Card Protection Payment Taken After Account Closure

dazed

Egg should have informed the customer though simple as.

and grumbler ... I pay everything on time and yes I read the T's & C's and have copies as working in the finance industry you get in a habit, BUT, some people do not have the same outlook that was my point.

Anyway I am off to cancel my subscription to Hedges Weekly as just cancelled a MSDW mastercard

merch

originally posted by dazed

Quote:
Originally Posted by merch
There's been a long running sticky on the credit card forums on this subject...

http://forums.moneysavingexpert.com/...ead.html?t=256

These payments are neither direct debits nor standing orders

Its an easier to understand term than a 'Continuous Payment Authority’

Easier in what way? DDs, SOs and CPAs are three different transaction types with three different sets of rules.
It might be 'easy' to think that a CPA will terminate when notification is given to cancel a credit card account, but in the long run it may lead to an unwelcome surprise months down the line...
But if it's easy to think of CPAs in this way, then don't let me stop you

merch

originally posted by dazed
Egg should have informed the customer though simple as.

No, Egg could have informed the customer.
Why should they though? The less people they remind about CPA's for rip-off card protection schemes, the less profit they make. Egg (and any other lender) put their own interests above any individual customer's interests at all times. That's why they are in business. That's why we (as consumers / credit users) have to be more clued up and play them at their own game, getting the better of them wherever possible and not getting caught out by these sly tricks.

Phew, rant over.

ChickenLittle_2

In retrospect, I should have read the t&c's...I hate that kind of stuff though - real ostrich mentality when it comes to finance (lack of). Thanks for all your comments anyway and hopefully this will serve as warning!

MarkyMarkD

I'm not sure how you can expect Egg to inform the customer of the existence of the CPA - they don't keep records of these things. The merchant (in this case CPP) keeps the authority and that's the basis on which they make the continuous charges to the customer's account.

Just because Egg likely sold the CPP product in the first place, doesn't mean they own the transactions on an ongoing basis.

dazed

MarkyMarkD wrote:

I'm not sure how you can expect Egg to inform the customer of the existence of the CPA - they don't keep records of these things. The merchant (in this case CPP) keeps the authority and that's the basis on which they make the continuous charges to the customer's account.

Just because Egg likely sold the CPP product in the first place, doesn't mean they own the transactions on an ongoing basis.

I am not saying each individual CPA - but, when closing an account (having had experience with egg and other credit card companies from an employment point of view) then they are supposed to advise that IF the customer has any CPA's on the account then its there responsibility to cancel them. Its just a nice little reminder. Any way glad that sorted.