Jump to content

Recommended Posts

Gone into administration.

 

When the FCA banned them from operating as a Payday Lender, they also ordered CFO to redress customers who had been unfairly treated.

 

Today, they have gone into administration, with emails from the administrator stating the actual figure owed to the individuals, but it won't be paid.

 

:!:

Share this post


Link to post
Share on other sites
Why wont it be paid? I got an email saying i was owed a poxy £40 which is nowhere near what i think they shoukd owe me

 

Because their creditors get first pick, and anything left is then distributed between everyone else.


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

Share this post


Link to post
Share on other sites

CFO Lending Have Entered Administration Today

 

CFO Lending

CFO Lending Limited – In Administration

 

We, Paul Boyle and David Clements of Harrisons Business Recovery and Insolvency Limited, were appointed Joint Administrators of CFO Lending Limited (‘the Company’) on 6 April 2017 at 11.40am The appointment was made by the directors of the Company pursuant to Paragraph 22 of Schedule B1 of the Insolvency Act 1986 and was filed at The High Court of Justice Leeds District Registry.

 

We can confirm that the Financial Conduct Authority (FCA) has consented to our appointment as Administrators. The purpose of this document is to provide clients and creditors with an outline of the current position, to explain what we intend to do as regards the Administration and provide details of what information we require.

 

Our role as Joint Administrators is two-fold. The first objective is to protect the interests of creditors generally, including consumer creditors. Second, we wish to maximise realisations from the assets of the Company, which may assist towards achieving the first objective. We can confirm that we are working closely with the FCA to achieve both of these objectives and will to do so.

 

The principal asset in this Administration relates to the outstanding loans repayable to the Company (the Loan Book) from consumer borrowers. The Company offered two types of loan: ones often described as ‘payday’ loans and, to a smaller extent, guaranteed loans.

 

Harrisons are the Administrators - Keep an eye on this one ladies and gents.

 

Link To Article

Share this post


Link to post
Share on other sites

Click on the "Forward email" box in your email program and send it to: admin@consumeractiongroup.co.uk


PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

No... you can't eat my brain just yet. I need it a little while longer.

Share this post


Link to post
Share on other sites

no spaces!!


PLEASE DONT USE REPLY WITH QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI Read Here

3. Reclaim Bank Account, Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial Read Here

Share this post


Link to post
Share on other sites
I'm just curious as to why the 34 million redress package was even agreed with the FCA, in the absence of any reasonableness that they'd be able to honour it.

 

Most of the £34 million was write offs. I think they had to actually pay about £2.7 million in redress. Knowing what a bunch of snakes these people are I thought there would have been checks to make sure they had the money and that the money was ring fenced.

 

I always wondered what the incentive was for these guys to do the right thing as they were no longer actually making money from this business. With companies like Wonga and Sunny it makes sense to pay as they are still in the game. These guys have no doubt been taking monies out of the company in recent months in one form or another with the clear intention of going into administration in April. The FCA have known for at least a month CFO have not been making payments when due and fobbing people off with weak excuses.

Share this post


Link to post
Share on other sites
Why wont it be paid? I got an email saying i was owed a poxy £40 which is nowhere near what i think they shoukd owe me

 

It states this under the value of what you were owed -

 

Unfortunately, we do not currently envisage that there will be sufficient funds to enable the payment of a dividend in respect of your claim in these proceedings. We would, however, urge you to periodically review our website for updates in case that position changes.

Share this post


Link to post
Share on other sites

Share this post


Link to post
Share on other sites

Perhaps CFO had every intention of making the redress payments (and maybe still will). It is almost certain that since the announcement and the headline £34m figure hitting the press they have had a huge surge in claims for unafordable lending. People would would have been due a payment of £40 or £50 pounds under the redress scheme may well have been due a payment of £1k or £2k if they made a complaint and that was upheld. Clearly compensation in these claims will never be paid.

Share this post


Link to post
Share on other sites
I have been told that the administrator has till June to let us know what will happen. I have resigned myself to not getting any payment but am annoyed that this has been allowed to happen and why has the FCA not made sure that we got paid

 

Was your payment part of the redress scheme or a separate complaint made by you

Share this post


Link to post
Share on other sites
Most of the £34 million was write offs. I think they had to actually pay about £2.7 million in redress. Knowing what a bunch of snakes these people are I thought there would have been checks to make sure they had the money and that the money was ring fenced.

 

I always wondered what the incentive was for these guys to do the right thing as they were no longer actually making money from this business. With companies like Wonga and Sunny it makes sense to pay as they are still in the game. These guys have no doubt been taking monies out of the company in recent months in one form or another with the clear intention of going into administration in April. The FCA have known for at least a month CFO have not been making payments when due and fobbing people off with weak excuses.

