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CFO drained my account RBS say its allowed - help


Spiral123
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Final call from RBS today, basically sticking to their guns after speaking to CFO, no chargeback applies. Real cheeky bank official, quite condescending too, basically saying you owe the money to them and it is in their terms & conditions that they can use new debit card even if gotten from 3rd party. Started getting angry & tense with me when I asked for a final response letter, saying that they have checked with FOS & FSA and they have no case to answer & I am best to take it up with CFO and would stand a better chance of a refund with them (Ha - that made me laugh alright!)! I said we will leave that up to FOS then. If worse comes to worse at least they will be charged £500 for it. Basically ignored my points that these were not authorised by me and should be refunded and let myself & CFO sort out what is owed to them if anything and that the bank should not be dishing out my money to anyone as they see fit. Is the original contract signed for in May 2011 still valid after all this time, would shut the bank up about the terms & conditions alright. Kept repeating they had no case to answer & basically got fed up with him & reitarated final request letter & hung up on him (Left me with some sort of satisfaction)!

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I would send a letter to RBS with a complaint demanding their final answer,then after that take it to the FOS: http://www.financial-ombudsman.org.uk/consumer/complaints.htm

 

RBS are in no position to refuse a chargeback based on the T&Cs of CFO, while they are allowed to look at documents sent from CFO to them during the Banks investigation which could potentially inlcude the T&Cs it is not a valid ground for dismissing the chargeback upfront. However you don't need to worry about that investigation anyway, CFO will not have used Chip and Pin or Verified by Visa or 3DSecure, so they have no real protection from chargebacks anyway and CFO will be out of pocket and not the bank.

 

As for CFO using card details obtained through a third party I would contact Visa / Mastercard (depending on what card you use) and report CFO as being potentially in breach of PCI DSS (Pci Dss is essentially a set of guidelines for any company that handles card data). While there is no law enforcing PCI DSS it may very well be in the T&Cs of the Company that provides CFO with their Card Payment facilities.

 

Plus if was a visa card involved then RBS might be violating various T&Cs of Visa as well, technically as you informed them that a transaction took place with what can be considered stolen / compromised card data they should have informed visa about it at [email protected] followed by a investigation... as outlined here from page 12: http://www.visaeurope.com/en/businesses__retailers/payment_security/idoc.ashx?docid=9dadfd15-c66b-4c63-abd2-faa2f71a1ef9&version=-1

 

While you can't do much about the last bit, you can include it in a complaint to the Fos, OFT and Trading Standards.

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Cheers Nao, at lunchtime I have mailed final letter to Ulster/RBS Complaints Dept & CEO demanding final answer per below: I think it makes it clear that their argument for not doing a chargeback id unlawful, but banks seem to think they are a law unto themself.

 

I will note your comments re: including in FOS letter if it come to it.

 

 

Ulster Bank

ComplaintHandling Centre

 

18th September 2012

 

Dear Sir/Madam

 

S/C: xxxx A/C No: xxxx

Branch: xxxxx

 

I have today spoken with the person who is dealing with my complaint (sorry Ihave forgotten his name), of the 11th September 2012 in relation to my request to a chargeback of £175.00 for unauthorised debit card transaction to my account on Friday 31st August 2012.

I have basically been informed at this stage that a chargeback is not possible because money is owed to the financial institution ie. Capital Finance One and a final decision will be made when a copy of m ycredit agreement with said company is furnished to him.

I have reiterated on many occasions that this account is in dispute since June 2011. The dispute I have with Capital Finance One is in reality nothing to do with Ulster Bank and nothing to do with my demand of a chargeback. My demand of a chargeback is on the grounds that they were not authorised by me, thus Capital Finance One have acted fraudulently in obtaining money from my account. My original contract with Capital Finance Onewas for a certain amount £xxx.xx amount on a specific Date XXXXXX, nothing can change that, thus with Capital Finance One taking unauthorised payments on 31st August 2012 nullifies the original agreement and any terms & conditions within and meaning the entire contract is unenforceable.

I decide who gets paid from my account not who Ulster bank decide.

Under FSA law the payments made to Capital Finance One should be charged back to me and any outstanding monies that they claim to be due is between myself and CFO to be agreed between us the two parties.

Again I stress the points originally made in my first letter of complaint, as per law set down by the Financial Services Authority:

 

 

1. I did not authorise the payments.Your bank cannot simply say that use of your password, card and PIN conclusively proves you authorised apayment.”

 

 

2. “The fact that the person taking these payments is a financial body is not an acceptable response, and would not pass tests by the regulator.”

3. The bank must make the refund immediately.

 

 

 

 

These unauthorised payments taken were for essential living costs and have put me in financial hardship as a result.

If you are unwilling to move on this matter, please issue me with a final response letter so that I can take my complaint to FOS and the FSA.

 

Yours faithfully

 

 

 

 

Spiral 123

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You need to keep everything in writing when cancelling payments and CPA's. Never use the phone or accept a phonecall response. You must get it in writing, so a full complaint can be made, as the bank have admitted in writing to breaking the law.

