Payday Loans - Cancel Debit Card???

Toadface

Hi,

I have 4 payday loans outstanding.

PayDay UK
PayDay Express
QuickQuid
UncleBuck


My question is if I cancel my debit card, will this stop these companies taking payment from me.

and if so will I be hit by a charge from my bank for these being declined?


Is there anything else I can do to stop these payments coming out

Thanks

jimmer1980

I would suggest speaking to the payday loan companies to see if you can arrange a payment plan with them.

You wouldn't get charges from your bank but if the payments are not made you may get charged by the payday loan companies.

Toadface

Hi Thanks for your reply

I have already written to these companies to offer them a payment plan. havent heard anythign back yet, and it worrying they will take a debit card payment for full amount on payday, and leave me with nothing.


Thanks again

misspoppy

you could try talking to your local credit union they can sometimes help people get out of these loans.

Toadface

Thanks for the fast responses!

One final question:

Am I right in thinking that as I have now cancelled my direct debits and cancelled my debit card that these companies will not be able to take any payment from my account?

Thanks

rog2

Toadface wrote: »

Am I right in thinking that as I have now cancelled my direct debits and cancelled my debit card that these companies will not be able to take any payment from my account?

Provided that you have cancelled the direct debits then they should not be able to take any money from your account.

The 'Direct Debit Guarantee' is quite clear on this point:

https://www.financial-ombudsman.org.uk/publications/ombudsman-news/27/27-directdebit-guarantee.htm

This will not, however, stop these companies from chasing you, or adding their already crippling, interest and charges.

These companies are notoriously difficult to negociate with, so I would suggest that you have a chat with one of the Debt Counselling Charities:

• National Debtline - https://www.nationaldebtline.co.uk/ - tel. 0808 808 4000
• CCCS - https://www.cccs.co.uk/ - tel 0800 138 1111
• A Debt Adviser at your local AB

They will be able to advise you on how to 'deal' with these people.

Louise82_2

Hi there i had exactly same problem few months back had loans with quickquid and payday uk, while quickquid was direct debit theres no problem cancelling this but payday uk had my debit card number and would have taken the payment out of my card so i foned abbey and told them i lost my debit card had it cancelled and new one sent out, so when payday uk tried to take the payment it auto declined as card was cancelled. Im now on dmp with payplan and getting sorted. Hope this helps and although its hassle cancelling card and people may say its not right to do , it worked for me and i presume it will for u as the most important thing is making sure they dont access ur money until you have plan sorted