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CFO lending
lewisc19861
Posts: 5 Forumite
in Loans
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
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
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Comments
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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.0 -
yes i know that but im having financial difficulties and wish to come to a conclusion :beer:0
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It will come to a conclusion when you pay it off at the agreed interest rate.
Never associate with idiots on their own level, because, being an intelligent man, you'll try to deal with them on their level - and on their level they'll beat you every time.
Being hated by idiots is the price you pay for not being one of them.
Jean Cocteau 1889-1963
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has anyone had an issues with this company0
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Only people who take out short term pay day loans THEN find themselves in financial difficulty!lewisc19861 wrote: »has anyone had an issues with this company0 -
no need to be a !!!! i know i made a mistake im looking for help0
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Sell something to raise money to pay the debt down.lewisc19861 wrote: »no need to be a !!!! i know i made a mistake im looking for help
Hoping you find that helpful.0 -
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!I have numerous qualifications in Business and Finance, Accountancy, Health and Safety and am now studying Law.
Don't rely on anything I write as it may be wrong!!!0 -
UsetheFORCE wrote: »Sounds like you borrowed off a pretty crap lender...
It's another of our friends based at Snakes Lane.0 -
sell the iphone or ipadDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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