Hi,

I recently contacted CFO Lending with regard to a total outstanding debt of £800 that i am struggling to repay. They have offered to let me pay the debt off over a period of four months which initailly i was pleased with. However these payments are still too high for me to afford and I think there may be a way for me to dispute these high payments?

Does anyone have any experience of dealing with CFO Lending or any other options available to me? I am prepared to pay off the debt but only at comfortable payments that i can afford.

Any help is much appreciated. Thank you!

Can you give us more info about the debt, any contact theyve made, any offers of discounts etc? CFO are a complete pain to deal with, but they can be dealt with.

hi there

thanks for replying!

the total debt including interest in £748. they have said they will take a payment of £198 at end of april, then three further payments of £183 on the following three months which would clear the debt.

i have only had communication with them on the phone when i rang the other day, when they offered me this. but these payments are not something i can afford on a month to month basis at the moment.

I have had no offer of any discounts or anything.

Thanks for your help with this

Okay. Have a read of http://www.consumeractiongroup.co.uk/forum/showthread.php?421413-where-do-I-start&p=4506800&viewfull=1#post4506800

That advice i gave someone else will work for you. The most important thing for you is to secure you bank account and finances. CFO are one of the worst for getting access to your account and completely stripping it clean. Once you have done that, THEN you can think about repayments done via standing order only. Under no circumstances should you pay via Direct debit or debit card to this company.

Thank you very much,

I will speak to my bank tomorrow and hopefully they will be helpful. Should i get a new card with a new number on it also? Changing banks is something i dont want to really do unless i absolutely have to.

Again, thanks for your help and advice. Its appreciated

Mark

If they dont help, FORCE them to help. Have a good read of:

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?395493-Been-refused-cpa-cancellation-since-nov-2009-Go-get-your-money-back-now!!

http://www.consumeractiongroup.co.uk/forum/showthread.php?336569-How-to-remove-a-lender-s-continuous-payment-authority

Brilliant! Thank you! Can i stay in touch with you on this thread should I need any more assistance or advice?

Thanks

Mark

Yep. Plenty of others around that can help too if im not here

today i went to the bank and they have cancelled any further payments to CFO lending. and have assured me that now the arrangement has been put in place if they attempt to take a further payment then it must be returned immedaitely.

should i now contact CFO to tell them i have done this and start attemting to negotiate with them?

thanks

No need to tell them. Check the cag library. Youll find a good template thrte for informing a creditor you cant meet repayments.

I am currently in a Debt Management Plan which is going smoothly, but was struggling over Christmas with money and, stupidly, was offered a payday loan which it took. I have spoken to the debt management people who are happy to add this debt to my plan.

However they have said that my existing creditors in my DMP may not like this and in an "inlikely event" this could be seen as financial fraud.

Please please could someone advise me about this and the potential consequences here. Or am i worrying too much? I keep thinking I am going to get taken to court and am generally thinking the worst. Thank you

about a year ago i entered into a debt management plan to cover the payday loans i had taken out. however over christmas i was struggling financially and, stupidly, was offered another payday loan which i took. i have been paying interest on this as well as paying into my DMP. i have spoken to my debt advisors and they are happy to add this debt to my plan, but have advised me that the other creditors may not like this and the words "financial fraud" have been mentioned. please could someone advise me what the outcome of this could be and how likely it is something bad could happen here. i am truly thinking the worst and i am very very worried. thanks

Who is your dmp?. No fraud has occured.

The idea of the DMP is to have creditors accept less than contractual payments and hopefully to freeze interest rates and not add further charges.

The fact that you have borrowed more and are now wanting to add a new creditor to the DMP will mean that they will now receive less - and indeed might not be happy about it.

Your new Creditor might huff and puff about fraud etc, however, your credit files should have shown what a serious mess you were in - so they could well be accused of irresponsible lending.

Which Debt Management Company are you with ?

my dmp is with Payplan. As part of this i am intending to increase my payments to them so it includes this new debt and doesnt affect my current creditors. Im hoping this keeps all parties happy. am i worrying too much? the word "fraud" scares me but i am trying to do all i can to repay my debt and avoid any complications.

as always thanks for your help here by the way

If you are not giving your current creditors less than they were receiving, then yes.. I think you are worrying too much

As I said earlier, your credit files almost certainly reflect the muddle you are in, so the PDL company to lend you MORE money was totally irresponsible

thank you so much for your help guys. i am going to add this to my dmp. you have reassurred me alot. thanks again