, I basically used this as a template and added my own details and circumstances into it. They will ask you for reasons as to why you cant afford to pay back etc just tell them your having money problems and an amount you can offer them each month. they will continually ask for an income and expenditure form and banking statement, send them a basic I & E form but do not send them a bank statement, tell them numerous times that you wont be sending a bank statement as this is not a legal requirement and they are not obliged to ask for one, after about 2 weeks of telling them no I finally put a complaint in and within hours they had accepted my payment plan. hope this helps you.

[cmc82]

What is the best step to take next? Are they obliged to accept my repayment offer? Am I right in thinking that going down the StepChange route would be foolish?

[cmc82]

Thanks Jake, are you making the payments in this plan via standing order? If you don't mind me asking, how many months are you looking to settle this over? Did they add on interests, charges etc - have these been frozen now?

[Jakewwfc]

I'm currently in the process of setting it up at the moment, ive told them I will only pay via standing order as ive heard numerous stories. I have offered to pay weekly for 17 weeks to pay off my loan and I told them I want all interest and charges freezing in my very first email to them. make sure you state you will be keeping all emails in case they are needed for evidence. will let you know when I receive contact from them concerning the standing order situation.

[cmc82]

Thanks, and good luck. Look forward to hearing how you get on.

[Jakewwfc]

Cheers mate, same to you, just make sure you stick to your guns and don't let them bully you!

[cmc82]

Thanks, they have already taken over a week to reply to my email. And no point phoning them I don't think or they could just tell me anything.

[citizenB]

I think they are being unreasonable. You should contact your bank and advise them that this company does NOT have the authority to request or take payments from your account. Once you have done that, if the bank allows payments to go through then the FCA say they must repay them immediately.

 

I have popped two links for you below. Have a read of them.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?399260-Feel-that-you-ve-been-treated-unfairly-by-your-Payday-loan-lender-COMPLAIN-TO-THE-FOS!!

 

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?396982-New-payday-loan-survival-guide-by-mike-dailly-govan-law-centre.

[rob0708]

hi am having the same problem withcfo lending.i have written to them and email them loads of times saying that i am in financial difficulty and gave them a repayment offer per month and asking them to freeze interest and charges this was 4 weeks ago and heard nothing but every day i get text messages from them saying that they have reveiwed my account and increased my credit limit ! i have made a formal compliant to the fos about them

[renegadeimp]

You need to contact the FCA and OFT as well.

[rob0708]

ok what do i need to say

[renegadeimp]

You tell them exactly whats gone on and theyre refusing to listen and keep hiking the debt up.

[rob0708]

Hi quick update had a reply from cfo lending saying that they want to no how much I can afford each month and also they require my card details to set up the repayment plan I have already told them that i will pay by bank transfer or standing order but they won't have it !

[Ell-enn]

Write them a letter (by recorded delivery) enclose a postal order for the amount you're prepared to pay each - write your name and address on the back of the po and then photocopy both sides so you have a copy. Tell them in the letter you will continue to send postal orders unless they provide you with their bank account details so you can make payments, add that you will not pay by direct debit or give your card details. If you need help with the letter please let me know and I'll happily draft one for you.

[rob0708]

Ok thank you

[oleg]

As an alternative to postal orders, you could pay by cheque or cash into their account direct, free via Barclays or your own bank. CFO cannot refuse your payment. Be sure to retain counterfoil of pay-in slip.

To be sure it works, you could try an initial payment of £1.

 

Sort code 200000

Account no. 003366685

Ref. = your cfo account no.

[Ell-enn]

Don't send a cheque - it'll have your bank account and sort code on it and they may decide to use that info to set up a direct debit.........

[renegadeimp]

Standing order ONLY. No exceptions. You need to gain full control back and not let them dictate what is going to happen.

[rob0708]

i have just replied to them saying i will be making payment by standing order on the 28th oct they said that they will reveiw my repayment plan when i reply to their email of how much i can afford,i have already told them how much i can afford.