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

[sillygirl1]

Have you reported them, if not why not?

[robingetz]

I am reporting them, but I am waiting for them to dig a deeper hole for themselves, they are coming out with some lame excuses as to why they didn't stick to the original contract. I have all the email correspondence to use as evidence.

[renegadeimp]

send the info as soon as you get it. you dont need to wait for them. The file your complaint is in is easily updated.

[kentoot]

Hi There,

 

Dealing with these people via email tennis as we speak. I took a £100 loan out in Feb - due to be paid back on 29 Feb. During this time I had started the ball rolling for an IVA and was advised to change my debit card and the IVA company will handle my loan. This I did.

 

The following payments were taken by CFO on Friday: £100, £39, £39, £25, £25, £25, £25

 

This is their response:

 

“If You default, our tariff charges are as follows: We will charge You the sum of £25 for missing the agreed payment. We will charge You the sum of £25 per letter for

the first, second, third, fourth and fifth letter that we send to you in respect of the collection of any outstanding sums on your account. If You are in arrears for 14 days

after the agreed due date, 39% of the original Amount of credit will be applied to the account. You must pay us any reasonable expenses and costs that We may incur

in tracing You if You move address without first notifying Us. In addition, You must pay us any reasonable expenses and costs we may incur in taking other steps to

enforce, or attempt to enforce, our rights against You under this Agreement, and You will be charged simple interest, both before and after judgment, at the rate set out

above from the date payment falls due until payment is made.”

Under the terms and conditions of your agreement, 1.3:

 

* You authorise us to collect any monies owed under the Agreement from any debit card account of which you have supplied details to us. We may make these

attempts as frequently and at any time we choose while there is an overdue balance on your loan account, up until the time where the total amount collected equals the

total amount owed. At this stage it will be deemed that your loan has been fully repaid. We do not have to give notice of these intended collection attempts.

 

Your account was settled on 30/03/12 and you have no outstanding balance. Unfortunately we cannot issue a refund as this was money owed to the company.

 

If you have any further queries, please do not hesitate to get in contact.

 

Kind Regards

 

Capital Finance One

 

Tel : 020 8166 1470

Email: [email protected]

 

 

How did they get my new card details?

 

On top of this myloan.co.uk who I have had NO dealings with have taken a £69.99 fee from my card! Sister company perhaps? I have asked CFO why they couldn't collect payment and they won't answer - I know they have accessed my new card somehow.

 

Santander told me to speak with both companies to resolve this.

 

Any advice greatly appreciated

 

Many thanks

 

Ken

[kentoot]

I hasten to add - no contact nor letters from these people were ever received - no communication whatsoever.

[dx100uk]

the find a loan fee is unlawful...do a chargeback nOW.

 

http://whatconsumer.co.uk/visa-debit-chargeback/

 

dx

[renegadeimp]

With a CPA on the account, even if you change your card, the authorisation is still there. The ONLY ways to stop is is to write to your bank and ask them to stop the CPA on the account, and to change your bank account number or account itself.

 

Get your money into a new bank account and tell CFO that you consider the debt closed. £25 for them to send an automated letter is obscene. By their own reasonings, you can charge then £50 to open and read the letters they send. Perhaps you should try that.

 

If you contacted them before they sent the letters and said you are going in an IVA, and you have proof, then they are out of luck. Theres nothing they can do. They cant place a default, they cant take it to court, since a judge would just look at it and throw it straight out.

 

Regarding those random charges though, if you are using a visa debit card, walk into your bank, contest the charges, declare them fraudulent and get a chargeback on them.

[kentoot]

Thanks for the response. How long does the chargeback take?

 

CFO haven't sent me any letters at all and I only told them recently about the IVA butI guess this is before the letters were sent since they haven't sent any if you get my drift?

 

But all this has made me unable to pay direct debits and one worrying thing is that I have to pay HMRC this month as agreed...

 

Furious with CFO - no contact at all from them until this happened.

[renegadeimp]

Usually a week or so for a chargeback. They have to investigate first.

 

 

Also i noted this little gem,

 

"If You are in arrears for 14 days

after the agreed due date, 39% of the original Amount of credit will be applied to the account."

 

I'd LOVE to see how they plan to justify that charge.

 

In regards to HMRC, contact them and arrange another form of repayment. Just say your bank account has been fraudulantly accessed or used or words to that effect, and until the bank has done an investigation, you wont be making payments from it.

 

HMRC have a good amount of payment options. They could even send you a payment slip so you can pay it at a post office.

 

 

With regards to your last statement, welcome to the world of PDL's. They do this just so they can pile on tons of random , made up charges. Remember, they are all ran by loan sharks, so they are not trustworthy at all.

[kentoot]

Have emailed myloan.co.uk and had no response - tried calling and can't get through.

 

CFO have gone quiet and not responding to my emails now so time to speak with the bank

[renegadeimp]

Put the request to cancel the CPA in writing to your bank.

 

If your bank is Halifax, then its time to find a new bank. As they very rarely stop these transactions, even though it is your legal right to have them stopped.

[sillygirl1]

Get onto the OFT, Trading Standards and MP Stella Creasy, they are well out of order and you MUST complain complain complain.

 

Remember every single complaint is being counted now against these murky companies.

 

That email and the charges are atrocious. As far as morality goes, as they have gone into your account and tried to empty it you do not owe them any money, in fact they now owe you anything they have taken over the orginal contracted amount (the original loan and interest thereon).

 

Why not email and tell them unless the excess they have taken is replaced as quickly as possible you will take THEM to court, and you are now charging them £25 for every email, forum post and correspondence with external authorties, also the recognised £19.25 per hour fee for a litigant in person.

