Payday Loan, Advice Needed Please.

Paul_Herring

it is not a direct debit I just gave my card details to PayDay

Sounds suspiciously like a Continious Payment Authority (CPA) (are these even available on basic accounts?) - your bank will be unable to stop it if so. Is there a ~16 digit number across the middle, and is this what you gave them? If so, it will probably be a CPA. If all that's on there is your sort code and account number, it'll be a DD and your bank /may/ be able to stop it (might be a bit too late.)

Have you considered approaching your employer to pay back any penalites incurred by *their* change to how you're being paid? After all, if you've been there a while, and always been paid on the 2nd, and you've been given insufficient notice, they should be responsible for any adverse change.

andie666

Cheers Paul, it is a CPA by the looks of it, I have a 16 digit number and this is what I gave them including exp date and security code. After a bit of googling I think these are not supposed to be authorised on basic accounts, it gets more confusing:rolleyes:

I have checked my bank account and there is definitely no direct debit set up.

I'm going to speak to my employer again tomorrow but what do I do in the meantime, do I report my card as stolen as a last resort? Will that stop them going into my account though??

Paul_Herring

do I report my card as stolen as a last resort? Will that stop them going into my account though??

Nope. The number was 'handed out' before the card was 'stolen,' making the request for payment a legitimate one that the bank cannot refuse on the grounds of a stolen card.

In fact the peculiar nature of CPAs means that you can (try and) close your account and the bank is still obliged to make the payment and come back to you for the payment.

kittiej

I would be asking my employer why I wasn't informed well in advance of any changes to the way my wages are payed.

Do they do cash payments instead? It seems a bit off to have to firstly be payed by cheque and secondly then have to wait for a cheque to clear.

Is this a small company you work for?

agsnu

kittiej wrote: »

I would be asking my employer why I wasn't informed well in advance of any changes to the way my wages are payed.

Do they do cash payments instead? It seems a bit off to have to firstly be payed by cheque and secondly then have to wait for a cheque to clear.

Is this a small company you work for?

If they're switching to paying by cheques, that makes it sound like they're in the sh*t and I'd be careful hounding them on it. Might not have a job at all soon enough.

chuckley

I think u need to go back to your employer... getting the cheque on the 2nd and waiting up to a week for it to clear is WRONG.

especially telling u a week before ur due to be paid...

2NDTIMEROUNDER

Which companies still pay staff with cheques that take 1 week to clear, and in the meantime someone else is earning interest on it??? The mind boggles!

Ask your employers a CASH advance of 250 and explain that you have run into trouble because of the new payment scheme at THEIR end. They are bound to give it to you because 1. its a small amount 2. it will come off your wages anyway 3. they are helping out a member of staff. If they say no then I would not trust them for a dime if I were in serious trouble in the future. It costs them nothing to help you out.

While you are it ask them to be paid directly in your BACS * nominated bank account for ease of transfer, timeliness and easy of use. All reputable companies either medium or large use this payment system.

Good luck.

*http://en.wikipedia.org/wiki/BACS

2NDTIMEROUNDER

agsnu wrote: »

If they're switching to paying by cheques, that makes it sound like they're in the sh*t and I'd be careful hounding them on it. Might not have a job at all soon enough.

Yeah, you might have this in mind, as well. Its not necessarily so that they are going under but it doesnt add up. Payment in cheques...tsk tsk tsk :mad:

harryhound

2NDTIMEROUNDER wrote: »

While you are it ask them to be paid directly in your BACS * nominated bank account for ease of transfer, timeliness and easy of use. All reputable companies either medium or large use this payment system.

Good luck.

*http://en.wikipedia.org/wiki/BACS

Some employees would prefer to launder a cheque through "cash converters/pay day loans" rather than have them go through a bank account where: Their creditors, the tax man, the estranged wife/husband etc. might get their hands on the money.

http://www.dca.gov.uk/consult/general/enforfr.htm