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I have been hovering around now for a while and have taken on board the advice given to some of the posters but I seem to have hit a wall at the moment.

 

I took out a loan last month with Capital Finance One for £260. It was the last of a long line of payday loans which for the rest i have now set up payment plans without a hitch.

 

Here is the reply from Capital for my request of a payment plan:

 

Thank you for your E-mail. Unfortunately as your loan is not actually in default at present there is not a lot at the moment that we can do in Relation to your account, I must however advise you of your options and also the consequences of payment not being made. You will have the option to defer your payment by making the Interest payment on your due date, this will then defer your loan until your following pay date. 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. If you do 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 which for the debt recovery which you will be eligible for paying. We suggest therefore that you try and at least make the interest payment to defer the loan to avoid this. We can also take a payment from your debit/credit card or if needed from someone else credit/debit card who may wish to pay on your behalf.

 

Please advice

 

Kind Regards

 

 

now i replied back simply reiterating that i didnt have any cash and i was offering what I could. I couldnt afford to defer the loan and that if they didnt agree to a plan I would be forced to go into a debt managment plan which i didnt and still dont want to do and again asked for their paying in details.

 

 

 

I got this reply:

We are unable to arrange a payment plan for you as you have been advised. We have asked you to make token payments to reduce the balance. This will not defer your loan and fines will be applied to the account due to late payment.

Regards

 

 

How the hell can I make token payments if they wont give me their paying in details? so the next thing i get a large number of texts from them saying I cant defer my loan and only pay interest to which i ignored then I get a final text from them saying :

 

 

 

Your defferall reqyest has been approved. we will collect the interest tomorrow via your debit card.

I at no point agreed to defer the loan and have not expressed any wish to defer it so how can they do this? lucky for me I cancelled my card so they cant take the money.

 

 

What is the next step with these clowns since they wont agree to a payment plan and wont give their paying in details to me for even token payments? Surley what they are doing is wrong or even illegal especially setting up a deferal when I hadnt requested or agreed to it??

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Bang on Cue..... threats even before you default.

Trust me and everyone else here, even if you default they still wont want to help.

Golden rule is email them again, and advise them you want a repayment plan for balance and 1mths interest.

I would challenge them to accept the plan as youi DO NOT intend to pay any excess charges/fines.

I would advise them that if they dont accept a payment plan, and want to add excessive charges, then they should proceed to court.

In court they can explain why they wouldnt accept a payment plan, and then they advice the judge why their fees are excessive.....

 

They will threaten/bully...... dont worry though... many people on here will advise you more,

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Merely cancelling the card will not prevent those parasites from taking the money from your account.

 

It is interesting, though, that even they refer to their excessive charges as "fines". With them using such a description, can there be any doubt that they are indeed intended to be penalty charges?

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So an update on the above I have emailed this mob daily and have had my emails ignored when they dont ignore them they simply refuse to set up a payment plan or even provide paying in details so that I can send token payments. They have been emailing me every day telling me they have added another £25 in fines to my account daily so i dread to even think of what the total of my loan is now. They have now emailed me today telling me they are passing my account to the door step collections team which funny enough well before the 33 days that is stated in their inital email to myself.

 

does anyone have any advice on how to deal with them or does anyone have paying in details for them?

 

i'm now at my whitts end with them

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The doorstep collection people have no powers and are usually working on a commission only basis, which of course makes them rather aggressive. You have every right to tell them to get lost.

 

Contact Trading Standards and the Office of Fair Trading about this company, both organisations have had complaints about the £25 daily fee charge and if you don't complain you are leaving yourself open to a hefty court summons which could bankrupt you.

 

Sorry to sound so pessimistic but after dealing with payday loans on this site for about three years this is one of the more murkier firms when it comes to defaulting.

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bit of an update have not got any further with these guys.no payment plan has been accepted they have refused to give me their paying in details in order to make even token payments and I recieved an email last week informing me that they have now passed my account onto daniel silverman. to be honest i am now freaking out i havent ever had to deal with a collections agency before. i have made the complaint to trading standards as suggested and currently trying work out how to complain to OFT as they keep directing me to the consumer direct which i dont think is the correct place. what is the next step i take? do i wait for this company to contact me? will they be any better than CFO to deal with. Also the fact that my loan has now jumped from 260 to over 600 due to their fines being added on. i cannot afford to pay over 600 i can just about manage the 260 over the year. this has made me unbelieveably stressed.

 

any advice on my next step guys?

