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Lender placed in administration
A payday lender has revealed it has appointed administrators.
CFO Lending Limited has announced that it appointed joint administrators Paul Doyle and David Clements of Harrisons Business Recovery and Insolvency Limited to act as agents of the company on 6th April.
The London-based lender no longer provides access to payday loans, but continues to service existing customer needs by providing access to its customer account management team, who are available to discuss repayment options.
Meanwhile, payment arrangements for existing customers may be made by telephone, email, in writing or via third parties.
The announcement comes after the lender was ordered to redress £34m to customers following an investigation by the FCA last year which found that CFO Lending had undertaken unfair practices.
CFO Lending’s failures included: excessive use of continuous payment authorities to collect outstanding balances, failing to treat customers in financial difficulties with due forbearance and sending threatening and misleading letters.
Following the review, the FCA authorised CFO Lending with limited permission to collect existing debts, but not to make any new loans.
The lender was working with the FCA to contact all affected customers by March 2017.
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