Lost cards and debt comin off

Naegood

I have just reported my card as lost, it really is before anyone starts! lol. Was just wondering can payday loan companies still take money owed to them even though my card has been cancelled?

Thanks in advance.

saltnvinegar

Naegood wrote: »

I have just reported my card as lost, it really is before anyone starts! lol. Was just wondering can payday loan companies still take money owed to them even though my card has been cancelled?

Thanks in advance.

Simply, in a single word - yes.

This is due to the method of payment that most Payday Loan Companies use.

However if you have reported your card as stolen this may give you some breathing space for a little while.

I wrote a thread on this a little while ago - here.

Note I only condone the advice in this thread if you are in severe financial difficulty and are about to enter into some sort of debt management programme (DMP, IVA etc) and are choosing between essential debt and consumer debt.

Going down this route has severe implications on your credit score and you may be defaulted.

If you are in financial difficulty I would always recommend approaching the debt charities CCCS and Payplan.

Best

SnV

Naegood

I reported it as lost.

Only got 1000 going in and I owe out:

420 quickquid,
260 1monthloan,
168 wonga,
212.50 wagedayadvance,
150 lendingstream,
and 474.53 poundstilpayday.

So basically I'm up shitcreek without a paddle.

saltnvinegar

Hi Naegood

In that case I would recommend a read of this post

https://forums.moneysavingexpert.com/discussion/2077631

Its a good place to start.

Best

SnV

Naegood wrote: »

I reported it as lost.

Only got 1000 going in and I owe out:

420 quickquid,
260 1monthloan,
168 wonga,
212.50 wagedayadvance,
150 lendingstream,
and 474.53 poundstilpayday.

So basically I'm up shitcreek without a paddle.

Naegood

Cheers for the link, it will help.

However, is there anything I could do today to stop all of these payments coming off 2moro? I have tried to cancel the only 2 that are showing up as direct debits (wda and poundstilpayday). Don't want to be left with zilch. Should i try emailing them?

NorthernLas

Phone the bank back and tell them that you actually think that someone stole your card and you would like them to block all transactions.

(Make sure you ask about how you can get access until you have a new card)