CFO Lending / CFO Resolve Loan

GRINTS1981

HI all, I just want to see if any one has any help, or if you believe that what CFO has done is correct.
I had many pay day loans and it all got to much, so I set up a DMP, CFO were on this and I was sending them payments of £7.91 a month (they wanted £30). After the standard emails and texts they always send. any way after 3 months or so they sent me a text and email to offer me a CFO resolve loan, if I went for this they would remove all fees, and start the loan off again at the £650 that I took out plus interest of £227. Instead of the current balance of £1579. so I went for this as I got a bonus in work. after trying this twice I heard nothing, then come payday CFO withdraw £1579 from my account !!!!!!!!!. I spoke with CFO collections managers and 2 of them said I would get a refund as I applied for the CFO Resolve. I waited the 3 days they said I need and nothing in my account when I called them, they said the refund team would NOT refund any money as I applied for another loan with CFO. having looked into this I never applied for a PDL with them it was a broker and they are saying this is how they got my new bank details.
i do not want to be judged and now I have not got any more PDL's and never will again hard lesson to learn
SO do they have the right to do this ?
can / should i try and claim anything back ?
i fully understand they should (maybe in time) have the £650 + £227
any views, help or tips would be great as the different is around £800

Eonel

So I assume they could not take the £1579 originally owed as they did not have your current debit card details.

They offered to wipe out the old loan if you transfered to a new loan from a sister company for £800. You provided them debit card details for this new loan - and as soon as they had this they took the full £1579.

It is a very dirty trick, but not totally unsuprising tactics from a PDL company. I suggest your formally complain to them in writing, then escalate to the FOS.

However expect a long wait & a fair chance that you will not get your money back.

GRINTS1981

many thanks you are correct other then, the resolve loan was with them not a sister company.
I believe the issue is that a broker had my detail and applied for a loan with CFO therefore giving them my detail

#for anyone reading this do not ever go for CFO Resolve loan please

Apples2

Sneaky tactic... Impressed with their tactics.

Who is your DMP managed by?
If it is Step Change, Payplan you should have agreed to not apply for any further credit. It is a normal condition of a DMP.

If you do, your whole DMP could be scrapped. Payplan have certainly thrown out DMP's if they get wind of it. You would then be back in the original fight you had with extra fees and continual hassling.

DCFC79

GRINTS1981 wrote: »

#for anyone reading this do not ever go for CFO Resolve loan please

Thanks for theadvice but I wouldnt go that route nor go near CFO.

Nikkidylan

Cfo are awful. I have to pay for a loan I never received as they had input yes the wrong sort code, apparently I am still liable.

I can't believe companies like this are allowed to operate.

heartbreak_star

I keep getting offered this...but it's just a dirty trick to get your debit card details.

Wouldn't mind so much but I've never had a loan with them!!

HBS x

GRINTS1981

WOW, amazing what you can do if you try
i have had an email from CFO today and they will be refunding me £700, as they believe they are in the wrong

This may of happened because i wrote to the FO

But all i wanted to say is if you feel you are wronf do not stop there is always another level you can take it to

confusion2013

Hi

I stupidly this evening applied for this CFO resolve as I didnt think a company would dare put this in writing and then be able to take a card payment for a higher amount than they have quoted on the email!!
I should have viewed this forum first but even more stupidly I decided to google CFO Resolve after I had applied.
After being in a panic that I would wake up tomorrow to find my account overdrawn by a few hundred quid (as I have nothing in my account) I phoned my bank and said I have lost my debit card and so they have cancelled the card and sending me a new card.
Will this stop them from being able to withdraw from my bank now or will the fact they have my sort code and account number of my new bank enable them to take a payment.
Do I need to do anything else?
I have them included in my DMP but was tempted by this offer to get the amount owed back down to the original £100.

Thank you.

confusion2013

Can anyone advise please?

happy_bunny_2

You need to write to your bank and the company to cancel the continuous payment authority. The bank may just pay them on request using the new card details.

I would call the bank first them follow up in writing. If they pay once cancelled, your bank are liable.