Capital Finance One (CFO)

[insigniades]

These people are a set of bullies, I'm dealing with them at the moment. At the moment in time I'm playing them at their game and not responding to anything they're sending me, all my threats etc have been handed to both the Financial Ombudsman and Consumer Advice for advice. I noticed you received emails from Nicola Coleman, she is notorious for not knowing or understanding the company terms & conditions and policies - I'm sure, should you look in the terms & conditions on the website you will find something that contradicts their emails/texts/phone calls. You also got a different story to me, they didn't mention fines on receipt of letters but instead they told me £25 on the 1st, 6th and 10th day in arrears and then a further interest charge on the 14th .. Which for me amounted to to £114 - in the space of two weeks, what a joke.

[insigniades]

Just to update you, I have received a very charming email from Daniels Silverman today telling me I have 7 working days to pay the full balance (which is now £372 - taking the fines/interest charges to a grand total of £500 for a £100 loan) otherwise they will start legal proceedings. I have informed them of the current investigation by OFT and Financial Ombudsman and I look forward to their lovely and "professional" response.

[insigniades]

As a bit of background to this, I took out a £100 loan with Capital Finance One, they subsequently helped themselves to £228 out of my account - leading me to believe I had repaid the loan in full... I am now receiving final demands for another £372 taking the total interest to £500 for a £100 loan... Is there anybody that has challenged such a high amount of interest and succeeded? What would be considered fair by a court or the OFT/Financial Ombudsman? £500 of interest over 3 months is exceptional to me...

[26072004]

They can not charge you £500 interest for 3 months, is some or all of this default fees.

 

their agreement will probably state they will charge you a daily rate if you default but the daily rate can not be more than the original rate.

 

ask them for a breakdown/statement.

[sillygirl1]

CF1 are barking mad, they cannot charge you that amount of interest. Section 87 of the CCA act says that when a loan term (the original month) has terminated (come to an end) then the ORIGINAL LOAN AMOUNT AND ONE MONTHS INTEREST is deemed due, nothing more, If repayments have been made against the original loan amount then these can be taken into account too (ie rollover fees).

 

Get your complaint into

 

http://www.consumerdirect.gov.uk

http://www.tradingstandards.gov.uk

http://www.ripofftipoff.gov.uk (in fact I am going to ring them about CF1, becoming very problematic on here)

 

Get complaining now and copy CF1 into each complaint.

 

If they do try court (usually Daniels Silverman) I can draft up a defence.

[insigniades]

Sorry, the title should read what is a fair amount of charges. I was told they charge £25 on the 1st, 6th and 10th day after default and then on the 14th an interest charge and it continues like that. That still wouldn't answer the charges I have received.

[sillygirl1]

That is what they THINK they can charge, it isn't legal for them to do that. Unfair contract conditions come into this quite heavily now.

[insigniades]

I thought there must be some legislation somewhere that would stop them from getting away from this!

[jfk_8]

hi , I havent recieved an email to that effect just a letter , am going to see what happens next as i had an email from cf1 stating that they have a new website to make a payment , a part payment or a payment arrangement , I emailed them to clarify that the payment arrangement was true but got no answer , so I called them anonymously and asked the same question , the reply igot was that they do not do payment plans , to me a payment plan is a payment arrangement !

[roxy2010]

Dear In-TroubleI took a £200 loan from these sharks and my amount is now £720 I have emailed them so many times for a repayment plan and they have totally ignored me. I recieved a threatning email & letter from Daniel Silverman's and told them I will not be paying £720 and that I wil only pay one month's loan and interest as yet I have had no reply just worried that I may be the one they send to court.Hve I to just stick to my guns.

[asmilecostsnothing]

Sorry if I can join in, I too am experiencing all these problems above with this dreadful incompetent

bunch, can't believe I've still got a 7 week wait before it can go to the fos as can't seem to get a final response out of them so having to sit it out for 8 weeks - if there is anything the FOS can do

 

They won't hear of or entertain a re-payment plan and I had also offered a final settlement amount cause the £400 they reckon that I now still owe is in pure fines and interest now for a £150 loan taken out in April 2011 - it has been like trying to get through a brickwall even though I've managed to make a payment of just over £90 in the last fortnight which hasn't been acknowledged or taken of the balance on their latest email threat-o-gram

 

Yes sent me the link to their 're-payment' site but I guess this is a trap cause they'll obtain your card details won't they? to charge however much they like...

 

What can happen if they do as they have threatened and get Daniels Silverman involved?

can this effect employment? will it really go to court?

 

Just for clarity could someone explain the original loan plus 1 months interest

 

Any responses extremely appreciated

[jfk_8]

Original loan plus one months interest , offer them just that and none of the charges they have added , pay them in installements unless you can pay the whole lot off in one go .usually the one months interest will be what the rollover fee is

[sillygirl1]

It comes under Section 87 of the CCA Act, where the original loan is still outstanding at the end of the term, (the original month) then only one months interest can be applied, no default is needed and no termination fees can be applied as the term (the original month) has expired.

 

Even with a normal loan three months interest is considered 'excessive' by the courts.

[sillygirl1]

I don't need to claim my 5 minutes of fame on this site - already done it many times over. You have answered your own question

 

(4)Regulations may provide that subsection (1) is not to apply to agreements described by the regulations.

 

The whole section on its own isn't sufficient to provide a defence so it is only to be mentioned in suitable cases.

 

If you read up on the WHOLE of the CCA act you will find there is little mention of short term loans, and little legislation to use against them.

[ksmiggy]

I'll take your intelectual word for it that it equates to loan plus 1 months interest silly girl.

