It's ok, i've seen all of CFO methods to obtain people's bank details - Money Majesty - Iwona and CFO Resolve. The last few days i've been getting texts of a organisation called loansos, and guess what - linked to cfo lending. If anyone else get the same text - please don't use their will only clear out your bank accounts.

This company really is the lowest of the low.

Read today's Sun (10th October) (Page 27), Ministers urged to hammer payday lenders.

CFO mentioned £450.00 loan cost £625.00 for just 11 days or as the headline says 5,607,040% APR

I to took out a loan with this company and have not been able to make any repayments yet due to being sick from work. I was shocked to see the amount of interest that has been added cince I took the loan 3 months ago. I got this text yesterday and was going to respond as it seemed like a good deal but thankfully I saw this thread.

I also at one point applied via money majesty and relised when cash was taken from my account they are part of CFO. In fact I get a few text from weird names which I think must be linked to CFO.

They should not be allowed to do this. thankfully I contacted my bank and told them to put a block on any payments going to CFO as I did not authrise any.

Anyway I am a bit stuck as to what to do now, if anyone has any suggestions please let me know. so this resolve offer is definitely a fake promise??

Unfortunately I have not been so lucky as to be offered the CFO Resolve service. However I have received regular text messages from CFO advising that they are writing to me offering me a great deal to help clear my outstanding loan. This has been going on for the last fortnight and to date no such letter received. More's the pity as would be interested to see how they define 'help'.

Have also received calls at work from them even though I have previously requested contact in writing only. It seems they will go to any lengths to pester and harass people in an attempt to secure a payment or debit card details. Stick to your guns and make complaints to the relevant bodies if they overstep the mark. I, too, got stung when they took payments from my debit card. However, persistent calls to my bank and around 6 weeks later I had all the money refunded via the VISA chargeback scheme.

Remind them of their obligations under the OFT's fair debt collection guidance. There are plenty of people on here to help you and advise you in dealing with CFO and other similar companies.

Having said all this, it is important to repay the true debt. I would offer a token payment until such time you are back working again as you cannot do any more than that and I certainly wouldn't recommend treating the likes of CFO as a preferential creditor. They are a non-priority creditor. They know this, hence the bully boy tactics, underhand methods of recovery and general unsporting behaviour.

Remember, only you can tell them what you can repay. I have used this principal with several payday loans and it works, you just have to be as bloody minded as they are. The key is regaining and keeping control.

Hello

I am new to this and hope someone can help me.

I have recently defaulted on my CFO loan and have requested a repayment plan of £100 per month. They have refused to accept this. I cancelled my debit card but have been advised today by the bank that they have tried 7 times to deduct funds. Thankfully there is no money in the account for them to take, but the bank have said they cannot block the transaction as i owe them the funds.

I am transferring them £100 per month anyway even though they refuse to accept it but the interest is ridiculous and i just feel i am never going to clear this debt.

Any advise is greatfully received. I have now emailed them 5 times and they just continue to refuse or just ignore me.

Any help or advice appreciated.

What was your original loan amount? Only pay them back the original capital plus interest on one month plus one default charge, which has to be reasonable to the debt. This is by OFT guidance, plus take away any payments already made towards the loan. Pay by standing order, cancel your debit card and to be safe I would open up a parachute account (Co-Op basic current account, as an example) and have your salary paid to this as this horrible outfit will raid your bank for everything. Keep emailing them so you have a paper trail if needs be later down the line.

Hello Spiral123, thanks for the reply.

The original loan was £400, I dont have a problem paying back what i owe and a months interest but dont have this to give them in one lump sum. I transferred them a payment of £100 last week they are now saying they need proof of payment and my bank details and sort code to prove it. I am not prepared to give them this as it was from a second account i have opened and i know they will clear it out of my rent and bills money that is currently in there.

I have asked again today for a repayment plan and they have refused point blank despite me quoting the OFT guidance so i really dont know what to do anymore.

Tell them the £100 a month is already more than you can afford and they should either take it or you will only be paying at a rate of £1 a month in the future.

And you are absolutely right in not giving them the account details as they would indeed raid it.

