Gone into administration.

When the FCA banned them from operating as a Payday Lender, they also ordered CFO to redress customers who had been unfairly treated.

Today, they have gone into administration, with emails from the administrator stating the actual figure owed to the individuals, but it won't be paid.

Why wont it be paid? I got an email saying i was owed a poxy £40 which is nowhere near what i think they shoukd owe me

Got it as well - into administration at virtually the start of the new tax year: all that talk about redress and now there's nay money in the pot! Bye bye 125.50

Why wont it be paid? I got an email saying i was owed a poxy £40 which is nowhere near what i think they shoukd owe me

Because their creditors get first pick, and anything left is then distributed between everyone else.

I'm just curious as to why the 34 million redress package was even agreed with the FCA, in the absence of any reasonableness that they'd be able to honour it.

Guys

Can someone send a copy of the email to admin... This is important.

CFO Lending Have Entered Administration Today

CFO Lending

CFO Lending Limited – In Administration

 

We, Paul Boyle and David Clements of Harrisons Business Recovery and Insolvency Limited, were appointed Joint Administrators of CFO Lending Limited (‘the Company’) on 6 April 2017 at 11.40am The appointment was made by the directors of the Company pursuant to Paragraph 22 of Schedule B1 of the Insolvency Act 1986 and was filed at The High Court of Justice Leeds District Registry.

 

We can confirm that the Financial Conduct Authority (FCA) has consented to our appointment as Administrators. The purpose of this document is to provide clients and creditors with an outline of the current position, to explain what we intend to do as regards the Administration and provide details of what information we require.

 

Our role as Joint Administrators is two-fold. The first objective is to protect the interests of creditors generally, including consumer creditors. Second, we wish to maximise realisations from the assets of the Company, which may assist towards achieving the first objective. We can confirm that we are working closely with the FCA to achieve both of these objectives and will to do so.

 

The principal asset in this Administration relates to the outstanding loans repayable to the Company (the Loan Book) from consumer borrowers. The Company offered two types of loan: ones often described as ‘payday’ loans and, to a smaller extent, guaranteed loans.

Harrisons are the Administrators - Keep an eye on this one ladies and gents.

Link To Article

I can send a copy if someo e can tell me how to do it

Click on the "Forward email" box in your email program and send it to: [email protected]

no spaces!!

Guys

 

Can someone send a copy of the email to admin... This is important.

Ive forwarded a copy of the email now

I'm just curious as to why the 34 million redress package was even agreed with the FCA, in the absence of any reasonableness that they'd be able to honour it.

Most of the £34 million was write offs. I think they had to actually pay about £2.7 million in redress. Knowing what a bunch of snakes these people are I thought there would have been checks to make sure they had the money and that the money was ring fenced.

I always wondered what the incentive was for these guys to do the right thing as they were no longer actually making money from this business. With companies like Wonga and Sunny it makes sense to pay as they are still in the game. These guys have no doubt been taking monies out of the company in recent months in one form or another with the clear intention of going into administration in April. The FCA have known for at least a month CFO have not been making payments when due and fobbing people off with weak excuses.

Why wont it be paid? I got an email saying i was owed a poxy £40 which is nowhere near what i think they shoukd owe me

It states this under the value of what you were owed -

Unfortunately, we do not currently envisage that there will be sufficient funds to enable the payment of a dividend in respect of your claim in these proceedings. We would, however, urge you to periodically review our website for updates in case that position changes.

Thanks

THIS LETTER IS IMPORTANT.pdf

So it looks like I can say goodbye to the £820 that they say I am owed

Perhaps CFO had every intention of making the redress payments (and maybe still will). It is almost certain that since the announcement and the headline £34m figure hitting the press they have had a huge surge in claims for unafordable lending. People would would have been due a payment of £40 or £50 pounds under the redress scheme may well have been due a payment of £1k or £2k if they made a complaint and that was upheld. Clearly compensation in these claims will never be paid.

I have tried ringing that administrator but I am just getting music I am so annoyed

I have been told that the administrator has till June to let us know what will happen. I have resigned myself to not getting any payment but am annoyed that this has been allowed to happen and why has the FCA not made sure that we got paid

I have been told that the administrator has till June to let us know what will happen. I have resigned myself to not getting any payment but am annoyed that this has been allowed to happen and why has the FCA not made sure that we got paid

Was your payment part of the redress scheme or a separate complaint made by you

Was your payment part of the redress scheme or a separate complaint made by you

Part of redress .scheme

Maybe a daft question but can the fscs help in this situation

Most of the £34 million was write offs. I think they had to actually pay about £2.7 million in redress. Knowing what a bunch of snakes these people are I thought there would have been checks to make sure they had the money and that the money was ring fenced.

 

I always wondered what the incentive was for these guys to do the right thing as they were no longer actually making money from this business. With companies like Wonga and Sunny it makes sense to pay as they are still in the game. These guys have no doubt been taking monies out of the company in recent months in one form or another with the clear intention of going into administration in April. The FCA have known for at least a month CFO have not been making payments when due and fobbing people off with weak excuses.

Cheers - I knew the figure was a bit high as soon as I typed it!

My thought was/is that there was no intention to reach the point whereby redress payments were made but rather just wait it out until insolvency. FCA has a few questions to answer here as well.

I agree with this I believe that there had been no intention to pay this redress. Why was this not sorted out by the FCA instead of dragging it on for 6 months

I have logged a complaint with the FCA as I want to know why it was not made clear when they asked CFO to pay the redress that funds were available and why was I told in October I was due a redress to be told yesterday that CFO had gone into administration. I would have preferred not to be told anything and CFO just disappeared.

I have logged a complaint with the FCA as I want to know why it was not made clear when they asked CFO to pay the redress that funds were available and why was I told in October I was due a redress to be told yesterday that CFO had gone into administration. I would have preferred not to be told anything and CFO just disappeared.

Its disheartening I know. Just consider yourself free of these disgraceful vultures that they were and move on with everything