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Consumerdirect is the right place to complain, and then complain about Daniel Silverman to the OFT (ring them up tomorrow), they are NOT allowed to add collection charges, file referal fees etc to the amount, nor are they allowed to send people to your home or work or phone you at work.

 

Should this go to court their fines would be questioned, just because they are in their contract doesn't make them legal.

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I havent as yet had any contact from Daniels Silverman i expect it to come soon though. I happened to read on CFO website in their terms and conditions

f 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, 36% 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.

 

This is very different from their emails which state that the £25 is a fine which is added daily. surley this cant be legal? The thought of this whole thing going to court is making me sick. I own my home with my partner and i dont want to lose it as he couldnt afford to buy me out and i dont want to be forced to sell over £260 or their court fees because they refused to enter into a payment plan even before the account went into default.

 

i just cant beleive i have let this all spiral out of control, i made a bad judgement call and now it may ruin my future.

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It is NOT Legal, haven't I been telling you that already - get that complaint in NOW. The more you complain about each breach of the OFT guidelines (which that clause is a COMPLETE breach of most of them - even for Council Tax they can only charge a maximum of £43.50 for letters and that is a PRIORITY debt, this is a NON-PRIORITY debt and their charges are unjustified due to the high interest rate they charge.

 

Is there anyone who might lend you the original sum to give as payment then they can sing for their charges.

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I am dealing with CFO and have told them I wish to set up a repayment plan. They provided bank account details but are still adding charges and said they would do so even if I make a payment! Today I received this e-mail:

 

Dearxxx, Account no xx Your loan with us due to be repaid on the 26/05/2011 is in serious arrears and incurring daily late payment charges and fees. Your total outstanding balance with us today is £646.57 I am emailing you again today in an attempt to make payment on your account. I can negotiate the amount which you need to pay today, this does not need to be the entire balance for me to defer your loan and prevent further fees. We would like to keep you as a valued customer of Capital Finance One and resolve your account before it is passed to Daniels Silverman, who are a door to door collection agency who work on our behalf. They will attempt to contact you in order to retrieve the balance and visit your home to do so if necessary, this will all be at a cost to you. Your account will be passed to Daniels Silverman on 30/06/2011 Call today to discuss your account with me, I am here to help resolve this account and assist with the increasing balance. I can understand it is hard to speak with us in detail regarding your account during working hours so I hope you can take the time to contact me via email to discuss the situation and resolve this as soon as possible. If I do not hear from you I will attempt to contact you daily on all numbers you have provided to us. I look forward to resolving this with you as soon as possible. Kind Regards xxx

 

How should I reply or should I just leave it to be referred to the DCA?

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majickat can I suggest starting your own thread, but my advice would be to wait until it is passed to DCA then make an offer of payment.Devilmaycry I would not worry about DSilverman, send them a letter of complaint, stating you are only willing to pay the original debt plus one months interest, and ask for a copy of their complaints procedure.They will bite your hand off whatever you offer them, I know for a fact of people who pay £20 per month on a debt more than yours........ but pay what you can afford.If the worse comes to the worse pay off the original amount plus one months interest then stop paying - there is no way on this earth they would take you to court for the additional charges alone, and if they did I would guarentee you it would be you who ended up in [ocket through litigation in person charges!!!!!


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Get a complaint to Trading Standards, they are not allowed to charge daily interest AND late payment fees even though they think they can. They are being completely unreasonable

 

Daniels Silverman have NO POWERS WHATSOEVER and cannot legally take anything from you as 'surety' for the debt, they should be sent packing if they do show up. You can call the police and report them as demanding money with menaces as you do not owe them one penny. They are NOT bailiffs and cannot use bailiff powers on collecting 'common debt'.

 

Get those complaints in NOW. The more you complain the more they will have to do something.

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Keep everything in email, DO NOT PHONE as you cannot rely on them changing things.

 

Offer what YOU can afford and keep emailing them daily with the offer, that way they again have very little to go to court with (if they do then you can prove they did not want to negotiate but wanted to add charges until it made it 'worthwhile' to take you to court.