 

Also consider a letter of appropriation to your bank once things are sorted out.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Had a phone call from Ulster/RBS Bank this morning regarding complaint I lodged. Basically they have checked with CFO and as there is an outstanding loan with them, (which I dont disagree with - it's the exorbitant charges that they levy is why I refused to pay all of it back in the first place.) they cannot do a chargeback in this case and the fact that in my terms & conditions of the loan said that CFO could debit my account if they recieved these card details from a third party. He also claimed that he has checked this position with the Ombudsman and the FSA and they have told him that they are right in this case!

 

Now, are the bank able to check with the Ombudsman/FSA in a dispute like this before stalemate? I think these guys are chancers and are hoping I will just take the word for it and go away. Any ideas on my next move or is this worth fighting for?

 

 

Fight it iv worked for a payday loan company b4 they have no morals what so ever they now what they are doing is illegal take yr case to the ombudsman they will contact the company on your behalf and get them to try and resolve never accept an resolution from the payday loan company....they have 8 weeks to resolve if no resolution is agreed between you and the payday company the ombudsman will fine them £500

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Actually thats not what happens jeep.

 

 

The FOS has to first decide if your complaint is worth investigating. If they decide it is, then they will charge the Company involved a non refundable investigation fee.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Actually my complaint will be to FOS re: RBS not issuing a chargeback if not resolved, hope this is right procedure. I will also be reporting CFO to FSA & OFT for emptying my bank account without prior knowledge.

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Before the FOS can get involved, you need to have exhausted the Creditors own complaints procedure. This means that you need to give it 8 weeks for them to resolve it, or until you receive a final response. Whichever comes sooner.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Renegade, I actually haven't contacted CFO yet as was hoping bank would have paid me back monies. Do I need to write to CFO requesting money back also, even though I know they will probably ignore my letter. If so is there a template I can copy anywhere?

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Yes. You need to complain to all involved so you have a complete paper trail. Youw ill need this if you are to go to the FOS, as unless you have exhausted the complaints procedures of those involved, theyll just say come back when you have.

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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cheers renegade, top man, will write to CFO and ask for a final response to the points I will make to them.

 

 

Daniel Bishop | Office Manager | Office: +44 (0)208 1661470 | Fax: +44 (0)208 090 6190 | E-Mail: [email protected]

CFO Lending Limited | www.cfolending.com | 2nd Floor, Kirkdale House, Kirkdale Road | Leytonstone | E11 1HP

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Right email and letter going off to Mr Bishop today. Any thoughts on how I address issue, as I know his point will, be you owe us money so we took it. I was thinking along lines of, breakdown of alleged debt owing, and quoting all relevant OFT and FSA legislation in relation to raiding accounts. Basically payback immediately unauthorised transactions, I will then look at alleged outstanding debt and agree an appropriate payment plan to any outstanding monies that may be due to CFO.

 

Sound sensible and correct?

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Result! just got phone call from ULster bank my £175 is being refunded today after investigation completed. Thanks to Renegade/Nao and all who helped me. To those in similar situations in future don't give up at any stage.

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Send complaint to CFO, they then have 8 weeks to respond, if no response after that time or if you are not happy with their response, complain to FOS.

 

I would also send a complaint to OFT and Trading Standards.

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Congrats :) Job well done. Might i advise that you get a letter of appropriation sorted, so at least your essential outgoings are completely secure?

Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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  • 1 month later...
Daniel Bishop | Office Manager | Office: +44 (0)208 1661470 | Fax: +44 (0)208 090 6190 | E-Mail: [email protected]

CFO Lending Limited | www.cfolending.com | 2nd Floor, Kirkdale House, Kirkdale Road | Leytonstone | E11 1HP

 

be carefull Dan Bishop is a [EDIT]

 

he laughs at customers etc

the office is only small about 20 people

all they care about is getting money and they will do anything possible to do it..

 

.. they had the OFT in at the beggining of the year

and Dan got everyone to [EDIT] to them about practices

how do i know...

cos i used to work for them.....

. A SHOCKING COMPANY

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i havnt no But thats a good idea....

.... CFO read these threads all the time and they post them on there notice boards taking the [EDIT]...

 

. they are the worst company i have ever work for in the 18yrs

 

i have done custoemr service complaints etc......

 

.... they even have under age staff working on loans etc

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also if cfo state they have sent you letters

ask for the number from the frankling machine...

 

... they do not issue letters they havnt got an internal post department

 

every letter is posted in a post box with a first class stamp on it LOL.....

 

... They dont sent arrears letters so the £25.00 letters is [EDIT]

 

they dont use a debt company

 

they set up there own inbound

 

they have no means of passing account on to debt collectors

 

they would rather wait untill a customer reapplys and they will wipe yr account

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Doesn't surprise me about these cowboys, fair play to you coming on and showing their practices, which in all honesty wouldn't surprise anyone who frequents these forums. I would only put minicredit ahead of these guys as worst of the sector in general.

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