[roxy2010]

Dear In-Trouble

Have you got there bank account details as they took £75 out of my account last month even though I had only had this account three weeks and had not given them my bank account details. I am now going to cancel the card and will pay them one months loan plus interest in instalments and they can whistle for anything else. My £200 loan is now standing at £720 still waiting for the breakdown of charges that they were going to email me two weeks ago must of got lost in the post.

[asmilecostsnothing]

@ roxy2010 - do get your bank card cancelled immediately if you can, CFO are possibly linked to other payday loan companies as well FYI so if they get your details through one of these they will also try to attempt charging regardless from the looks of it and reading other forums.

[roxy2010]

Dear asmilecostnothing

 

If I cancel the card will they be able to take money from that one. When I approached the bank they couldnt tell me how they had got my details when I had only had this account open 4 weeks. When I told them I will cancel the card they told me they would be able to take money from any card so now i dont know what to do as I am frightened they will wipe my bank account out when my salary next goes in. What I cant understand is they never took any money out of the barclays account that was given to them when I got the loan but i cancel this account and open a new one and within 4 weeks they have the details of this account without me given them the details.

[asmilecostsnothing]

Hi roxy2010, they shouldn't do if you can get the card cancelled or even open a brand new bank account this time I know it is a hassle and you've done it before - but make sure it is with a totally different bank - the Halifax Easycash account gets opened up really quickly (within a week) and can be done online just somewhere safe you can get your money and funds to at this time don't give anyone your details unless absolutely necessary or vital if you get me, be strong and stay firm with the bank - they should refund you - see if your speaking with the 'visa processing chargeback' department - tell them you dispute the chargeI would also get a formal complaint in writing to CFO Sorry I can't be much more help, perhaps someone else can throw some more light on this like I say I understand that if details are or have been given in the past to one of their associates say, then they automatically try and charge you for the CFO payment it seems from many other of the forum posters, if any consolation I know what your going through and if you want to chat, I'm here Fiona

[ksmiggy]

I've just had the following from them , I've been emailing with my offer, even paid what I said I would, they add it faster than I can pay it.

 

 

Good Morning,

Your account with Capital Finance One is in serious arrears.

 

I would like to make you aware that your account is in serious arrears and incurring late payment charges and fees regularly. In order to stop these charges you will need to make the minimum payment on your account which is the original interest.

 

 

If you are able to do this we can:

• Stop all further interest and fees incurring
  
• Potentially remove a number of your late payment fees
  
• Defer your loan until your next Payday
  
• Stop all collection actions on your account
  
• Stop your account being passed to Daniels Silverman – External Door to Door Collection Agency
  

Please reply to this email and I will notify you of the payment that needs to be made on your account and how we can make this payment in order for me to assist.

 

I am unable to assist with repayment plans; we need to make the interest payment in full.

Finally please remember that if you have a friend or family member who can make this payment for you, we are able to do this on their Debit Card providing we have their verbal confirmation, or alternatively you can transfer the funds into our bank account using your full name and DOB as a reference.

 

Kind Regards

 

Nicola Coleman

 

theyjust don't want to know, I have told them I will dispute their charges, no response to this even though it's in the email they used to reply to . no help at all.

[sillygirl1]

Make sure you report them to the OFT and Trading Standards, complete breach of debt collecting guidelines all round. They legally cannot add all the fees they dream up, and they need to have the complaints reported. Whilst the OFT and TS don't deal with individual complaints they collect a group of complaints together so the more you complain about each breach the more it will be looked at.

 

http://www.consumerdirect.gov.uk for the OFT

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

[roxy2010]

I sent them an email last Thursday telling them I would report them to the OFT and trading standards as well as telling them I would be reporting them to the fraud section at the bank for taking money out of my new account which i havent given them the details. I sent the email to the address I have been sending all my emails to and this morning have recieved an email saying that the email I sent last week hasnt been delivered what a suprise. So obviously emails they dont like they send back as undelivered.

[sillygirl1]

Send the returned email to the OFT and Trading Standards, it is not on for them not to reply and maybe block your ISP from sending emails to them.

[asmilecostsnothing]

Make sure you report them to the OFT and Trading Standards, complete breach of debt collecting guidelines all round. They legally cannot add all the fees they dream up, and they need to have the complaints reported. Whilst the OFT and TS don't deal with individual complaints they collect a group of complaints together so the more you complain about each breach the more it will be looked at.

 

for the OFT

for Trading Standards

 

Sorry sillygirl1, but the concensis I get from the above bodies is that no-body really cares and that I should arrange to take CFO to the small claims court myself - I seem to be getting nowhere fast as I understand this alone adds another 4 weeks wait to take any kind of action for this alone and I'll be responsible for the costs involved potentially for taking them to court, 7 weeks for the FOS - I'm not looking for compo I just want the company to acknowledge the payments I've made, had been willing to make (just not their extortionate interest/fines) and get my balance correct...

 

 

Then again they seem to be able to write just what they want (this forum being proof of that all the different things said oh and only replying when they want too that is so true), when it suits them, with no governing body - they must be laughing all the way to the bank

 

 

How do we get them to take accountability? They need to be stopped and I really hope that one day they can't sleep at night.

[sillygirl1]

You are not complaining properly, you need to spell it out to both lots that this payday loan company is breaching guideline after guideline and getting away with it. Others have complained and had to fill out witness statements.

 

I would give a complaint another try and do not be nice about it, you need to stress that this is making you very anxious and upset and they are harrassing you and overstating their powers.

 

It doesn't cost that much to enter a court claim, you don't need a solicitor, just a properly written particulars of claim. At this stage I wouldn't even entertain that.

 

Forget the FOS, it is the OFT and Trading Standards (go to TS first and remind them that CF1 have had a lot of complaints about them made recently and witness statements have been asked for).