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Stopping a automated debit card payment

Hi folks,

This is quite urgent as I need to act fast. Basically I need to stop an automated debit card payment coming out THIS FRIDAY. Long story but with no prior warning, a certain company says they want the amount paying back in full and I am not entitled to an extension. problem is that if they take it out in full I wont be able to pay mortgage, other bills etc as I will be left with about£10.

Calle dthe bank-they cant do anything.

My question is if I cancel my debit card doe sthis mean they wont be able to take the payment?

Help please!
Thanks
Michelle

Comments

  • worried_jim
    worried_jim Posts: 11,631 Forumite
    10,000 Posts Combo Breaker
    You will have to contact the company taking the payment, your bank may not be able to stop this (unless it has been set up fraudulently ). Even if you cancel the card and close the a/c your bank will still send you the bill in the form of an overdraft.
  • pippitypip_2
    pippitypip_2 Posts: 1,018 Forumite
    edited 14 July 2010 at 9:38AM
    Cancelling the card will not make a difference, the bank will still allow the payment through.

    The only option is for you to ensure there are no funds in the account at all for the company to take the payment (assuming you have no authorised overdraft?). There will be no charges by the bank, the card payment will just decline.

    I assume this is a payday loan? If so, you need to open a new bank account, and make a payment plan with the payday loan to may them off in installments. I would recommend doing that through your account you have now, just paying enough in for the agreed payment to be taken. i.e. don't give them your new account details.

    They are known for continually trying to take the payments by card or whatever will go through to claw back what you owe, so best only to leave in there whatever amount you agree to pay back on a monthly basis. Always get everything in writing.

    hth,
    pippitypip
    I know I'm in my own little world, but it's ok - they know me here! :D
  • fozmcfc
    fozmcfc Posts: 3,098 Forumite
    Part of the Furniture Combo Breaker PPI Party Pooper Debt-free and Proud!
    If this is a payday loan company, then you will read several threads around here, where basically the money has been taken regardless and you'll have a fight to do anything about it.
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