21, bad credit, need a quick loan.

Wheredomy£sgo?

Chr15, I appreciate on re-reading what i have written above, it IS confusing. Let me put it in laymans terms (for my own benefit too, i am not patronising!)

If I go to Tesco (It's always Tesco.. i don't know why) and I pay with card and then ring my bank to cancel the payment i have just made on my card, it will NOT cancel! This is becuase the payment method instantaneously assesses if there are sufficient funds in my account and reserves it for collection (usually immediate/overnight nowadays). My available funds to spend are reduced by this amount.

The same can be said when a hotel pre-authorises my credit card for the assumed costs for the duration of the stay, they need to know i am good for it and although they don't take any money there and then, they are "reserving" my cash for potential future collection (which expires in a few days) and this subsequently reduces my available balance.

If a PDL did this to my account, it would be pointless having the loan in the first place, as I couldn't spend it.

There is a fine line between DD and recurring payments, both are continuous payments and contrary to what i have said above, it IS possible to have a continuous payment on a card (it is the DD linked to your account, I have just reread what wrote). Now, put yourself in the shoes of a PDL company, when they come to take this regular payment, it is NOT a DD, it is card transaction, they simply dig out your card details and process it through a machine (ok, a bit more sophsticated than that but essentially, that's what it is!). There is NO WAY WHATSOEVER that your bank can distinguish between the aforementioned thief and a company which you authorised a continuous payment from IF YOU HAVE CANCELLED THE CARD. All they see, is an attempt on your card, the agreement is between you and the company, nothing to do with the bank, they don;t know you have it in place! They HAVE to decline the attempt.

There is no other way of taking a payment from a sort code and an account number without setting up a direct debit which goes through to the bank for their authority (and you can cancel those). If the PDL doesn't have your new bank CARD details, they cannot take a payment, it is physically impossible if the card details they have have been cancelled with the bank and you have NOT signed a direct debit mandate.

I think a lot of people are not 100% sure what they have done, but as far as i am aware (working as a regional manager for high st bank) it is impossible to take money from a cancelled card.

Don't get me wrong, I think EVERYONE should pay back what they owe and take it on the chin, but if they cannot afford it in one go, let the PDL company know and if they agree to a repayment plan, get it in writing (email) and stick to your side! if they touch your account after this, sue them (if you have met the agreed payments)! cancelling your card WILL prevent this if you don'
t trust them, and then pay them Standing order each month.

Sorry to waffle, just want to ensure everyone gets the correct advice.

Wheredomy£sgo?

Right... ok.... Chr15.... I hold my hands up! I am VERY embarrassed to say that, on speaking with my own manager, you ARE correct! I am shocked and particularly embarrassed that I wasn't aware. It is fairly unscrupulous that a PDL would sign up to the CPA scheme becuase technically, it is a one off payment they ought to be taking, but IF they have been authorised by a bank to be part of this scheme (i wouldn't allow it!!) then they can apply for funds on your old card details and submit a code to the paying bank which lets them know they are a CPA registered company and the payment will be allowed to go through. You can, of course, challenge this payment, but if you have agreed it in a contract, may not be successful! If you do agree (in writing) to a payment plan, then this should overrule the CPA and if you adhere to it, you can string them up! It just further emphasises the point i seeem to continually make on here.. SPEAK TO THEM!

I have put this in bold to not only ensure everyone reads this over my previous post and accepts my apologies but also to outline, I will stand up to mistakes if i make them!

Again, CHR15, SO SO SORRY! i may even resign my post on the back of this, fortunately i didn't mention which bank i work for!!! They'd sack me!

[Deleted User]

But big up respect to you, as the young people say, for acknowledging the error. Doesn't happen much round here.

iolanthe07

Good to have a definitive answer to a question which comes up again and again on here. Pretending your card has been lost or stolen won't necessarily stop the PDL companies raiding it.

Good on you wheredomy£go for accepting that you were wrong.

CHR15

Wheredomy£sgo? wrote: »

Right... ok.... Chr15.... I hold my hands up!

No worries, I tip my hat to you. This is what a forum is for, we all give our advice, Lord, I've given enough rubbish out thinking it true. :rotfl: