Capital Finance One/Payday Credit - Anyone else used them? -

[sillygirl1]

Report it to the police, your banks fraud department and

 

http://www.consumerdirect.gov.uk

 

PDLs are high profile with the Office of Fair Trading at the moment so your report is vital.

[Snipatm]

Yeah CFO have taken £100 out of my "Parachute" account in transactions of £25's last night

 

How on earth they got my other account i do not know.

Ive read there T&C's and it says nothing about taking money from a account before or after the date agreed and it says they will take money from the account the user nominates.

 

So how they have gotten other accounts i dont have a clue.

 

Ill also get incontact with OFT and hope you do to!!

[sillygirl1]

If the other account was with the same bank that is how it has happened, it should be with a different bank.

 

This is THEFT so you need to get a crime number from the local police, tell them you need the crime number to claim on the insurance and so the bank can instigate a fraud investigation.

 

They CANNOT take money as and when, you agreement is for X amount on X date, they have now breached their own terms and conditions and you can write and tell them so. Go through the T&Cs and write down each one they have breached.

[Ell-enn]

They must be getting desperate to be raiding other accounts on Xmas Eve !! That's just evil

[Snipatm]

Nope, different account.

 

Lloyds TSB was the one i applied to CFO with and at the start of this month i opened a Natwest one for my wages to go into.

 

Now a unplanned overdraft of £6 a day, Yay happy christmas

[Snipatm]

I emailed them this morning stating that they have breached there T&C's and that i never gave them permission to use the Natwest details (dnno how they have it) and it states in the T&C they can only use the card i nominate.

Also only states that they will try to take the funds on x day for x amount, not before or after and if they dont get the payment it doesnt say they will try to take more money.

 

24/7 Moneybox however also do the same thing but have it in the T&C's so im not sure if its legal or illegal for a PDL to take money at will after defaulting?

 

If the other account was with the same bank that is how it has happened, it should be with a different bank.

 

This is THEFT so you need to get a crime number from the local police, tell them you need the crime number to claim on the insurance and so the bank can instigate a fraud investigation.

 

They CANNOT take money as and when, you agreement is for X amount on X date, they have now breached their own terms and conditions and you can write and tell them so. Go through the T&Cs and write down each one they have breached.

[Ell-enn]

Have you applied to another PDL company and entered your Natwest details ? Or entered the Natwest account no on the internet at all ?

[Snipatm]

Yes i did, Wonga becuase i have a repayment plan with them and they said they will only accept via DD on there website, so i changed details to that and i changed my DD for my mobile phone contract.

Otherwise thats all.

 

But as far as i recall my mobile phone only wanted the long digits not the sort code or account number, not sure if that makes a difference?

 

CFO comes up on my statement as a debit transaction not a direct debit.

 

Have you applied to another PDL company and entered your Natwest details ? Or entered the Natwest account no on the internet at all ?

[Ell-enn]

They all pass bank information between each other - you'll never get them to admit it though, but time and time again we have seen bank details given to one PDL company suddenly used by another.

 

You should inform the Natwest Fraud Team - they are pretty good. I know it's a bit late now but you could try phoning to see if they are working 24 hours. Usually if you inform them on the same day as the transaction it can be back in your account in hours.

[asmilecostsnothing]

Yes i did, Wonga becuase i have a repayment plan with them and they said they will only accept via DD on there website, so i changed details to that and i changed my DD for my mobile phone contract.

Otherwise thats all.

CFO comes up on my statement as a debit transaction not a direct debit.

 

^^So it will be a point of sale/PDQ transaction

Hate to tell you this BUT Wonga's bank details are all over this site and placed on their own website !!! you shouldn't need to be in the position to hand over detailsSorry to dilute this great thread on CFO

[Jamie Kingston]

it looks as if CFO have been on the increase with raiding bank accounts, perhaps the OFT should be made aware, just read an article on the bbc website.

[sillygirl1]

Here is an article on PDLs from the Daily Mail, misses the point as usual and advises people to go to CAB, which as we know, don't offer anywhere near the level of advice needed to deal with these people.

