Capital Finance One and others

[CurlyOscar]

Hi all. I'm a first time poster who having taken onboard some of the great advice on here has finally taken the plunge and stepped off the paydayloan cycle. I defaulted on Thursday with Capital Finance One and have sent emails and followed up with phone calls offfeing £50 per month (debt is £695 inc interest). On Sunday they have managed to get authorised £195 (the interest) and £25 (fee) on my debit card despite the bank account containin zero funds. I know realistically I won't get that money back from them but should I allow them to rollover the loan for another month thus not incurring any further penalty fees or should I take take the view that my balance is now £475 and keep banging the drum about offering £50 per month. Any advice on how to deal with this would be much appreciated.

 

Incidentally I defaulted with Wonga on Friday and by 10am I had a 12 month repayment plan set up (confirmed via email and showing on the website) - they couldn't have been more helpful and they were the ones I was dreading dealing with

 

Quick Quid

PTP

Lending Stream

Payday Express

Payday UK

Cash Choice

 

all to come.

[robjam1969]

First get that card reported stolen. Even better if you can get a new account. Personally I would deduct what they have taken from your original offer to repay.

 

How are you paying Wonga? Have you set up standing order or got their bank details? If they have your debit card details you will be at their mercy!

[CurlyOscar]

First get that card reported stolen. Even better if you can get a new account. Personally I would deduct what they have taken from your original offer to repay.

 

How are you paying Wonga? Have you set up standing order or got their bank details? If they have your debit card details you will be at their mercy!

 

 

I have set up a new account and this months salary is going in there. Can't close the existing account yet as I am paying off the overdraft although I take the point about reporting the card stolen ( I had hoped leaving zero balance would prevent any further transactions being approved). Wonga have given me their account number and they don't have the new card number on the new card account.

 

Any suggestions for an email I can send to Capital Finance. I reiterated my £50 per month offer again today but they're not playing.

[robjam1969]

I don't think their is a specific e-mail that will get a response as they are well known for ignoring you. They will contact you when they are ready. If they can't get at your funds they will have to eventually!

[CurlyOscar]

It's not that they won't talk to me, they won't accept any offers of reduced payments. Would you suggest periodically sending them the offer? They have told me that if I don't either agree to a rollover from the £195 already taken or pay in full there will be another £25 charge on Wednesday and shortly after that another charge of £195 givng a balance over £720. I am also concerned that despite no money being in my account and even if I cancel the card they may manage to get speculative amounts authorised - as I mentioned I can't close the account yet due to overdraft (salary will be paid into new account)

[Jamie Kingston]

they can add whatever amounts they want just as they say no so can you...

[CurlyOscar]

I 've had the following email from Capital Finance One during the week along with a couple of emails telling me they have added 2 x £25 to my balance

"My colleague xxxxx has asked me to email you in regards to the conversation we had yesterday afternoon.

 

As we discussed your loan was due to be paid on the 10th February 2011, the amount due was £695 this was the principal amount you borrowed for £500 and the interest amount of £195. This was not paid on the day and fell into default. You then contacted two people within the company via email however they are no longer employed with us. A phone conversation was then held with our customer service advisor xxxxxx, who confirmed we couldn’t set up a payment plan on your account however you could make token payments towards your balance. You requested to email her and also copy me into it.

 

I received this email over the weekend but at the same time we also obtained funds from your account for the amount of £220. I then had a conversation on the phone with you, explaining that your card is attempted daily after your due date if the balance isn’t settled. Your contract states the following:

 

“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”

 

 

You mentioned there was no funds available in your account at the time the payment was made however if this was the case it is an issue you will need to bring up with your bank. I have explained to you that we are not willing to set up a payment arrangement on your account but I could arrange a deferral for you. This means that the balance would be extended until your pay date in March. By doing this it means that the account will not be in default and will also save you a large amount of fines and fees on the account. However you were unhappy for me to put this in place for you as another month’s interest would be added to your account.

 

If the account remains in default, as per your contract, fines and fees will be applied to the account until the balance is settled in full. You will also receive daily calls/texts and E mails chasing the Debt. After a period of 33 days of being in default the debt will be passed to our door to door collections team. They charge their own fee for the debt recovery which you will be eligible for paying.

 

I trust this clarifies your request."

 

 

Any suggestions what I should do now? Should I ignore then or send them another email reiterating my offer? I'm a little worried by the phrase door to door collections team

With regards to the rest of my lenders I have spoken to them all except Lending Stream and Cash Choice mainly because they don't answer the phone and with Cash Choice I can't find an email address. As mentioned Wonga have accepted a plan over 12 months and I have made the 1st payment without incident. I will be defaulting with most of the rest this week and I guess I'm looking for a little reassurance from some of you who have been through this as I'm feeling a little nervous and unsure.

 

 

Thanks in advance

 

[CurlyOscar]

A result. Had a call off Cash Choice this morning and they told me if I paid 1 months interest they would close the loan off in view of the time it had been running and rolling over. This has been confirmed via text and email. That's 2 dealt with but I know there are bigger and tougher challenges to come.

 

Again if anybody could help with the above post re: Capital Finance One and any general reassurance I would be grateful

[jellycubes]

Curly i had a payday loan, well several and caital one was one of them. The worst to deal with and a man called barry silver lol. Now stick to your guns, and everytime you get one of those we have fined you just resend your proposal, it shows willing on your part and a reasonble offer of repayment. They wont play ball until they dont get any money and see that they can not extort money out of your account. Then after a while they send you discount emails. In the meantime out asisde the money you are offering to pay them but do not give it to them till they agree in writing. The cowboys tried to tell me i owed x amount till i sent them a copy of the agreement....lol they even asked if i wanted another loan.....crafty vulchers just wanted my card details to rip me off. Now whatever you do do not apply for any ayday loans with your new credit card as they have ways of obtaining these as previous peeps have discovered to their cost.

