Capital Fiance One/Daniel Silvermans HELP!

[lovewishx]

Hi

 

I applied for a loan with this payday loan company and was accepted for the amount of 250.00 and it appeared in my account a couple of day after i then spent the money and did not hear nothing from this company till may this year. i did not receive a credit agreement i didn't sign the agreement .

 

till then early on this year i got a letter from this Daniel silvermans company saying i owe this amount and i should pay by this date if i don't want bailiffs at my door as i do not recall applying for the loan or even signing for the loan can this be legally binding and can they legally do anything against myself. you see im worried as the debt is 460.00 now and have not received any letters from the capital company or phone calls. i got one letter from this silvermans debt company saying i owed this amount.

 

I then asked politely for the credit agreement i supposedly signed for me to view and please tell me what you think to this agreement.

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Fixed-Sum Loan Agreement regulated by the Consumer Credit Act 1974

This Agreement is made between: - Us, Capital Finance One Limited of Copper House, 88 Snakes Lane East, Woodford Green, Essex, IG8 7HX ("the Creditor")

and You, ("the Debtor")

Name: ---------------------------------------

Address: -------------------------------------

Key Financial Information

We offer different loan amounts depending on your level of custom -

First time customers : Up to £200

Second time customers : Up to £250

Third time customers : Up to £750

Amount of Credit: £250.00

Duration of Agreement: 31 days

Total Amount Payable: £347.50 to be repaid in a single payment on the 26/11/2010 (the "Payment Date")

APR: 4742.1%

Due Date: 26/11/2010

Percentage: 39%

Other Financial Information

Total Charge For Credit: £97.50

Interest is charged at the rate of 39%, pre-computed and applied to the balance outstanding on the date of this Agreement.

 

Key Information

 

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.

Important - read this carefully to find out about your rights

 

The Consumer Credit Act 1974 lays down certain requirements for your protection which should have been complied with when this agreement was made. If they

were not, the creditor cannot enforce this agreement without getting a court order.

The Act also gives you a number of rights. You can settle this agreement at any time by giving notice in writing and paying off the amount you owe under the agreement.

If you would like to know more about your rights under the Act, contact either your local Trading Standards Department or your nearest Citizens' Advice Bureau.

Missing Payments

Missing payments could have severe consequences and make obtaining credit more difficult.

By signing this Agreement, you agree to its terms which are set out above and in the terms and conditions sent with the Agreement.

Important: Use of Your Information

You have a right to know how we will use your personal information. It is important that you read clause 4 of the terms and conditions before you sign.

We may send you information about products of ours and others which may be of interest to you. We may also pass your details to other selected businesses to enable

them to send you information about their products.

You have a right at any time to stop us from contacting you or giving your details to others for these purposes. If you wish us to stop, please enter your surname here

 

CANCELLATION RIGHTS

You have a right to cancel this Agreement for 14 days, beginning with the day after this Agreement is signed by Us. You may exercise this right by sending Us written

notice. Please see clause 2.1 of the Terms and Conditions for more information on your right to cancel.

Terms and Conditions

1.1 We will pay the Amount of Credit (as set out in the section headed "Key Financial Information") into a bank account nominated by You. You confirm that your

salary was paid last month, and will be paid on the Payment Date, into the bank account ('the Account'), identified in your application to Us and in the Bank Details

sent to You with these terms. You will ensure that sufficient funds are available in the Account to repay us the Total Amount Payable.

1.1 We will pay the Amount of Credit (as set out in the section headed "Key Financial Information") into a bank account nominated by You. You confirm that your

salary was paid last month, and will be paid on the Payment Date, into the bank account ('the Account'), identified in your application to Us and in the Bank Details

sent to You with these terms. You will ensure that sufficient funds are available in the Account to repay us the Total Amount Payable.

1.2 You agree to pay Us the Total Amount Payable on the Payment Date, and You grant us permission to debit that sum from any Account that you have provided to

us either before or after application, using either a cheque or debit card provided by yourself, or a standing order set up by yourself at our option. You are responsible

for ensuring that any Payments sent to Us by post reach us in time for the funds to be paid into your account and clear on Your account by the Repayment Date. Please

note - there is a possibility that taxes or costs may exist that are not payable by Us or imposed by Us.

1.3 All sums owed under the agreement shall become due and payable immediately upon us giving notice if:

(a) Any sum due is overdue by more than 1 day; or

(b) You have provided us with any false information when you entered into this agreement; or

© A statutory demand is served on you or any other steps are taken by you or any other person to make you bankrupt.

* Interest on any overdue amounts will be charged at 39% per 30 day period or part thereof, commencing the day after payment became due under the credit

agreement, until the day your account is settled in full (including both before and after any judgment has been obtained against you).

* 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.

2.1 You will have a right to cancel this Agreement for 14 days, beginning with the day after this Agreement is signed by Us. You may exercise this right by giving us

notice in writing by sending:

(i) a letter to Us at Capital Finance One Limited at Copper House, 88 Snakes Lane East, Woodford Green, Essex, IG8 7HX

(ii) a fax to Us. Our fax number is 08447707944; or

(iii) an email to Us. Our email address is

 

thanks

[havinastella]

You say 'YOU applied for loan and was accepted. And spent the money'

 

You then say, 'as i do not recall applying for the loan or even signing for the loan'

 

??????

[lovewishx]

hi sorry my mistake forgot to read through i ment to put i applied to another payday loan company not this one. but i do not recall applying for this loan as i already was accepted for a loan i didn't apply for anymore.

[havinastella]

You really need to find out who you received the loan from!

 

I'm sure this company would not be chasing you if they hadn't lent you the money.

 

When you took out the loan, you would have made a tick in a box, this would have been your signature or what you had signed for!

 

Jogs

[lovewishx]

you see i thought it was a back payment from my collage as they owed me money so didnt question it then when looking back on my bank statement i noticed that it was from capital fiance one and it was too late to do anything about it by then as they was threathening with baliffs and i had spent the money i felt partly responsable for the loan as i spent the amount . i really don't know what to do.

[havinastella]

Remember, most 'Quick loan' companies will not go near Court.

 

The simple rule is to pay back what you borrowed + the £50 roll over.

 

Never talk to these people on the phone and keep everything in writing.

 

Make them that offer and see what happens.

 

JOgs

[dx100uk]

whatever they are bleating about

they can only try and get back the loan plus ONE MONTH interest.

 

charges etc etc are unlawful.

 

so work that out & thats what you owe.

 

dx

[lovewishx]

You see in the agreement at the top it states they cannot lend over 200 pound to first time customers and as i haven't ever heard of the company and wish to never again go to any of the payday loan companies as they all seem like rip offs just there to keep you in debt.

[IN-Trouble]

Ignore daniel silverman, theyve never taken anyone to court. pay what u owe originally , and not a penny more, and do it in your own time, to capital finance one.

Daniel silverman have sent me over 30 final demand letter, court action letters, agent visits letters, nothing ever happens. Stop stressing.

[roxy2010]

Dear In-TroubleI am now getting several letters from Daniel Silverman.The latest one states that they can not accept my offer as I am refusing to pay the £709 that my account now stands at. I have told them I will only pay one month loan plus interest several times but they have refused any offers. I recieved an email yesterday stating they are going to send me a breakdown of the charges on my account which I have told them I will glady accept and wait for court papers. According to the site they never take anyone to court so my account balance could be in the thousands by the end of the year.

[insigniades]

Have a look at what's in your breakdown of charges, there should be nothing other than £25 charge per letter and your interest charges - they apply charges almost ever 5 days do Capital Finance One, if they have just forward it all to the Financial Ombudsman.