My CFO lending story

LS1980

I (stupidly) took out a payday loan with CFO lending a few years back. In total, I borrowed £680, I fell into difficulty, couldn't pay back in full. The took almost £700 in one night in a number of transactions of around £50 each. The bank refused to help. CFO were down rightrude, unhelpful and just a horrid company to deal with.
I entered into a DMP as I had other debts that needed to be sorted out. '
CFO sent a number of email with t their 'resolve' product - in other words, take another £100. they would wipe out the charges etc....another way of trying to get me into more debt with them.

Recently I was going through all my creditors in my DMP, and decided to contact CFO, as I had read a bit about them online, I discovered I had paid them OVER the original amount due, and they still wanted £940 off me (all charges and interest). I had nothing to lose, so this is what I sent them:


I am hereby raising a formal complaint regarding my CFO loan,
If I do not receive a response or a solution that I am happy with, within 8 weeks. I will be taking this further to the Financial obundsman, on the grounds of unfair charges and interest on my account.

I took out a loan totalling £680, total amount to be repaid was £924.80
I fell into difficulty, and you took a number of payments from my account (in the region of £700 over one night)

I entered into a debt management plan, and have since paid you (including the amount you automatically took from my account) £1214.53 and when I rang to find out the amount still outstanding today (8th July) you told me I still have £959.79 to pay.

I am writing to ask you to please write off the debt as you have received over the original amount due to be paid.

TOTAL ORIGINALLY OWED (INCLUDING INTEREST) £924.80
TOTAL PAID TO DATE - £1214.53
TOTAL AMOUNT PAID OVER THE ORIGINAL TOTAL OWED : £289.73



Just to add, I have never disputed the fact I owed them money, I just objected to the horrendous amount of interest they had added on and the way they treated me. Refusing to listen etc... they laughed down the phone at me.

Anyway, Fast forward 10days, and I received an email saying they agree to wipe out the remaining debt, they apologised for causing me stress and should have listened to me and helped me when I contacted them in the first instance. They have also agreed to pay me some money in compensation for stress caused!!!!
I am over the moon with their response, and now have almost £1k slashed off my DMP.!
:j:j:j

Aphidgirl

Nice work

LoveLifeAgain

Well done LS1980 :beer:

andyfromotley

Well done.

Its good to see a change in attitude from these despicable companies. I am really chuffed for you!!