Tooth Fairy Finance Advice

iluvmarmite

Actualy NO they cannot take money from a lost card, that card no longer exsists, also as the card was reported lost the bank will regard any transactions on it as fraud, after all anyone could have picked that card up and is trying to use it. If they try and ask for a payment through the card the bank will just reject it, so dont worry about that.

You may have given them your bank account details, again they will not be able to take any money using the account number and sort code unless you have set up a direct debit.

Mags_cat

iluvmarmite wrote: »

Actualy NO they cannot take money from a lost card, that card no longer exsists

Unfortunately - as many people on here will tell you - that's not correct.

These companys set up a recurring payment authority which your bank will in all likelihood authorise even after you report your card "lost".

See Martin's guide to payment types.

WellKnownSid

iluvmarmite wrote: »

Actualy NO they cannot take money from a lost card, that card no longer exsists, also as the card was reported lost the bank will regard any transactions on it as fraud, after all anyone could have picked that card up and is trying to use it.

Rubbish! You can't claim a card is "lost" on a Thursday in the hope that you'll somehow rollback a transaction that you authorised the Sunday before, otherwise everyone would be "losing" their cards every time they spent too much at Argos!

Apples2

iluvmarmite wrote: »

Actualy NO they cannot take money {snip waffle snip}

Never trust the words of a marmite eater.

iluvmarmite

To all those know it alls spouting rubbish about the bank cards, you should maybe read Martins words and think about it. You cannot cancel the payments, the bank cannot cancel the payments only the company can cancel the payments. You CAN however cancel the card, they CANNOT take a payment from a non existant card!!!!!!!!!

I had a payday loan with express, I couldnt afford the payments, they would not accept a payment plan, my bank canceled my card and sent me a new one to STOP them taking any more money, I got a letter from the company stating they had not been able to take any payments because the bank would not authorise them, due to me canceling the card.

OP I can tell you for sure if you get a new bank card they will not be able to take any payments from your account.

Hax

iluvmarmite wrote: »

I had a payday loan with express, I couldnt afford the payments, they would not accept a payment plan, my bank canceled my card and sent me a new one to STOP them taking any more money, I got a letter from the company stating they had not been able to take any payments because the bank would not authorise them, due to me canceling the card.

OP I can tell you for sure if you get a new bank card they will not be able to take any payments from your account.

You are one person for who this "method" has worked. There are however, far more stories on here for people who this has NOT worked.

So, you are not able to tell the OP this for "sure". If we go by the number of posts made on each side of the story, then there is a higher chance that they will be able to take the payment. Cancelling a card does NOT guarantee denial of payments.

masterlumps

OP i have no advice for you other than to ignore marmite with 4 posts - they can and will take your money

iluvmarmite

OP I got advice from my bank about this, IF they do manage to take money from a lost card then get in touch with the bank and ask them to refund the money to you as they should not have paid it out.

WellKnownSid

iluvmarmite wrote: »

IF they do manage to take money from a lost card then get in touch with the bank and ask them to refund the money to you as they should not have paid it out.

Now it gets even better...! The OP disputes the payment saying it was taken from the "lost card", the company then produce evidence that the OP had indeed authorised the payment, prior to the card being "lost".

Now it looks a lot like fraud... Suddenly the OP is getting in deeper, and may have trouble convincing anyone that they're telling the truth about the funds not hitting the account.

Two wrongs don't make a right...

WellKnownSid

iluvmarmite wrote: »

IF they do manage to take money from a lost card

Specifically, the problem here is that they do not need to manually re-enter the card number, expiry and CV2 to drawdown funds against the CA that they've set up. So when you report your card "lost" - the changes to not stop access to the "account" (forget "card"... think "account").

Even if you report fraud and insist on other changes, Visa and Mastercard both run programmes to update merchants with the new details.