Yep, per Nao, keep paying them what you can afford monthly, they are fishing looking for your bank details, I assume you have a reference when paying them, this is all they require. Horrible outfit this lot, pay off capital plus one months interest and let them whistle for the unfair charges.

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Yeah i guessed that there would be no way i would put any details into it, I just thought i would post it on here in case others get it and think it is a good idea to type there details in

I have just filled it in with bank details that are from an old account that is never used and will cancel the card before the made up pay date i entered is near, just so i can turn it round on there for fraudulently obtaining bank details, they emailed me offering this payment of £150.00 instead of the £1750.00 which was fees would mind but i have paid them back:mad2:

Did they try and take anything Steves96

I got the letter saying I could get 70quid, I used an old account and they took the pound out and I got accepted for 70quid I clicked faster payment at 3:30pm on friday. I called them yesterday numerous times and there was still no money. Called them again today apparently they had been bank transfer issues and should be here by 1:30 pm surprise surprise no money. Just checked again and there is still no cash.....

CFO are def the lowest of the low, they will rob anyone blind if they fall for this, another favourite of theirs is to offer you a top up loan, they then lend you the money to clear your loan and give you a little, this is usually half way through the month, so you pay the interest, then take out a loan and pay interest again in the same month.

Just received another one of these joke emails starting to get annoying now though

watch your account as i bet even if they dont send the money they will try taking it back

i recieved a few of these messages and ignored them at first but today they sent me another and i stupidly filled out the form.. with no responce still. i cancelled my bank card now jus hope no1 else falls for this and they dont try getting money from my account in other ways

Just had a text message from these guys. Clearly, I can see what they are up to. Question is.. How can I forward a text message to the OFT. I have an email contact, but not sure what todo about text messages.

Take a photo of it and add as attachment

Hi all,

just reading this thread after searching. I have had CFO (Capital Finance One) take £183 from my bank account in the middle of the night despite the balance being settled. Has anyone had a response from the OFT or can offer any advice as this has left me not being able to pay priority bills, albeit for only a week. Really want to get this company as its not the first time, and appartantly the bank can't do nothing about it as I have given the authority on my card.

Hi and welcome to CAG

Go back to your bank and tell them that as you had cleared the balance previously, any further removal of your funds needs to be refunded as once the balance has been cleared, the CPA should have been cancelled.

If the bank still refuses, go into the branch and don't leave until they do it right.

Thanks for the quick response Silverfox. I think the branch may be the best option as the "unhelpful banking" I mean phone banking of Natwest doesn't seem interested.

Hi all,

 

 

just reading this thread after searching. I have had CFO (Capital Finance One) take £183 from my bank account in the middle of the night despite the balance being settled. Has anyone had a response from the OFT or can offer any advice as this has left me not being able to pay priority bills, albeit for only a week. Really want to get this company as its not the first time, and appartantly the bank can't do nothing about it as I have given the authority on my card.

Do you have absolutely no idea why CFO might believe the balance had not been settled.

No after speaking to Capital Finance One I apparently still owe them money, due to interest being applied on my account. According to CFO I will not be due a refund as I have nothing in writing from them stating what my balance was when I agreed to repay through their collections department and no confirmation that I have paid this amount. Now a further £106 has been taken by them, that's £289 in 48 hours, apparently because I allegedly applied for credit else where it triggered something in their terms and conditions that allows them to take money back that's owed to them. I have read their t & c's an in cases like this they are suppose to give advance warning in which nothing was given.

Natwest has said there is nothing they can do, as its money owed to the company and again I have nothing in writing. How do I stop these payments, I have requested the CPA to be broken but if I apply for credit else where in the future does this mean CFO can take more money? Because of this money being taken out I have missed a council tax payment for the first time in my life, which annoys me but seems there is no way of getting this money back as I have no confirmation in writing.

Your bank and cfo are wrong. Get those complaints rolling

I have attempted to raise a complaint with Natwest and been fobbed off with the same excuse, basically I owe the company money so there is nothing we can do. As I have cancelled my CPA they have no power either to pull the payments back, which I find difficult to believe. My belief is that they don't want to do it, as its Christmas so don't want the hassle.