[CurlyOscar]

Thanks for the advice - believe me I will never ever use a payday loan again. I've got a tough 12 months ahead (hopefully less) to get rid of all these debts but i WILL do it. To anyone else considering taking back control I would urge you to do it. I had sleepless nights in the lead up to defaulting and I won't kid you it is scary BUT it's not as bad as you might imagine. Be honest & up front don't ignore calls, reply to emails and don't lose your temper! I was worried I would be inundated with calls at work & home but having spoken to all my lenders and followed up with emails I have had very few calls and those I have had I have answered so there is no need for them to ring any other number than my mobile. I have had mixed success so far as you can see above but my position so far is - Wonga accepted 12 month plan (confirmed in an email, 1st payment paid), Capital Finance One not interested in monthly payments, Cash Choice - agreed that if I paid 1 months interest they would "write off" the original debt (confirmed via email & text. Have paid this and had an email & phone call inviting me to apply for a new loan with an increased limit!), PoundsTillPayday - not interested in monthly repayments, QuickQuid have offered me an 8 month plan today!!!!! which with a few tweaks here & there over timing and initial payment I will probably accept assuming I can get over the no debit card issue. Still got Payday UK, Payday Express & Lending Stream to come which I am still nervous about but feeling a lot more confident after the last week.

 

Big thanks to numerous people on here who's advice I have read & used especially Jamie Kingston, RobJam, sillygirl, glo

[Sucker1]

Hey - I sorted out my lending stream yesterday - they are so understanding all done oever the phone took 2 minutes (they allow anything upto 12 months providing you have made at least 1 interest payment in the past) - I chose 9 months and they froze all interest and emailed over the payment plan and their bank details to pay- they just told me the refernce was the agreement policy number. The easiest of my 9 so far (I know 9).

 

Good Luck

[CurlyOscar]

Quick update. I have now defaulted on all my loans. So far Quick Quid, Wonga, & Cash Choice have offered repayment plans. Lending Stream and Payday UK have been a little bit more difficult (I was surprised with Payday UK as the consensus seemed to be that they were one of the easiest to deal with) - Lending Stream want me to make the full 2nd payment after which they will consider a plan but they have agreed to let me make this payment next month which I will be able to do. Payday UK have agreed to accept £50 for each of the next 2 months after which they will review they would then be looking for the balance to be repaid over a maximum of about 4 months - I really had to push for this.

 

PoundstillPayday, Capital Finance One, Payday Express are not interested in repayment plans but that isn't unexpected.

[s4ddys]

Please tell me that you are paying them all via standing order?

[CurlyOscar]

Yes, I've got a new account as well which my salary goes into

[money madness]

Cash Choice - agreed that if I paid 1 months interest they would "write off" the original debt (confirmed via email & text. Have paid this and had an email & phone call inviting me to apply for a new loan with an increased limit!),

 

CurlyOscar ... Would you mind telling me how you approached Cash Choice to get this agreement? I'm rather embarrassed to admit that I didn't realise how long I had my loan with Cash Choice until I looked through my emails tonight. 12 months!! That's a £400 loan with £100 interest payments every month to carry loan. In total they have had £1400 off me!! How can I get this loan stopped as surely I've paid them enough and would cry if I still had to pay a further £500 to them :"O(

 

Very depressed now I tell you. Why do we let it go for so long! aaaah

[robjam1969]

Hi Money

 

You have to put a stop to this. have a read through the forums of what to expect, I very much doubt they will want to see your case in court.

 

You have paid more than enough. Make sure they don't take any more

[CurlyOscar]

CurlyOscar ... Would you mind telling me how you approached Cash Choice to get this agreement? I'm rather embarrassed to admit that I didn't realise how long I had my loan with Cash Choice until I looked through my emails tonight. 12 months!! That's a £400 loan with £100 interest payments every month to carry loan. In total they have had £1400 off me!! How can I get this loan stopped as surely I've paid them enough and would cry if I still had to pay a further £500 to them :"O(Very depressed now I tell you. Why do we let it go for so long! aaaah

 

I had written down the date of my payment wrong so I had defaulted before speaking to them. They phoned me about 11am on the day of default, I asked if I could arrange a payment plan and they offered me the pay the interest and we'll write off the rest option

[CurlyOscar]

I have had this email off CapFinance today

 

"Your repayment due to Capital Finance One Limited on xxxxx with reference to your credit agreement is in serious arrears.

Call our collections department today on 02085 065 780 to settle your account.

Despite numerous attempts to contact you, your account remains in arrears. As advised in our previous email your account has been passed to our external Debt Recovery Agency who will be in contact with you in due course. This agency charge for the work that they do in recovering this debt and those charges will be passed directly on to you and applied to your account.

Please be advised that if this account is not settled immediately, it may affect your chances of obtaining credit in the future.

Your outstanding balance today is £xxxx."

 

Is this anything to worry about?

[Cait116]

Not 100% sure Curly but my guess is it's Scare tactics. They can add as many fees on as they want, just keep emailing them your offer - original loan plus 1 month interest. What are they gonna do - take you to court? I think not. Some of the more knowledgeable guys should be able to tell you but I'm pretty sure it's just the usual old harrassment/bullying cr&p.