Hi had a loan with CFO Lending/Capital Finance One.

I ended up paying a huge amount in charges. Has anyone successfully reclaimed charges from these guys.

They have sent me a statement of account so I know how much the charges I paid were. A summary of my account with them is below

Thank you for your email. Please find attached a statement of your account for your reference.

Having looked through your account I can confirm you first took out a loan with CFO Lending for the amount of £200.00 with interest of £78.00, making the total amount payable £278.00. You agreed to repay this amount back in full on 29th June 2012. At your request, on this date we collected the minimum of your interest payment and your loan was deferred. Making your interest payment did not reduce your outstanding balance but covered the cost of borrowing for a further month. Your loan was then due for repayment on the 31st July 2012.

On the 3rd July 2012 before your loan was due for repayment, you chose to refinance your loan for a further £400.00. This amount was added to your Principle loan amount of £200.00 and interest was calculated on the total. You agreed to pay the amount of £834.00 back in full on 31st July 2012. On this date we failed to receive payment as agreed and as per your contract your account fell into default and collections procedures were in place in an attempt to collect full amount of funds owed under this agreement.

As per your contract a £25.00 administration fee was applied to your account for falling into default. Added interest would then have been applied at a rate of 1.3% of your principal loan amount daily.

Through collections procedures we collected the amount of £234.00, as you had not requested for your account to be deferred, your account remained in default and continued to incurred added interest and charges as per your contract. On the 2nd August 2015, the business received a text message from you requesting to set up a deferral payment. You were advised that as the we had collected your administration fee payment along with a payment that matched your interest amount we will be happy to defer your loan until the 31st August 2012.

On the 31st August 2012 we again failed to receive payment as agreed and your account fell back into default and incurred added interest and charges as per your contract. As per your contract a £25.00 administration fee was applied to your account for falling into default. Added Interest was then applied at a rate of 1.3% of your principle loan amount for a maximum period of 90days.With all the added interest and charges applied to your account your outstanding balance was brought to £1410.40.

To date we have received payments totalling £1410.40 leaving a current outstanding balance of £0.00.

CFO Lending can confirm your account with the business is settled in full and closed.

Should you have any further queries regarding your account please do not hesitate to contact us.

Since they are unlawful penalty charges, you can SAR them if you dont have all the statements, and put in a claim for them at their interest rate. IF they refuse to allow the claim, then you take them to SCC.

I have a statement of accounts from them with dates. I assume I will need to do some form of complaint letter and calculations.

They also took £15 off each of the loan amounts for faster payment

Agreement No:

created message Debit Credit Account Balance

31/05/2012 Principal £200.00 £200.00

31/05/2012 Principal Interest £78.00 £278.00

29/06/2012 Deferral Payment -£78.00 £200.00

29/06/2012 Interest Added £78.00 £278.00

03/07/2012 Refinance -£78.00 £200.00

03/07/2012 Refinance -£200.00 £0.00

Agreement No:

created message Debit Credit Account Balance

03/07/2012 Principal £600.00 £600.00

03/07/2012 Principal Interest £234.00 £834.00

31/07/2012 Deferral Payment -£234.00 £600.00

31/07/2012 Default Charge £25.00 £625.00

01/08/2012 Card Payment -£25.00 £600.00

02/08/2012 Interest Added £294.00 £894.00

31/08/2012 Default Charge £25.00 £919.00

06/09/2012 Default Charge £54.60 £973.60

13/09/2012 Default Charge £54.60 £1,028.20

20/09/2012 Default Charge £54.60 £1,082.80

27/09/2012 Default Charge £54.60 £1,137.40

04/10/2012 Default Charge £54.60 £1,192.00

18/10/2012 Default Charge £54.60 £1,246.60

25/10/2012 Default Charge £54.60 £1,301.20

01/11/2012 Default Charge £54.60 £1,355.80

08/11/2012 Default Charge £54.60 £1,410.40

15/11/2012 Card Payment -£25.00 £1,385.40

15/11/2012 Card Payment -£54.60 £1,330.80

15/11/2012 Card Payment -£54.60 £1,276.20

15/11/2012 Card Payment -£54.60 £1,221.60

15/11/2012 Card Payment -£54.60 £1,167.00

15/11/2012 Card Payment -£54.60 £1,112.40

15/11/2012 Card Payment -£54.60 £1,057.80

15/11/2012 Card Payment -£54.60 £1,003.20

15/11/2012 Card Payment -£54.60 £948.60

15/11/2012 Card Payment -£54.60 £894.00

15/11/2012 Card Payment -£294.00 £600.00

15/11/2012 Card Payment -£600.00 £0.00

The card payments at the end is where I found a new job and they emptied my account in my first payday.

Hi madmatt101,

New to this!

How have you managed to get in contact with CFO? I am trying to write to them about my old loans but all e-mail addresses I have are no longer working... their websites are closed too, etc.

Any info you can provide regarding contacting them would be great.

Thanks

Luke

Hi Luke

I sent the email to this address

[email protected]

I got responses from this address

[email protected]

Hope this helps

Thanks for getting back to me! Both e-mail addresses are invalid (I had already tried the customer services one), so looks like they have cancelled them. Seems they are trying to restrict contact. Thanks anyway, i'll keep looking!!

Hi DX

I have filled in the sheet and I think I must have done something wrong

It tells me that I am claiming for over £158million for interest on charges of £541

It would be nice to get that, however I cant quite see that being paid out, and going through the courts could be expensive

Hi Luke,

I have found this email address for them too

[email protected]

Thanks for that. Seems to have gone though this time Thanks for your help!!

To update all the readers of this thread.

I have sent a formal letter of complaint.

I noticed that there were no further interest charges on my account so I used the satint sheet.

I will see what they come back with and post up an update.

Hi DX

 

I have filled in the sheet and I think I must have done something wrong

 

It tells me that I am claiming for over £158million for interest on charges of £541

 

It would be nice to get that, however I cant quite see that being paid out, and going through the courts could be expensive

hehe it will at 1000%

try this one

StatIntSheet v101.xls

I suspect they don't charge int on penalties

?

dx

hehe it will at 1000%

 

 

try this one

 

 

StatIntSheet v101.xls

 

 

I suspect they don't charge int on penalties

?

dx

it doesn't look like it.

The formal complaint went in and I'll see what happens.

They have now said they will get back to me in 7 days.

I have had a final response from them regarding my complaint.

They are offering £74

Any ideas whether I should accept it?

so what did you make it using the statint sheet

did we do that?

dx

I have attached the stat int sheet here

I know the £56 says default

But I don't think they are reclaimable

Just the £25 ones

So seems correct for £74?

Dx

I thought so too.

I'll accept the offer and close that complaint.

Just working on the one to 24/7 Moneybox and I've already sent one into Swift Sterling

Responding to your reported post. I've edited your thread title.

HB

Trying to get hold of this lot myself, ended up paying back almost 700 for a 358 loan and all the MT collect threat nonsense years ago claiming I still owe them. Is the one in this thread the best to use or the customerservices at cfolending one? Or are they both the same?

Just an update on my case, I asked CFO Lending to refund all interest and charges on all of my old loans due to irresponsible lending. They declined my claim so I took it to the Financial Ombudsman Service. They ruled in my favor and I received a refund of approx £740 (including £50 compensation).

I would't take any other lower offers offered directly by CFO, if you refer to the FOS, you will most likely be able to claim back all interest and charges. I had a strong case and supplied a copy of my credit report at the time of each loan... this showed I should not have been approved and the proper affordability checks were not carried out. Worth perusing.