Trying to set up a repayment plan with CFO Lending

[kamwendo]

Hi,

 

I'm trying to get rid of my payday loans by setting up repayment plans and freezing the interest. Had no problems with the rest apart from CFO Lending they say at the moment they can't set up a repayment plan but I can extend it. I know thats not going to get me anywhere. Need some advice on where to go from here. Cheers

[renegadeimp]

Ignore them. It's their normal tactics to try and get easy money from you.

 

Keep sending an offer of repayment and explicitally state that you do NOT want to extend the loan. They will then try and add on default charges or missed payment fees. You can ignore these as they are unenforceable.

[kamwendo]

Cheers, thats what they are trying to do. I wonder if 3rd email will be lucky hehe

[renegadeimp]

If they start to get cocky, remind them of their obligations under OFT guidance on debt collection which they are legally bound to adhere to in order to operate.

[kamwendo]

Thanks will do

[kamwendo]

I am still having problems with them and QuickQuid are being funny as well both of them saying it is a short loan and they dont have to. I don't know where to go from here.

[renegadeimp]

They do have to. It's part of their Credit license. Ignore their ignorance. Keep pushing for a repayment plan and keep reminding them of their obligiations under OFT guidance.

 

Also, if you have the part where they said "we dont have to", in writing, can you scan the letter or copy the email here? That single bit of info could get them shut down.

[kamwendo]

Here is the email from cfo lending.

 

Good Morning,

Thank you for your email.

I am sorry to hear of your financial difficulties and have updated your account accordingly. Looking at your account I can see you were due to repay your loan today and an agreement was made to pay the full amount back. On the 9th of July 2012 you completed an affordability check with us stating your total outgoings were £350 and you confirmed there you were not aware of any impending disability, unemployment or change of circumstance that would affect your ability to repay this loan.

Unfortunately we are unable to accept a payment plan as our loans are only short term and we have no legal obligation to accept a payment plan. If you are able to pay the minimum of your interest we can defer your loan until your next pay day and this will prevent your loan from defaulting.

If you are unable to make this minimum payment we would have to advise you that your account will default and additional charges will be incurred as per your contract. You can make token payments towards your loan and your balance will still be reduced however your account will not be on hold. If your account defaults our collections procedures will also begin and we can contact you via phone, email, text or post as stipulated in your contract.

I would advise you to keep in contact with us and advise us as soon as your situation improves or you are able to make increased payments. To discuss your account further you can contact one of our collections agents on 020 8166 1472.

Kind Regards,

Lauren

CFO Collections Team

[renegadeimp]

Get that to the oft. Theyve shot themselves in the foot with that email.

 

Im about to head to work in a min but i can write you up a nice response later this afternoon if you like.

[kamwendo]

Cheers that would be great. Wish I knew more stuff about this like you do. Thank you for all your help

[markssxx]

kamwendo

 

Ignore CFO's advice. Basically this company are breaching most OFT guidelines with unfair practice. I have had dealings with them and avoid their Resolve product at all costs. This simply is a tactic to get your new bank details to take money out. Offer them £5 a month they can not refuse this and let them add charges etc. The account will pass to an external DCA who will be more supportive to a decent repayment plan ON YOUR TERMS not theirs. Remember these companies are licensed by the OFT and the more complaints customers make will ensure they could loose their licence. I am in an IVA and they still lent me money. I am used to dealing with these people. The courts have no time for them either. Good luck. Mark

 

 

 

 

 

 

 

 

 

 

Here is the email from cfo lending.

 

Good Morning,

Thank you for your email.

I am sorry to hear of your financial difficulties and have updated your account accordingly. Looking at your account I can see you were due to repay your loan today and an agreement was made to pay the full amount back. On the 9th of July 2012 you completed an affordability check with us stating your total outgoings were £350 and you confirmed there you were not aware of any impending disability, unemployment or change of circumstance that would affect your ability to repay this loan.

Unfortunately we are unable to accept a payment plan as our loans are only short term and we have no legal obligation to accept a payment plan. If you are able to pay the minimum of your interest we can defer your loan until your next pay day and this will prevent your loan from defaulting.

If you are unable to make this minimum payment we would have to advise you that your account will default and additional charges will be incurred as per your contract. You can make token payments towards your loan and your balance will still be reduced however your account will not be on hold. If your account defaults our collections procedures will also begin and we can contact you via phone, email, text or post as stipulated in your contract.

I would advise you to keep in contact with us and advise us as soon as your situation improves or you are able to make increased payments. To discuss your account further you can contact one of our collections agents on 020 8166 1472.

Kind Regards,

Lauren

CFO Collections Team