Capital Finance One- Help

[vicsterlou]

Hi all, i have got my self into a pickle i took out a loan in August 2010 for £400 i have not been able to pay it off and have deffered it for 12 months and every month pay £117 so i have paid well over the odds for this loan. I have asked them to look at a payment plan but this is something they will not even condider they want the full amount which i just cant do. I can not change my bank account at all if i cnacel my card can they still try and collect my money ? i just dont know what to do without changing my bank. i am happy for it to go to a collection comapny as i find these easy to deal with Thanking you advance. Vic

[Bigkahuna]

Hi there,

 

So you have paid £117 for the past 12 months making total payment of £1404 paid for the original loan of £400?

 

Is this correct?

[vicsterlou]

yes thats correct i know i sound so foolish i just cant afford to pay the £400 oput of my wages in one lump sum.

[Bigkahuna]

You have paid more than you should have. They will just keep on taking this £117 forever more, they arent interested in the original £400 if you are paying this every month.

 

If I were you I would just cancel your debit card (or tell your bank it has been lost), they will issue you a new one with a new 16 digit number on your card and CF1 wont be able to take anymore payments out. Depending on which bank you are with, RBS are good if you are with them at stopping payments coming out, if you are not with them maybe get a new account for your wages to go into.

 

When it goes to a DCA and threatened with court action dont be afraid of this. You have paid the original amount back plus £1000 interest and no court would ever expect you to pay anymore.

[vicsterlou]

Thank you so much for taking the time to help me I am with the Halifax so i will cancel my card and hope that they are unable to take any more payments. if they were NOT to add any more charges on then i could afford to pay pack the £400 within 3 months but i expect them to add Charges before they pass to collections. I just have to keep my fingers crossed that they do not take the moneys out once i have changed my card I have had problems with them taking it out early on two occasions i have called and complained but never got anywhere even though i have e mail eveidence to say which day i wanted them to come out. i sent a e mail complaining advising i would go to the OFT but heard nothing

[Bigkahuna]

CF1 are up there as one of the worst PayDay Loan companies there is. They wont be interested in a payment plan with you if you are paying them £117 a month and have been doing so for the past 12 months.

 

What they have done with you is morally wrong, completely wrong. They have made a rediculous amount of money from you at no loss to themselves.

 

Keep all records of what you have sent to them.

 

The original amount plus one months interest is what you should have only paid back.

 

Im just sorry you didnt come on here sooner and help would have been available to stop you paying that amount to them.

[vicsterlou]

thank you so much for your help i will cancel my debut card and report as stolen and hopefully this will stop them from claiming any money . If they do not have my new debit card number they can not take any money can they ?

[Bigkahuna]

Theoretically no they shouldnt be able to take money outve your account as you will have a new 16 digit number on the front, a new expiry date and a new 3 digit secuity number on the back but.......

 

It has been known for some payday loan companies to set up direct debits without your consent for random amounts of money to see if they can access your account that way as they will still have your bank account number and your sort code.

 

Make sure you keep a close eye on your account for this and if they do manage to make a direct debit without your consent, contact your bank as soon as possible to get them to recall that money. Transactions rougly take 3 days by direct debit so if you are quick then you should get it back. Also make the bank aware that this was done without your consent and make a complaint if need be to the bank. Ive read some terrible stories on here with how some bank deal with this matter, namely Santander and HSBC and seem to favour the loan company.

 

Also report them to the Office of Fair Trading and The Financial Ombudsman if they have went down the route of unauthorised Direct Debits on your bank account.

 

Remember......keep a close eye on your bank account!

[benfm]

I think it depends on who you bank with , but to be safe when defualting on payday loans its best to open a new bank account with a new account number ect

[davidscreditfile]

I think it depends on who you bank with , but to be safe when defualting on payday loans its best to open a new bank account with a new account number ect

 

My friend took out a loan with CFO. He was unable to repay the loan and they would not accept his payment terms to repay it. He then stopped hi card with the bank and was issued with a new one, different long card number and CVV number.

 

CFO still managed to go into his bank account and debit his card. On calling his bank, they would not refund the amount nor take it on as fraud as he was contractually obliged to repay the funds, even though CFO were taking small amounts on various dates - they still never helped him.

 

He had to change banks.....

 

 

So, I would change your bank account swiftly and never ever give anyone or company your details, as these companies have various names and if they match you with an outstanding amount, I'm sure they'll just whip amounts from your new account!

 

All the best,

 

Div

[lollylelly]

I had a payday loan with capital finance one. Due to getting into financial difficulties we joined a debt management scheme. I rang and emailed this company and the dm company wrote to them. We cancelled our debit card so that they couldn't take out any money. somehow they still managed it - and managed it from an account where there was no money. We were then £700 overdrawn in an account with no overdraft limit. I rang the halifax who said even though we had cancelled the card the company were still able to take the money out. I asked the bank that how could a compnay take the money out from a nil balance and the reply was - they must have taken it before we realised.

My advice is change your bank account before not paying capital finance one. they are still chasing us for an original £500 loan despite my payin £125 to 'roll it over' for well over a year before we defaulted and they took out £700.

Avoid this company like the plague!

[daisy72]

hi all i have a loan with this company but i am going into default. Are there any template letters i can send as they ar not accepting payment plan at all.

I need some legal termoilogy to throw at them.

Thanks.