Money Shop Taken all my money this morning.

thorsoak

Hanky_Panky wrote: »

Ignorant bank employee then - literally hundreds of posts on here where that approach has failed.

Well ignorant or not, it works with my bank!

But maybe because I'm not sarcastic and expect everybody else to be an ignorant swine, I get good positive responses to my requests/queries with my bank!

And you still didn't explain why, in your opinion, I gave duff advice!

antrobus

Hanky_Panky wrote: »

However to get to the point that a loan needs 'rescheduling' or goes onto an 'arrangement to pay' it has already defaulted regardless of whether an actual default notice has been sent out. In other words the moment you miss a contractual payment you have defaulted.

Not necessarily. You can reschedule loans before the contractual payment was due, but in circumstances where the borrower anticipates difficulties in making the payment.

A bank loan which was restructured, usually by lengthening the maturity, in order to avoid default.
http://www.investorwords.com/4197/rescheduled_loan.html

The OP insists they did not default. Unless the Money Shop itself argues otherwise, I'm inclined to believe them, and not go around chucking rocks at them for my personal amusment.

DevCoder

Thorsoak : Because a recurring payment authority doesn't care if you get issued a new card or not, the fact it was setup under the old card is enough. You can change the card all you want but the recurring payment will just keep on.

Even opening another account with the same bank won't normally work as they (the bank) have the abilty to offset one account against another.

thorsoak

If it is flagged as "fraudalent activity on this card" it will not be honoured, I was told.

DevCoder

Correct, but payday lending repayments are not fraudulent so the above is true.

Your situation was different in that a fraud marker was placed because the bank agreed with you that a payment was fraudulent.

In the OP situation, if the lender was determined to take their funds back (and they have a right to do so even if it goes against an "agreement", they can call a debt in at any time) then changing card or creating another account with the same bank (or another bank in the same banking group) would not help at all.

geoffken

Still not sure how this works.
They took £700 out but OP says £25 per month for next few months will clear this???

thorsoak

Because part of the loan has already been repaid?????

mardatha

Fergie, can you change your bank to avoid this happening again pet? I would! xxx

bengal-stripe

OTCredit wrote: »

It should be called "a rescheduling of repayments".

antrobus wrote: »

You can reschedule loans before the contractual payment was due, but in circumstances where the borrower anticipates difficulties in making the payment.

So, I go into a restaurant, eat and drink and just before the bill, as a fait accompli,
I say: "Can't pay the lot, but I can pay you one quid a month!"

In this case, I'm not defaulting the bill, but I'm 'rescheduling a payment'. - Good to know!

mardatha

Oh please - if you cant be nice then be quiet!