[kentoot]

Silly Girl - have emailed Stella re the above and will contact OFT/ Trading standards too

[sillygirl1]

Great hopefully the authorities will realise this lot are out for themselves and not for anyone else.

 

This is another perfect example of why just changing your card details isn't enough, you need to have another bank account so they can't access your funds any more. Insist that the bank do this or you will go to the Financial Ombudsman about them.

.

[Ell-enn]

I suspect myloan have hawked your details around loads of loan companies and this is how CF1 will have got your new card details

[Angel_Wings]

Hi Guys,

 

I had a loan with this company and was pay just the interest until my bonus came through. After a while I requested to be put on a payment plan as I was paying a large amount of interst which covered the loan tenfold. I was told they could not do this without going into default. Not an ideal situation, however for the month of Feb I was flat broke(Council tax and other debts) and I did not make a payment. Within Days I recieved txts from what I was lead to believe was "MT Collections", I responded immediatly and made an interim payment, with the understanding I would pay £100 a month. I recieved more txts and each time was assured that the txts were automatic and they repayment plan was in place.

 

As per many other people on this thread, payday came and CFO cleaned out me bank account. When I called, they were at first helpful confirmiing that they could see the payment arrangement and they would try to help. However, as the day wore on and I called back I was told there was no way I was getting my money back and to basically stop calling(there was alot more said in there as well).

 

I calmed down and called back asking for the complaints department to contact me, I was assured that they would within the hour(still waiting). In the meantime I contact FSO who have taken this as a case and I have the reference, I also wrote a letter to James Keeble(no response either, I don't think he exists).

 

I called back again and informed them of what I had done(surprisiingly nicer to me), I requested a breakdown of all charges and what was owed, my account detials and response from the complaints team.

 

Today came round with still no repsonse, I called again from my work phone where all calls were recorded. I called several times and have now been told by a lady called Jolene that I would not recieve my money back(even though I had the agreement) and she will be sending me an e-mail and letter through the post confirming this. I have also asked for all written communication on there "system" and any letters.

 

Can anyone confirm whether there is anything else I should do? I am looking to also mount a civil suit against them. Has anyone else done this? Have they had any success?

 

Any information would be awesome thanks.

[kentoot]

Angel, sorry to hear of your issues. I fully intend to take action against them as I am now out of pocket an cannot even pay for groceries for my family because of these people. I have had to cancel direct debits as well and it is absolutely infuriating. The CAG forums are wonderful with lots of great advice from a great bunch of people.

[renegadeimp]

The first mistake people make is giving the PDL their bank details. As youve seen, they completely ignore what you agreed on and will take whatever they like when they like. Get a full complaint into the OFT and FOS now.

 

Also, if you used a visa debit/credit card, walk into your bank and demand a chargeback on your account for every single penny that they took out.

[Angel_Wings]

Kentoot, how do I start that process? I was going to go to Citzen Advice? Also Renegadeimp, I am SSSSSSSOOOOOO naive. Thought I was doing a good thing, setting up the payment arrangement striaght away.

 

I contacted my bank and was told because I owed the money they could not interfer and OFT were giving out the wrong information as there is a new ruling stating this. Is this not right?

[renegadeimp]

You were doing the right thing, just the wrong way. ALWAYS deal with your debts in writing. NEVER in a phonecall. Also remember that PDL's are ran by loan sharks. When dealing with them, you have to scrutinise every little thing they do. The second you see something not right, get a complaint in.

 

As for the banks answer, which bank was it? Halifax are known to do this and are useless.

 

Simply state http://www.fsa.gov.uk/static/pubs/consumer_info/know_your_rights_guide.pdf page 15.

 

Specifically the following:

 

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

 

Tell the bank they are legally obliged to follow this.

 

If they refuse, and youve used a visa debit card, issue a chargeback on the account for unauthorised transactions. Some PDL's seem to be getting around the banking restrictions by using false transaction numbers. The only way to see if this is the case is to request the transaction number from the merchant that processed the payment, and send a SAR request to the PDL asking for every little bit of info they hold on you.

 

If they still refuse, contact the OFT/FOS and FSA and also put in an official complaint to your banks head office. Usually the official reciever.

Edited April 2, 2012 by renegadeimp

[Angel_Wings]

I've put a complaint through to the bank as there not going to do the chargeback. I'm just flagging this everywhere!

Would really like to know how to start my civil suit though anyone?

[renegadeimp]

Did they say outright that they wont, because thats not how it works. It is a visa card, under the regulations they can do a chargeback on the money after an investigation on both sides. It seems that the banks are misinformed.

[Angel_Wings]

Thanks I sent a complaint and the bank are "invesitgating" I sent the final response from Capital Finance One as well stating that there was an arrangement and there system automatically takes the money(even though they didn't have my detials till I gave them to the collections department).

 

Has anyone ever won against these guys?

[kentoot]

Angel, my bank, Santander, said that I should approach the companies concerned first then come back to them if no joy - this is a fob off in my opinion. I will be contacting them again today to reiterate the chargeback request. As far as a civil suit, depending on your circumstances, I have tried two options before: when I was unemployed I used Legal Aid and a couple of hours if a lawyers time was all it took to get my money back from an employer! I have also issued a small claim through the magistrates court which also did the trick. The one I like and I got this from Consumer Direct, "misrepresentation under the Misrepresentation Act of 1967." Phones 4 U tried to con me with a Blackberry and in the end offered me a sum to settle.

[Angel_Wings]

Kentoot, awesome. Thanks, I'll update all now.

 

I think what hurts most is it's my birthday on Wednesday I have a sum total of £1.20. Was going to spend cause would have probably had the same amount, but at least I would be secure that everyone had been paid.