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I would wholeheartedly echo sillygirl1 on this.I'm currently in a long exchange of correspondence concerning CF1.I emailed CF1 prior to the loan becoming payable advising I needed a repayment plan. They ignored, so I cancelled my debit card and wrote again. The still ignored.They then sent numerous emails, each saying that they had added "fines". I kept referring them to my original emails.D.S. are now writing, I have pointed out that I had made CF1 aware of the situation and offered a repayment plan, and highlighted that I believe there charges are unlawful since CF1 referred to them as fines, and they are exorbitant. Aside from that, they clearly ignore your correspondence to build the amount they think you "owe".I have offered a staged repayment which I consider affordable for the original principal along with 1 months interest. If they don't accept, then I will send Postal Orders for the amount I have offered each month, and let them try and convince a judge that their charges are enforceable. Don't lose heart, their tactics are deliberately trying to scare you in to paying, are unlawful/unfair and they are unlikely to want the whole affair discussed in open court. If you want to see anonymised copies of letter that I have sent, then PM me and I'll see if I can help.MrGruff

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I honestly think CF1 are a joke! I have contacted them several times attempting to make a payment offer which has been refused. They tell me I can make payments but they will not freeze interest and charges. What is the point of making any payments if they just keep adding more. Anyway, today I have received the following e-mail:

 

Your repayment due to Capital Finance One Limited with reference to your credit agreement is in serious arrears. Call our collections department today on 0208 166 1470 to settle your account. As your account has been outstanding for 14 days we have added a fine equal to the original interest of your loan. Your outstanding balance today is £806.94. If we do not hear from you today we will have no choice but to prepare your account for our external Debt Recovery Agency who work on a door to door basis.

 

This is on a loan of £410, so this has now almost doubled in 14 days! I will just let them refer it to the debt recovery people, I know there is very little they can really do even if they do come to the door and in all likelihood I think they will be more likely to agree to a repayment plan.

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They are very cute and only reply to emails when it suits them.I copies in the Finical ombudsman and suddenly they replied and played ball.

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I had simaler experiences with cf1 , they would not accept a payment paln kept adding charges so ive emailed them every few days and get the same generic response that charges will be added ive made a few token payments of £5 and will keep asking for a payment plan just keeping the money to one side until they agree , these and payday express and micro credit are the worst to deal with

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to date no contact from daniels silverman, CFO are now ignoring my emails, i have been making token payments to them since they finally gave their details however no agreement to payment plan. i submitted a complaint to consumer direct and one to CFO which if i dont get a reply which i dont think I will then i will be sending it on to the fsa and seeing what CFO have to say then. I guess its just a case of sitting tight and waiting for their next move now.

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So consumer direct have passed my complaint onto trading standards as they believe their actions are against the harassment rules laid out by the fso. They have also said I should forward my complaint onto the fso asap. Hopefully may get somewhere with it.

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There you go, the more people complain about these idiotic charges and terrible terms and conditions the more the 'industry' will have to be regulated and curbed. The interest rates issue alone is enough to bring some of them into question.

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After months of offering repayment plans and being ignored while fines are added to my loan.

I have today recieved an email from Daniels Silverman . FINAL REMINDER , pay within 7 days or something very bad will happen :). The total is now 671, on a 300 pound loan. What a bunch of comedians. Ill see them in court.

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Daniel Silverman is the DCA the thieves at Captial finance use.

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You'll see them in mediation first, they won't want to go to court with that level of charges on a £300 loan. Remember if they go over £750 they can choose the bankruptcy route, and a judge will NOT be amused at them at all.

 

I have a basic defence ready which will make them think, what the defence will do is query the particulars of claim, list the history of the account and attempts made by you to negotiate before this stage and ask for mediation or a strike out on grounds of no locus standii to take the claim to court (many of these PDL companies have head offices offshore and technically can't take you to court anyway). It also queries the very high interest rates and the terms and conditions (yes you signed them but nobody explained them in detail nor did they tell you about the company not complying with pre-court protocols to settle disputes).

 

Luckily now the courts are gearing up for changes in the law which say all claims under a certain amount HAVE to go to mediation first.

 

Hello to two guests, are you the same ones who keep following me around CAG?

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I to have recived an email today stating the same as in trouble from daniels silverman stating that i owe £731 for a £250 loan , what would be my next course of action i tried for a good month to get a payment plan set up but it was just refused i have also made a token payment towards the debt .

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Keep everything in writing, emails are best and just in case they try the court route you get back here and we can help.

 

You can also complain about their non-coperation and harrassment (this is both for CF1 and Daniels Silverman) to

 

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

OFT - http://www.consumerdirect.gov.uk

 

State to the OFT that they are looking into Paydayloan companies at the moment and this complaint is to be added to the pile,

 

In fact the whole debt collecting thing is being looked at - hopefully they will kill off the 'solicitors for rent' brigade and force them to be proper solicitors licenced and regulated as an individual company rather than work as a group company.

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