Can't close bank account - payday loan debts

poppasmurf_bewdley

Has the original OP yet found out what the 10p pending transaction was for - the one which started this thread?

Firefox1975

Thats the whole point - it isn't for anything at all! it is a pre auth which proves the bank account details are correct. but - what it does is actually "reserve" that amount of money so it cannot be spent elsewhere - but only for 7 days, at which point it drops off and the account can be closed.

fran1137

Firefox1975 wrote: »

Thats the whole point - it isn't for anything at all! it is a pre auth which proves the bank account details are correct. but - what it does is actually "reserve" that amount of money so it cannot be spent elsewhere - but only for 7 days, at which point it drops off and the account can be closed.

Hi thank you for all of your responses. This is a great help. I think you are right Firefox1975 because the girl I spoke to yesterday kept saying she was sure it would drop off very soon and as it was made on 16th, that would be at some point today I guess. I have not yet spoken to them today. The balance is still the same and they are aware that I wish to close the account and so I will contact them later this afternoon.

Again, thanks everyone, the suggestions were much appreciated. I hope I can return the favour sometime in the future.

masterlumps

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?

your bank will not charge you for declining a debit card transaction

Enfieldian

masterlumps wrote: »

your bank will not charge you for declining a debit card transaction

The bank may show it as paid and then immediately return the payment.

Nice little earner for them.

fran1137

masterlumps wrote: »

your bank will not charge you for declining a debit card transaction

Hi

My bank will charge me for declining a debit transaction. Another sting in the tail today. I closed the account yesterday as the 10p has fallen off and they transferred the £2.07 to my new account. They told me all credits would be returned. However, this morning a credit of £6.30 appeared on my account which I had forgotten about as it was 2 weeks ago. I phoned and they said they can't close the account because I have this and also today a visa debit for £5 was requested (this definately is a pay day loan company). This debit will take 4 working days and until then they can't close the account. They then told me it takes 24 hours to close the account and so the team would not get the request until this afternoon by which time further transactions have occured on my account.

This could now take forever as the Pay Day Loan companies will keep trying to collect!!!

Sorry, I have a feeling this should be on the 'Debt' threads rather than under loans.
:mad:

masterlumps

what bank are you with that charges to decline a debit card?

fran1137

masterlumps wrote: »

what bank are you with that charges to decline a debit card?

Hi

I have a co-op cashminder account and the following is in their terms and conditions, right after their paragraph about direct debits and regular card payments. The payday loans are a regular card payment as they get you to sign a rolling contract. I may be misreading and jumping the gun.

8. Our Right to refuse to make a payment
[FONT=Helvetica Neue LT,Helvetica Neue LT][FONT=Helvetica Neue LT,Helvetica Neue LT]8.1 We may refuse to make a payment out of your account if:
• a payment exceeds a particular value or we suspect fraudulent activity as part of our monitoring for fraud prevention purposes, a breach of security or misuse of your account or security details. We will tell you when we do this. This may include access to your account, including telephone and internet banking, being blocked.
• you do not have available money (by way of cleared funds) in your account at 9pm the business day before to cover payments. We may consider any due payments made, agreed or authorised from your account regardless of whether or not they have yet been deducted.
• any relevant condition(s) of this agreement is/are not satisfied.
[/FONT][/FONT]