Can't close bank account - payday loan debts

fran1137

JustinCredibleGillespie wrote: »

As long as you cant go overdrawn Fran it'll be fine. If they try to take the money it will just decline and the bank cant charge you for an attempt (at least I dont think they can) I was with Bank of Scotland and there was a credit company trying to take a small fee from my account which would have put me overdrawn and the bank wouldnt allow it, thankfully

Hope you get it sorted

JCG

xx

They will charge me as the Payday loan companies have something called 'a rolling credit agreement' on my debit card and unless I close the account, they will try to take their money and the bank will bounce the payment back to the payday loan company but also charge me.

I am thinking perhaps phone tomorrow and tell the bank my card has been stolen?

Catslovelycats

fran1137 wrote: »

They will charge me as the Payday loan companies have something called 'a rolling credit agreement' on my debit card and unless I close the account, they will try to take their money and the bank will bounce the payment back to the payday loan company but also charge me.

I am thinking perhaps phone tomorrow and tell the bank my card has been stolen?

HAS it been stolen?
I wouldn't lie if it hasn't. You could end up in all sorts of bother.
Hope you manage to get this annoying 10p thing sorted in time.

JustinCredibleGillespie

Ring them up and say you lost it. I wouldn't say it was stolen either.

JCG

xx

jonesMUFCforever

Makes no difference - if there are funds on the account they will get them using the old card number.

[Deleted User]

why not empty the account of all but the 10p and report the debit card as lost in the morning?

Firefox1975

I think Wonga are getting clever. It was only a matter of time before they found a way to prevent everyone borrowing money and then just closing their accounts afterwards. These payplans they set up, im guessing they have substantial APR aswell? They will probably change their T&C's soon to reflect HUGE APR's on any payplans set up when borrowers default. I dread to think how many CCJ's are lodged by Wonga on a daily basis.

Tixy

Firefox1975 wrote: »

I dread to think how many CCJ's are lodged by Wonga on a daily basis.

I imagine very few relative to the number of people who default on their loans.

On the DFW board there are many many instances of people entering into DMPs and owing wonga - and wonga generally accept them fairly easily (once the debtor has prevented them being able to access the funds directly). There are also many people who report setting up repayment plans with wonga directly (again after a move of bank accounts) - and these generally have no issues either.

I can't recall ever seeing a post where wonga or any payday loan company have applied for a CCJ where the debtor has a repayment agreement in place - even when some people make take years to repay their debt.

Firefox1975

Tixy wrote: »

I imagine very few relative to the number of people who default on their loans.

On the DFW board there are many many instances of people entering into DMPs and owing wonga - and wonga generally accept them fairly easily (once the debtor has prevented them being able to access the funds directly). There are also many people who report setting up repayment plans with wonga directly (again after a move of bank accounts) - and these generally have no issues either.

I can't recall ever seeing a post where wonga or any payday loan company have applied for a CCJ where the debtor has a repayment agreement in place - even when some people make take years to repay their debt.

but surely if they default on the original loan there is a VERY HIGH chance they will then default on the payment plan? once they are in the vicious circle the majority will not get out?!?

jenemis

I had a transaction pending on my current account and contacted the bank as i could not remember using my card. The advisor on the phone told me that as soon as a purchase is made the money is taken from your balance until the company collects the sum. They have 6 days to claim it and if they do not then it is returned to the account until they request it. Hope that helps xxx

Firefox1975

I know what it is now - it is a Pre Authorisation to prove the bank account is valid. Poster above is correct. (Think it might be 7 days though - hey, whose counting!
:-) )