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

[sillygirl1]

Exactly my point LG, if you explode that 3000+ figure to include fees for 10 defaulters it goes to £4500, then for 20 defaulters it is £7000, a 'nice little earner' by anyone's standards.

 

Yes, I was advising on that thread too - trouble is these companies are able to use top lawyers to argue their case, and some judges don't always know consumer law as well as they should.

 

There should be a special service for people who have multiple loans with PDL companies who has AUTHORITY to stop the nasty harrassment some have experienced, and to lay down the law as to what is owed.

 

All this 'raiding bank accounts' is wrong and the line 'you applied for another PDL therefore ours is priority' is rubbish too.

 

All PDL lenders should be banned from television advertising, and from public space advertising... that way they would not reach such a wide market and not make themselves 'the friendly alternative' which turns into a deadly foe.

 

I am predicting a lot of stories in the press in the run up to Easter this year where people are being threatened and struggling to repay these low priority loans.

 

I learned my lesson a long time ago - hopefully others will learn theirs faster.

[Snipatm]

Just like to confirm ive come off of the phone with my bank and have all the money now refunded from this company's little raid last week and a dispute form has been sent my way.

I also emailed OFT and other like companies last week and hopefully something will finally happen to this and all loan sharks alike!!

[daisy72]

thanks for all your replies.

I havent heard anything back from CFO so i'll take all your advise and continue with my monthly repayment plan of £59.83. Again I have asked for interest to be frozen whether this happens is anyones guess i just want rid of cfo seems to control my life at the moment. In all honestly I just want my pdl paid! Ive given myself 8 months to do so..ive learnt a very harsh lesson here never borrow from a pady day loan comapny again!!!

Thanks againx

[sillygirl1]

The more people who follow that 'model' of attack when they are raided the less the companies will do it - and come licence renewal time I think many of these companies may be in for a shock.

 

If any company behind a PDL company who is closed down wants to set up a new PDL company that should NOT be allowed. That way this business would eventually be a 'niche' business with heavily regulated rules, in its own way it is very much a sub-prime operation.

[LaughingGirl]

Well done Snipatm. Daisy, just keep doing what you're doing. I know just how you feel, but also know how great it feels the last time you make a payment to the beggars.

 

@ SillyGirl1 - with reference to the TV advertising, it annoys me no end that the Wonga adverts are blatantly aimed at young people. In other words, just the type of client base that are just starting out financially and haven't really got a clue. I remember my Mum getting all steamed up when I was 18 and starting college because everything that came through the door at that time was offering me huge overdrafts and credit cards. Now I know why she was so annoyed...

[Ell-enn]

thanks for all your replies.

I havent heard anything back from CFO so i'll take all your advise and continue with my monthly repayment plan of £59.83. Again I have asked for interest to be frozen whether this happens is anyones guess i just want rid of cfo seems to control my life at the moment. In all honestly I just want my pdl paid! Ive given myself 8 months to do so..ive learnt a very harsh lesson here never borrow from a pady day loan comapny again!!!

Thanks againx

 

 

 

How are you going to make the payments - don't use a debit card or they'll take as much as they can get.

[daisy72]

This is the email I have just recieved from CFO...please see that I am now 33 days in arrears which is wrong as rollover payment date was 23rd for which I paid £59.83....

So what should my next move be now debt collect is supposed to be involved....

 

,

Thank you for your responce.

 

Unfortunately at the moment your account is overdue and has already incurred charges and will do so until it has been over 33 days since your due date. At this point your account will be passed over to our collections agency who will contact you at their nearest convenience.

 

If possible please give our collections team a call regarding the matter to see if they are able to come to an agreement with you in regards to your account. The number to call is 020 8166 1470 and ask to be passed to our collections department.

 

Kind Regards

Capital Finance One

Tel: 020 8166 1470

Email: [email protected]

 

[meols cop]

I owe money to Capital Finance but have cancelled my debit card. How can they access my account with no instruction in place? Also how do they get hold of relatives accounts? Thats theft surely

[sillygirl1]

I have not heard of them getting hold of relatives accounts, that is not on.

 

If you have no instruction they still have your bank details, so this is why you must get another bank account with a different bank, Halifax, Co-op or Post Office are all good options.

 

Simply cancelling your card is not enough.

[Trucker 48]

I just cancelled my application with cf1 and cancelled my debit card. The money had,nt arrived in my account so they emailed me asking me to repay it when it arrives via my debit card. Told them no way. Get your bankers to recall the payment if it's been sent or otherwise email me a paying in slip for their bank. Let you all know what their reply is if I get one. Good luck all.

[daisy72]

At long last I have neogiated a repayment plan with CF1 via their collections team.. just waiting for confimation email. i do also have mtcollection payment details. has anyone else dealt with mt collection they were actually very polite....

 

daisy72

[ksmiggy]

I had the same text from them , they can't threaten to come round your house and remove things, this can only be done after they have gone to court and after you have still failed to pay .

[Conniff]

Never 'ever' (once more in case you missed it) 'ever' set up a direct debit, standing order is the best way to do it and if they wont give you their bank details, you can tell them "in that case I can't pay you".