 

Cheers - I knew the figure was a bit high as soon as I typed it!

 

My thought was/is that there was no intention to reach the point whereby redress payments were made but rather just wait it out until insolvency. FCA has a few questions to answer here as well.

Share this post


Link to post
Share on other sites

I have logged a complaint with the FCA as I want to know why it was not made clear when they asked CFO to pay the redress that funds were available and why was I told in October I was due a redress to be told yesterday that CFO had gone into administration. I would have preferred not to be told anything and CFO just disappeared.

Share this post


Link to post
Share on other sites
I have logged a complaint with the FCA as I want to know why it was not made clear when they asked CFO to pay the redress that funds were available and why was I told in October I was due a redress to be told yesterday that CFO had gone into administration. I would have preferred not to be told anything and CFO just disappeared.

 

Its disheartening I know. Just consider yourself free of these disgraceful vultures that they were and move on with everything :)

Share this post


Link to post
Share on other sites
Please fill in your quit date here

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?




  • Tweets

  • Our picks

    • This is a bit of a lengthy one but I’ll summerise best as possible.
       
      THIS IS HOW THE PHONECALL WENT 
       
      I was contacted by future comms by phone, they stated that they could beat any phone contract I have , (I am a limited company but just myself that needs a business phone and I am the only worker) 
      I told future comms my deal, £110 per month with a phone and a virtual landline, they confirmed that they could beat that, £90 per month with a phone , virtual landline  they also confirmed they would pay Vodafone (previous provider) the termination fee. As I am in business, naturally I was open to making a deal. So we proceeded. 
      Future comms then revealed that the contract would be with PLAN.COM and the airtime would be provided by 02, I instantly told them that this would break the deal as I have poor 02 signal in the house where I live as my partner is on 02 and constantly complaining about bad signal
      the salesman assured me he would send a signal booster box out with the phone so I would have perfect signal.
      so far so good.....
      i then explained this is the only mobile phone I use for business and pleasure, so therefore I didn’t want any disconnection time in the slightest between the switchover from Vodafone to 02
      the salesman then confirmed that the existing phone would only be disconnected once the new phone was switched on.
      so far so good....
      • 14 replies
    • I was talked into signing up with Future Comms (future-comms.co.uk) who cold-called me to change my mobile contract to them, via 02, rather than EE. I have a small business (only me!) and it's a business contract. True, the 4G network is better for my area. This company seemed to be a marketing set-up for various telecoms companies, so I assumed anything I signed would be with 02 and didn't think it might be a problem.
       
      They sent an email whilst I was on the phone to set up the direct debit mandate with my bank which I signed electronically. That was the first, of many, problems I found. Apparently THAT was my contract, binding me to 3 years and no 'cooling off' period, because I was a 'business' (meaning any consumer rights did not apply). When I subsequently asked in writing for a copy of my contract, that is what they sent - when I argued it was a DD mandate they insisted it was my contract!
       
      2 days later they asked for my phone details to get it unlocked which I sent. 10 days later, EE closed my account, so I changed the SIM card to 02 that had come a few days before. No network! They had done nothing about unlocking it. Fortunately I was lucky with EE who managed to give me the right codes, rather than the usual 10 days to go through Samsung.
       
      By this time I was suspicious of their set-up and wanted to cancel. As I said earlier, I found myself trapped into a 3 year contract with no 14 day cooling off period (they don't offer that). Promises to deal with my complaints never happened, promised return calls neither....and on and on.
       
      Ofcom's rules apply to consumers and small businesses (under 10 employees), yet this shower don't acknowledge that. They just repeat and repeat that I am a business so it doesn't apply. To cancel the contract I have to pay the full 3 year's fees!!
       
      I would like to know if others have had similar experiences? Or does anyone know how I can maybe declare the 'contract' unenforceable? I have never before been locked into something without a clear written contract, with t&c's! And, yes, I have asked, and yes, I have been ignored.
      • 84 replies
    • Future comms!. Read more at https://www.consumeractiongroup.co.uk/topic/415706-future-comms/
      • 10 replies
    • A shocking story of domestic and economic abuse compounded by @BarclaysUKHelp ‏ bank complicity – coming soon @A_Gentle_Woman. Read more at https://www.consumeractiongroup.co.uk/topic/415737-a-shocking-story-of-domestic-and-economic-abuse-compounded-by-barclaysukhelp-%E2%80%8F-bank-complicity-%E2%80%93-coming-soon-a_gentle_woman/
      • 0 replies
×
×
  • Create New...