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

[Conniff]

Hi,

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

 

I honestly can't believe you came out with a statement like that after what you have said.

[sillygirl1]

Nor can I, it is the sort of thing a Troll would find embarrassing.

 

Get that money back PRONTO and report them to the OFT and Trading Standards, you had an agreement, they breached the agreement you now owe them nothing.

 

The OFT and Trading Standards are doing an in depth investment into this very murky market. Your complaint could stop this sort of behaviour.

[rach1984m]

I would recommend them as i dont have a problem with the initial team that you get the loan from, its the collection department that i have a problem with.

[Conniff]

I would recommend them as i dont have a problem with the initial team that you get the loan from, its the collection department that i have a problem with.

 

So if a nice man came and cleaned your driveway for you and made you a cuppa, you wouldn't be upset if he then went on to burgle your house, you would happily allow him to come clean the driveway again next month.

[ksmiggy]

I had a call from a collection agency about my debt with them, Never recieved any notification about them passing it on to anyone else though. they are a complete joke, totally refused any offers of a repayment plan.

[Conniff]

You shouldn't even be passing the time of day on the phone to them let alone trying to come to some arrangement. Promise me you won't talk to them on the phone again ksmiggy.

 

Are you sure about the debt? have you had proof that it's your debt? how long since you made a payment? who was the dca?

[citizenB]

Originally Posted by rach1984m

Hi,

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

I honestly can't believe you came out with a statement like that after what you have said.

 

I would recommend them as i dont have a problem with the initial team that you get the loan from, its the collection department that i have a problem with.

 

Of course they are helpful when you approach for the loan.. they want your business.. !!

 

We see very few people on CAG who have had "problems" getting the money in the first instance, in fact it is far too easy for them to obtain this type of loan.. The companies are nearly always happy for you to "roll over" a loan as well.. because they then have you in their clutches. The minute you are unable to repay there are problems and 90% of the people who come to CAG are unable to repay.

 

As for differentiating between the lending team and the collection team - dont fool yourself.. they probably take it in turns to be good lender/bad collector.

[ksmiggy]

I don't talk to them on the phone except to say they should write to me.

[nrichard39]

Also beware I cancelled my card and got a new one but thy still took out 300 pounds using my bank details, my original laon was 200 pounds and now they are with mt collect who say I owe 800 pounds they have takenn money out of my account and also my boyfriend`s as I used his details once I now have my money in a savings account.

[LaughingGirl]

If they took the money by card, go to your bank and demand a charge back. They might say "no" to start off with, but stick to your guns.

 

I think the site staff are taking the line that you should write to your bank revoking continuous payment authority on your account, which is one way of dealing with the issue. Personally, I opened a new basic bank account. In the long term, I felt it was easier and less stressful than trying to persuade my bank and the PDL Co's that only I have the right to decide how my wages are distributed.

[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 the bank - either hand in to the branch or send by recorded delivery

Letter to bank to stop PDL payments.doc

[matt3333]

I have had a call from Red Bridge trading standards, They have had a lot of complaints about CFO and are investigating them. Trading standards are unable to get involved in indvidual cases but will consider all complaints they recive as evidence against CFO. If any one wishes to email a complaint to redbridge TS thier email is

community.safety@redbridg e.gov.uk

 

[Anon Brumbie]

A colleague at work took a loan out with this company I don't know the figures but I just want to know if the way they have calcilated to loan is legal.

 

Say the loan was £100 at 50% over the month so at the end of February he owed £150 with the option to pay the interest of £50 only. He paid the interest and was offered a loan increase of £30 which he accepted. He was under the impression he would at the end of March owe £130 plus 50% in that sum. However they have told him he owes £180 + 50%. This means they have added the interest for March to the £100 plus the extra £30 then charged interest on that whole sum. Is this legal ?

[renegadeimp]

Nope. Especially if they never told him that it would be calculated like that.

[Ell-enn]

I've seen this before with CF1 - they add interest onto interest which is not stated in their terms and conditions and also distorts their advertised interest rate.

[sillygirl1]

Complain to the OFT, and Trading Standards, they are taking the proverbial here. They clearly have one eye on 'profiteering' rather than helping the customer get off their bandwagon - which is the whole point of a PDL loan, a short term loan for a short term problem, not a reloan, reloan, reloan scenario.

 

Get in touch also with the whistleblower on this thread and let them know what is happening.

 

http://www.consumerdirect.gov.uk for the Office of Fair Trading

http://www.tradingstandards.gov.uk for Trading Standards

 

Both organistions are looking in depth into this very murky market.

[ksmiggy]

They tried the same with me, offered to give me a top up on the loan as it were, but when I looked at the agreement, it did detail the interest etc. It is a favourite of theirs, they offer you more about halfway through the month, then effectively lend you enough to pay off the existing loan then you take out the new loan at the higher amount.

 

It is detailed in their agreement, they rely on you being just happy to get the money and not worry about reading it because you think you know what you owe.

So please be very careful people, they are without doubt the worst of all.

I owed 350, they offered me an extra £110 , by the time they had done, had I not spotted it , my 350 would have turned into nearly 800 , needless to say, I didn't bother, close though, only just spotted it.

[robingetz]

I've just noticed that Capital Finance have only ever been taking the interest out of my account over the last 4 months, even though I never asked for a deferment and the never informed me that they were doing this. I thought they took the full payment on the due date, as per contract. It's only when I noticed a tranasction I didn't recognise on my statement that I discovered this, 4 months since I thought the loan had been paid in full. If I hadn't noticed, how long would they have continued doing this? Anyway I cancelled the payment and told them as far as I was concerned the loan was paid in full, as the monthly amounts they had been taken was more than the original loan + interest. I told them they were in breach of the contract by not taken the full amount on the date stated on the contract, and I think that there intention was to continue taking the interest every month withput my knowledge.

[renegadeimp]

I fyou were using a debit card to pay it, make sure you cancel the Continuous Payment Authority on it and also report the card as stolen. If you dont, they WILL keep debiting your account.

[42man]

Robingetz, I can't stress how important it is that you report this to the OFT...

[sillygirl1]

Cash Genie do the same and then when they take the interest and you ring up to pay the loan in full they con you for another months interest.... I did the sums a while ago on this and came up with the folowing (based on what one company told me)

 

£15,000 to lend at £150 a time to 100 people

After one month 50 people repay £200, 30 people repay £50, 20 people default

After month two 10 people repay £150, 20 people repay £50, 20 people default

After month 3 10 people repay £150, 20 people repay £50, 20 people default

After month 4 the company goes to 20 people and reclaims all the money in their accounts which could total £20,000

 

Completely wrong and unethical.

[robingetz]

I've emailed them this morning, they still haven't replied. I'm interested in what they come up with in way of explanation. All I'm getting is the usual automatically generated emails saying my payment is overdue and that interest and charges have been added. I will report them to the OFT, I told them I would if they make any further contact asking for payment, but I am going to anyway regardless. How many more people are they doing this to?

[renegadeimp]

Pretty much ALL PDL's act like this. They are ran by loan sharks, so when you take a loan out with them, expect the worst.

[robingetz]

Quick update on capital finance. They emailed to say that on the due date (28/11/11) they tried to take the full payment but that was declined so they only took the interest, told me to confirm that there was enough money in my account on that date, which of course there was as that is the day i get paid, hence "payday loan". They are digging a bigger hole for themselves I think.