You are due redress because CFO Lending did not treat you fairly in the past. Your redress will be in the form of a reduction to the balance you owe CFO.

Your account balance has been adjusted to reflect this redress amount.

Please read this letter carefully. It contains further information about why this redress is due and how this affects you. In most cases, you do not need to do anything.

Dear blah blah

Why are we writing to you?

We are writing to you because you either currently hold an account with either CFO Lending or one of its trading names [Capital Finance One] and you have been assessed as not having been treated fairly in accordance with regulatory standards. You are due redress as a result.

CFO Lending agreed with its regulator, the Financial Conduct Authority (FCA), to conduct a review and customer redress scheme overseen by an independent third party, Grant Thornton UK LLP, whose appointment was agreed by the regulator.

How will my redress be paid?

Your account balance has been reduced by £225. Your account balance is now £0

What do you need to do now?

To help you with any queries you might have about the background to this review and the redress scheme agreed with our regulator, please contact us on 0208 045 1382.

You do not need to take any further action in order to accept this offer of redress.

Detailed below are the eight specific issues that were assessed to determine whether or not our customers have been treated fairly:

1. Balance restatement

2. Misuse of banking information

3. Excessive use of continuous payment authority (CPA)

4. Mishandling of complaints

5. Misleading and threatening communications

6. Inaccurate reporting to credit reference agencies (CRA’s)

7. Interest rates on rollovers

8. Annual statements not produced after 13 months

We accept that we did not always meet the appropriate regulatory standards and we have agreed with our regulator to provide redress to affected customers.

If you have any further questions or concerns then you can contact the dedicated Customer Service team who will be able to help you. You can contact us using the following details:

Telephone: 0208 045 1382

Email: [email protected]

Write to us: Redress department, 2nd Floor, Kirkdale House, Leytonstone, London E11 1HP

What does this mean for me?

You have been assessed as not having been treated fairly in relation to:

1. Balance restatement -

The total redress your account will be reduced by under the agreed scheme is £225.

Our approach to calculating redress and its application has been independently verified.

Yours sincerely,

CFO Lending Ltd

Anybody else get this email?

Blimey ! that's a result.

Mind you, it's no wonder that the FCA got involved - CFO's method of calculating interest on rollovers was shocking together with their emails telling people they could have a "fresh start" !

Excellent news - suggest you keep the letter somewhere safe for a while.

Did you have to do anything yourself to get this, or did it just come out of nowhere? Think I'll be sending them an email to see how much (I must) be due.