CFO lending

lewisc19861

hi guys this is my first post so i hope you can help
Hi i am hopeing you can help.

I took out a payday loan with CFO lending a while back for £500 pounds.
With interest this comes to £680 pounds.
I have rolled over the loan 2 times and on each occasion i have paid the 180 interest.
I have now offered to clear the balance and another 1 months interest in the following plan
April 28th - £180.00
May 28th - £250.00
June 28th - £250.00

I was told this would not be possible but i could continually pay the interest and small amounts off my loan.
as of 28th of april i would have paid £540.00 interest
Do you see this as an acceptable plan as they are plain refusing to assist and i feel like i have a case to make a complaint

DCFC79

lewisc19861 wrote: »

hi guys this is my first post so i hope you can help
Hi i am hoping you can help.

I took out a payday loan with CFO lending a while back for £500 pounds.
With interest this comes to £680 pounds.
I have rolled over the loan 2 times and on each occasion i have paid the 180 interest.
I have now offered to clear the balance and another 1 months interest in the following plan
April 28th - £180.00
May 28th - £250.00
June 28th - £250.00

I was told this would not be possible but i could continually pay the interest and small amounts off my loan.
as of 28th of april i would have paid £540.00 interest
Do you see this as an acceptable plan as they are plain refusing to assist and i feel like i have a case to make a complaint

Welcome to mse.

Pay day loans are only meant to be for short periods and no longer.

lewisc19861

yes i know that but im having financial difficulties and wish to come to a conclusion :beer:

molerat

It will come to a conclusion when you pay it off at the agreed interest rate.

lewisc19861

has anyone had an issues with this company

jonesMUFCforever

lewisc19861 wrote: »

has anyone had an issues with this company

Only people who take out short term pay day loans THEN find themselves in financial difficulty!

lewisc19861

no need to be a !!!! i know i made a mistake im looking for help

jonesMUFCforever

lewisc19861 wrote: »

no need to be a !!!! i know i made a mistake im looking for help

Sell something to raise money to pay the debt down.
Hoping you find that helpful.

UsetheFORCE

Sounds like you borrowed off a pretty crap lender, they see you are making the interest payments on the rollovers and so clearly it is in their interests to continue as it is! They are quite a few lenders in this situation that would offer you the chance to repay without trying to wring you for every last penny!

Unless you can borrow money elsewhere at a much cheaper rate then there isn't much you can do but default, you will end up with a lot of grief and most likely a trashed credit record (if you don't already have one)!

As you have been advised, is there anything you can sell? Can you cut down on outgoings for a few months to get rid of the debt?

I don't think the company is being reasonable but the point being made is correct, you probably couldn't afford to be taking out this loan and hence why you have had the replies you have had!

good luck!

SnowTiger

UsetheFORCE wrote: »

Sounds like you borrowed off a pretty crap lender...

It's another of our friends based at Snakes Lane.

chanz4

sell the iphone or ipad