Payday loan repayment - How did this happen?

demay

Took out a payday loan last month, but lost my bank card shortly after - Contacted my bank and got sent a new card, with a new card number, expiry date, and security code - I didn't pass this information onto the lender, as I forgot, but have just noticed today that they still managed to take the payment back out? How did this happen?

They have the details for an old, and cancelled, bank card, so how did they manage to take a payment from account when they don't have my new card details?

Thanks

xxSaffronxx

Are you sure it wasnt a Direct Debit setup rather than a monthly bank card payment? In which case it makes no difference as they use the bank account & sort code, not the card number

Tixy

A lot of pdl companies put in the agreement that they can take funds by other means. So if someone cancels their bank card they are often able to take out a payment direct from the bank account (and they have those details from when they paid the loan in).

Its quite commmon for people to cancel cards to try to stop pdl companies taking their repayment and so they have changed their T&Cs to prevent this.

For people trying not to repay or trying to set up ap repayment plan they need to cancel their whole bank account.

Lucky for you in this case, as it will have save you being charged whopping fees for missing a payment.

Apples2

They are far too wise for you.

They are very familier with people conveniently "losing" their bank card in the way you have done so have a tried and tested mechanism in place to bypass your naieve attempt at avoiding repayment.

The good news is that you won't be hit with massive charges. They are now out of your hair.
Take it as a stern lesson and only borrow if you are going to repay it.

geoffky

ha ha..they are very clever and beat most attempts at not paying them...They have saved you from a great deal of grief.

shegirl

I'm quite astonished by the amount of people who 'lose their card' so cancel it after taking out a payday loan!!!

demay

Spoke to my bank - it was indeed a direct debit payment that was taken, after the payment they tried to take from the 'old' card which obviously didn't work.

Lesson learnt - and to the person who said don't take a loan if you can't pay it back, life is not always that simple!!! Things happen, and if it's a case of eating or not, then sometimes you have to do what you have to do!!

Peelerfart

Agreed - Things happen!,but it's rarely a case of eating or not.

Glad it's worked out for you though here's hoping you never need to use them again.

JustinCredibleGillespie

That is why they ask for your sortcode and account number as well as your debit card details to ''verify'' your identity. I'm sure it most likely states in the T&C's that if debit card payment fails then they have authority to access your bank account to retrieve payment via Direct Debit.

Glad you got sorted tho

Apples2

demay wrote: »

Lesson learnt - and to the person who said don't take a loan if you can't pay it back, life is not always that simple!!!

Very true but that doesn't give an entitlement to take money and simply keep it.

There are entirely just causes for not being able to repay, but there is sadly no place for sympathy no matter how well deserved.

In your case, you deliberately set out to deceive, I've no doubt you had good reason but they are not considered.

The upshot is that this month you are £xx shorter than you would have been (because you have given them all that interest) so this month is even more of a struggle than it would have been.

As I mentioned earlier, it is good news they have taken it. If they had failed to withdraw it you would be getting rapidly buried under the charges, which you would have had to face sooner or later.

Good luck to you though and I hope you never feel the need to toy with these type of lenders again, it can get very messy, very quickly.

KingElvis

LOL "lost your card" snigger etc etc

These guys are far too clever to be caught my miscreants like you..................