 

http://www.dailymail.co.uk/money/cardsloans/article-2079767/Debt-experts-warn-financial-trouble-Christmas-seek-help.html

[Ell-enn]

Yes, you should definitely inform the OFT - CF1 need to be hauled over the coals for using bank details that they have never been given by the custoner - they should be made to disclose where they got the details from.

[Bay1984]

Hi, just applied for a loan with cfo and then decided to check up on them (stupid i know) i am now waiting on a response from them to say whether i have been approved, now panicking after reading these messages, do u thinki it wld be a good idea to call my bank and stop my card and apply for a new one??

[sillygirl1]

You are in no danger, you have not had a loan, email them back and say you no longer need this money.

[Bay1984]

i will do this now, stilll thinking of cancelling my card though just incase they try and take anything, by the sounds of them taking money from peoples accounts that isnt theirs os exactly what they do.

[sillygirl1]

You need a new account number to be really really safe.

[Bay1984]

mad at myself for not reading this before doing it

[Bay1984]

do you have an email for them

[daisy72]

hi its me again..

ive been reading posts about CFO couldnt sleep through thinking of rolling over the loan even though i have paid 59.83 part of my repayment propsal.

One message said that cfo are in trouble is this true??

Has anyone on these boards been sucessful in setting up a repayment plan because cfo are not budging with me, hence i just wish i could pay the 351 i owe them and sleep.. any answers greatly appericated.

[asmilecostsnothing]

I don't know Daisy, I shouldn't imagine so the payday loan seems to be big business in today's climate

although it is a small company and what you don't know is they probably rely on people's roll overs each month

 

With your sleep prob, can you go and see your GP tell them the truth (why your not sleeping) and they may be able to give you something short term to see you through (I done the same best thing I could have done)

 

Did you make the complaint in writing to the company?

Have you spoken to the Oft, Trading Standards/Consumer Direct, British Cheque & Credit Association?

 

From my own bitter experience it takes WEEKS to be settled you will need a little patience

The only thing is I think someone else is behind what happens - couldn't help get the feeling the matter could only be resolved in complaining.

 

Try not to take it personally - your around friends on here that have once been there x

Edited January 3, 2012 by asmilecostsnothing
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[daisy72]

i have complained to oft who have noted my complaint i have sent CFO another email just plending with them to accept my proposal but that was last night so not sure when i'll hear from again..just so worried about the fines and charges and that my loan will get out of control. thanks for replying a smilecostnothing.

[Conniff]

hi its me again..

ive been reading posts about CFO couldnt sleep through thinking of rolling over the loan even though i have paid 59.83 part of my repayment propsal.

One message said that cfo are in trouble is this true??

Has anyone on these boards been sucessful in setting up a repayment plan because cfo are not budging with me, hence i just wish i could pay the 351 i owe them and sleep.. any answers greatly appericated.

 

Your mistake daisy is that you are 'asking' them. When you have worked out how much you can afford, and be realistic, don't make it so high that you will miss a week, and then you send them a payment for that amount and 'tell' them that is all you can afford and all you will send and just keep that payment up each week despite what their whinging letters say.

 

You can't go to prison for being in debt, it's not a crime.

[sillygirl1]

CFO are being reported to the OFT a lot, that is the 'trouble' being reffered to, it isn't trouble in any other way except they have a very harsh collections policy, they should have a very harsh dishing out policy too.

 

I did the sums recently

 

If they have 1500 to give out to 100 people a month and everyone rolls over for one month in two months that 1500 will become 3000+

[LaughingGirl]

It's quite a remarkable business model, isn't it? Especially since not one person I know who has taken a PDL (and it surprises me how many there are in my family/friends circle alone) has ever had a loan that they have not rolled over at least once. A few of them are lost in an endless cycle of rollovers and re-loaning. I have one friend who I've just convinced to open a new bank account who has paid out over £1000 in rollovers, fees and interest in the last 12 months without ever touching the capital amount. Despite what I've told her, I know she'll pay them every penny they ask for when she defaults, because she feels responsible for getting herself into such a mess and she's too scared to negotiate.

 

Then you can add to that the profit from their spurious fees. Yesterday I saw a post on here from a chap who's girlfriend had taken a £150 loan which now stands at £1000+. If these people were walking round with that cash in a plastic wallet and handing it out on a council sink estate, people would call them what they are.