[rachaelamyconnor]

close your bank account asap they will keep taking and taking even once you have paid what you owe. I paid my loan with this company and they kept taking money out till I closed my account these are the worst by far payday loan company

[pdlarenogood]

I applied to this lot a few weeks as i was really desperate, from the start of the application they make it look like you are approved, you get a text back and all you need to do is call them to get the money transferred, but you call up and you give some more details and they say "will send an email within the hour with the decision! Well i guess i was not approved and still waiting on that email! But after reading all the reviews on here i was so glad i was not approved. Think there website is misleading when it says "we feel are charges are amongst the most competitive in the market place" the average for fixed interest is £25 per £100 they charge £39 per £100, i have not seen higher rates anywhere on the internet, but fell free to correct me. Got my finances sorted and again so glad never got into borrowing with them,payday loams are bad news from start to finish, they do not solve problems they create them>

[sillygirl1]

Keep an eye on your bank account, they may try to recover funds they never lent - has been known.

[pdlarenogood]

Thanks, I check my online banking everyday incase of any suspicious activity and with them having my details now i check several times a day!

[fishgary]

Unfortunately I fell into CFO web of borrowing. I took out a loan for £200 in June 2011 and fell behind with payments. I owed about £1200 with interest and charges according to them. Last month they raided my account on payday and took almost £700 (7 different transactions) until my account was emptief. This has left me in even more debt now. They dont seem to care and despite numerous attempts to contact them they have refused to speak with me. I have informed my bank I lost my debit card and have since been issued with a new one and also informed my bank to block payments to these sharks.

[dx100uk]

what about getting the payments back?

 

FRAUD!!

 

dx

[LaughingGirl]

Unfortunately I fell into CFO web of borrowing. I took out a loan for £200 in June 2011 and fell behind with payments. I owed about £1200 with interest and charges according to them. Last month they raided my account on payday and took almost £700 (7 different transactions) until my account was emptief. This has left me in even more debt now. They dont seem to care and despite numerous attempts to contact them they have refused to speak with me. I have informed my bank I lost my debit card and have since been issued with a new one and also informed my bank to block payments to these sharks.

 

Gary, I don't know when this happened but please read some of the other threads on here and use the information go back to your bank and get a charge back.

 

I would strongly advise you to open a new account (you can open a Halifax basic account on line). If in their world you still owe another £500, they WILL take it the next time you have money in there - it doesn't always seem to matter that you change the card. It's just not worth the stress of waiting to find out if they can or not.

[dx100uk]

We have been telling people to put a letter into their bank instructing them not to make any payments under any circumstances to these companie

http://whatconsumer.co.uk/visa-debit-chargeback/s - it works!

 

banks MUST follow written intructions from their customers !

This fsa guide has now been updated:

 

http://www.fsa.gov.uk/pubs/consumer_...ghts_guide.pdf

 

Here's the text:

 

Cancelling a regular

card payment:

 

When you give your credit or debit card

details to a company and authorise

them to take regular payments from

your account, such as for a gym

membership or magazine subscription,

it is known as a ‘recurring transaction’

or ‘continuous payment authority’.

These are often confused with direct

debits, but do not offer the same

guarantee if the amount or date of the

payment changes.

In most cases, regular payments can

be cancelled by telling the company

taking the payments. However, you

have the right to cancel them directly

with your bank or card issuer by telling

it that you have stopped permission for

the payments. Your bank or card issuer

must then stop them – it has no right to

insist that you agree this first with the

company taking the payments.

Be aware, though, that you will still be

responsible for paying any money that

you owe.

[Ell-enn]

Suggested letter to send to bank

Letter to bank to stop PDL payments.doc

[citizenB]

Also have a read of..

 

http://www.consumeractiongroup.co.uk/forum/content.php?850-Continuous-Payment-Authorities-How-to-stop-them

[rach1984m]

Hi,

I used Capital Finance One to get a payday loan when i was really struggling for money. They were great when i applied to them and received my loan the next day. When it came to paying the loan back i was unable to pay it and they agreed to roll-over the amount til my next payday. In between the new time of payment i unfortunately lost my job and again couldn't repay the loan. A company called Pre-approval got in touch with me and we agreed that i would pay £50 a month with a token gesture of £30 at the end of the phone call. I gave them my card details and said that they would take the payment as soon as they hung up. The payment was them taken from my card and thought nothing of it. This was January 2012

The next day i went to use my card and they had taken a total of £75 from my bank leaving me overdrawn. Stupidly i never rang and asked them about this and basically forgot about it.

This morning however i had some money put into my account by a relative and Capital Finance One have taken the lot, a total of £280! I rang to ask why they had done this and was told that i had broken the repayment agreement and wouldn't be getting this money back. I asked how i had broken the agreement and was told that i never made the repayment for February. I assumed that as they had my details that they would automatically take the payment but apparently not! They were not very understanding that they had left me with no money to feed my 2 children but i just got the reply 'not my problem'!

I would recommend this company if you really want a payday loan but watch your back if you miss a payment!

[LaughingGirl]

They've taken £385 out of your account, £355 of it without your permission, and you'd still recommend them?!

 

Go to your bank, demand a charge back then report them. Don't lie down for it!