Luckily I have been free of payday loans for a few years now but feel sorry for people who are relying on this,redress. I am so angry that the FCA did nothing to protect them, and made sure that they were treated fairly.

Hi all,

I've been chasing CFO for compensation for years since I took out a load of payday loans I clearly couldn't afford.

I know I was stupid, but at the time I was going through really bad times, and wasn't thinking straight.

I originally complained to CFO directly early last year and got rejected, then in January this year they mailed to say I was affected by the redress programme and would be received some compensation back...

...Since them I have chased them every couple of weeks, with no positive response, and now I find they have passed everything over to Harrisons, and reading between the lines I am not likely to get a penny back!

Surely the FCA should have seen this coming, and put something in place?

Is there anything practical those affected can do, other than put it down to experience and be thankful it's another PayDay loan company that isn't preying on vulnerable people???

I have put in a complaint to the FCA which they have acknowledged.

My complaint is that why was it not made clear that the FCA made sure there was enough money to pay the redress instead of us being told we are getting money back to have the rug pulled from under us.

I am waiting their response

Unfortunately I can see this going nowhere im afraid. Its sad to see so many people not get the justice they deserve.

But CFO Is now dead once and for all... Lets see what the FCA say to Showergirl

I have,received an e mail from the,FCA this morning having passed stage one they are now looking into why it was overseen that no redress has,been paid. Will keep you posted on any further news

The fca have decided not to uphold my complaint as both the FCA and cfo could not have foreseen that they would have gone into liquidation. Due to the data protection they can not disclose any further information so good bye to £800

The fca have decided not to uphold my complaint as both the FCA and cfo could not have foreseen that they would have gone into liquidation. Due to the data protection they can not disclose any further information so good bye to £800

They can't foresee if a company will go into administration - e.g.. the members/creditors can vote on it there and then but they certainly should have performed some due diligence when levying the fine. Strange that its looking like they are now insolvent - question is were they solvent when the agreement/fine was made and when did it turn.

External auditors make a living out of assessing whether a company is a going concern:wink:

What grates on me most in this situation is that not only will they not pay us the compensation owed under the redress scheme but they have the cheek on the administration page to say if you still owe cfo money and do not pay they will take legal action against you!

How are the laws of this land so bloody backward