Capitalonefinance top up scam

[partybonkers]

Ok so I know payday loans are a blight on our society.

 

At the moment i have a £100 payday loan off cap1finance with the huge interest of £39 per month,

So i paid the interest last month and they have been texing me daily asking me if i wish to increase my credit by £50

So seeing that i already owe them £100 + £39 interest I would expect with a extra £50 i would be paying say £20 interest on that.

 

So that would be a total of £209 by next payday if i increased it by £50, But no no no

Here is what they want to do give me me the £50 pounds extra bundle that in with the £100 + £39 interest on my previous loan

so the credit would be £189 then charge me interest on that so the total payable would be £262.71 WHAT A RIPOFF ON TOP OF WHAT ALREADY IS A RIPOFF IF YOU GET MY DRIFT

 

So they want to charge me interest on the interest, does anyone know if this is even legal.

Needless to say i refused this special offer.

[ksmiggy]

They tried the same on me, would have turned a £350 loan into £486 +£110(offered increase) making a total of £596 for which I would have recieved the £110 , this was 5 days after I had just payed the rollover interest, I rang and pointed out i had already paid interest that month, it was , well that's how we do it, I left it too.

[asmilecostsnothing]

Sorry their really just fishing for or to check your card details are still correct !! beware

[ksmiggy]

It is a genuine loan offer from them, but it is a way of them getting two months interest in a month out of you and increasing your loan substantially for nothing, possible illegal, not sure. In effect they are charging you interest on the interest if you do take it out.

I thought Provident were bad fo topping up loans so you end up payiong interest on interest, at least they reduce it a bit, CFO go for the lot, they rely on your desperation for the money and that you don't check the figures.