Wonga & cfo lending

Brogden

Hi Everybody

Wonga are not the only Payday Lender to have problems with the FCA. In my DMP is a debt with CFO Lending too. In a voluntary agreement they are not issuing new loans and are not doing any 'outbound debt collection.' It seems like they are just sitting there and accepting money if someone sends it to them.

I do not hide from my debts and have emailed them twice. They always used to respond to email but now they don't! In the situation here I do not see why I should have to call them on the phone and they aren't asking me to as they used to (ten times a day !!!)

Does anybody have any experience or knowledge on this one or any ideas as to how to best deal with this?

Have a great day,

Brogden

Monkeyballs

Hi Broggers,

I just went to their page and clicking 'Apply' does nothing... You might be on to something here

I think in your shoes I'd give Step Change a ring and run it past them, they may have some insider knowledge... But I wouldn't a payment to not be sent only for it to cause problems later?

Fingers crossed they're up the swanny!

MB

Brogden

Monkeyballs wrote: »

Hi Broggers,

I just went to their page and clicking 'Apply' does nothing... You might be on to something here

I think in your shoes I'd give Step Change a ring and run it past them, they may have some insider knowledge... But I wouldn't a payment to not be sent only for it to cause problems later?

Fingers crossed they're up the swanny!

MB

Thanks Monkey They are on token payments - I'm not disappearing and I have asked them to contact me twice to discuss!

Broggers

heartbreak_star

I needed to set up a payment plan with CFO, they texted me constantly for a while asking me to call them - I asked them to use my email, and even emailed them to make it easier...

...nowt. Nil. Nada.

They did register a default on my credit file a while ago but no contact since then...

HBS x

sourcrates

My opinion is ALL payday lenders will have to follow Wonga soon, the business model they are all currently following is just not viable according to the FCA.
I have a feeling the ones who want to continue in this business will push through similar reforms, those that don't will disappear.


I think the time is fast approaching where, regardless of lender, if you believe the loan you took was unaffordable, you would have a good case for having it written off also, I think this is the start of a Hugh landslide within the industry, and about time too.:T

Brogden

sourcrates wrote: »

My opinion is ALL payday lenders will have to follow Wonga soon, the business model they are all currently following is just not viable according to the FCA.
I have a feeling the ones who want to continue in this business will push through similar reforms, those that don't will disappear.


I think the time is fast approaching where, regardless of lender, if you believe the loan you took was unaffordable, you would have a good case for having it written off also, I think this is the start of a Hugh landslide within the industry, and about time too.:T

That is what I was thinking sourcrates. I don't think Wonga were worse than anybody else and probably better than many. It is going to be a case of 'spot the next defunct payday lender' place your bets..........who will it be??????? CFO odds of 1 to 2........????

Brogden

Brogden wrote: »

That is what I was thinking sourcrates. I don't think Wonga were worse than anybody else and probably better than many. It is going to be a case of 'spot the next defunct payday lender' place your bets..........who will it be??????? CFO odds of 1 to 2........????

If the lovely Toothfairy / Northern Debt Recovery / Marshall Hoares Bailiffs had survived this far they would be incinerated now :rotfl:

gfplux

sourcrates wrote: »

My opinion is ALL payday lenders will have to follow Wonga soon, the business model they are all currently following is just not viable according to the FCA.
I have a feeling the ones who want to continue in this business will push through similar reforms, those that don't will disappear.


I think the time is fast approaching where, regardless of lender, if you believe the loan you took was unaffordable, you would have a good case for having it written off also, I think this is the start of a Hugh landslide within the industry, and about time too.:T

I agree.
Also they all may begin to have cash flow problems as surely a large number of Wonga customers will now withhold payments (cancel D/D or write to their Bank to stop paying Wonga) while it is clarified to them that the particular debt has not been written off. Also if people who have loans from the other company's withold repayment as those debts may also be written off.
The next few days and weeks will be interesting.

Brogden

Just looking through the Interim Permissions on the FCA website. Another firm who I paid off some time ago has issues - Wageday Advance. They were acquired by Speedycash and share the same compliance function which is seemingly inadequate.

Who's next ?

Gainingcontrol14

Hi everyone very interesting post! So is it that wonga now have to write debt off? It would be good if all have to follow!! If on a DMP should for example step change be contacted to deal with this?

I was told that if anyone searches your credit file for any other credit of any type within 2 yrs of having a payday loan then your chances ar nil because of using the payday loan.. Does anyone know anything about this/anyway to repair?

Thank you in advance

Monkeyballs

I don't think that there is much that anyone can do to improve the way your file looks if you have Payday loans on there... I think the best you can do is to stop using them and in time hope that it becomes obvious that they're no longer in the picture

That said, wouldn't it be funny(?) if all PDL's had to start paying compensation to customers for the damage their company does to everyone's credit files? I'm 110% sure it won't ever happen but it could always be argued LOL

MB