Cancelling A Payday Loan

pink_princess

Just for info please goggle AOL taking unauthorised card payments.
That will help you see just how big a problem this is. It is not just loan lenders that do this and you need to change accounts to stop it.

RobertoMoir

If they are a payday loan company it is highly likely that what you have agreed is a continuous payment authority. This will not be affected by cancelling your card.

Sil_2

pink_princess wrote: »

You are choosing which term to read & interpret.
The box below the one with the £30 admin charge in is the one you need to pay particular attention to.
PG 2 of your agreement shows the card detail, 16 digits, & exp of the card that was validated by rolling authority at the time the loan was issued.
Subsequent cards can be garnished once the pack code is known. Normally 24-36 hrs after the new card is ordered.
The wording really means that they can add any fees they like.
This may include the costs to garnish your wage direct. ( Scotland only by law, but they will threaten this no matter where you are in the world. It is an international company).
From my reading this company focuses more on ringing you/work/family several times a day for months. Did you give these details?
Can you pay it & take less next time? Then take less the time after?
What ever you do about this, please visit the DFW board. I did and it was the best thing I ever did

The fees mentioned earlier by a poster are wrong.
This company like most high street PDL places are 25% per 100 borrowed no matter how long the term.
Good luck OP x

My agreement does not have that information. I suspect there is a difference between online loans and in-store loans (like I have) which is causing some confusion. I'll continue investigating.

Sil_2

RobertoMoir wrote: »

If they are a payday loan company it is highly likely that what you have agreed is a continuous payment authority. This will not be affected by cancelling your card.

Presumably this must be mentioned somewhere though and having read the agreement several times I can state quite categorically that it is not there.

RobertoMoir

Sil wrote: »

Presumably this must be mentioned somewhere though and having read the agreement several times I can state quite categorically that it is not there.

Well good luck with that then. I would simply suggest to you that a payday loan company probably has more experience of collecting debt than you have of avoiding paying debt.

pink_princess

Sil wrote: »

My agreement does not have that information. I suspect there is a difference between online loans and in-store loans (like I have) which is causing some confusion. I'll continue investigating.

The paperwork is the same online/instore. (Or was 3-4 months back when I researched them.)

Can you scan the 2 page agreement & post it? EDIT TO SAY TO BLANK ANY LOAN NUMBERS OR PERSONAL DETAIL!!!!

Or type the info from the box below the box with the £30 charge in?

PS If any body could scan the agreement for H&T or loan store I'd be happy. I'm researching the PDL business model

Apples2

I'll repeat my earlier comment about selective hearing.

The only thing you are at all interested in is what you want to hear Sil.

Sil_2

Apples2 wrote: »

I'll repeat my earlier comment about selective hearing.

The only thing you are at all interested in is what you want to hear Sil.

I'm far more interested in hearing what is accurate. I've been given plenty of advice, for which I'm grateful, but none of it thus far deals with the specifics of my particular situation. Much of it seems generalised and certainly tailored to online agreements. What's more, nobody has said that recurring payments can in fact be cancelled (as detailed here: http://www.moneysavingexpert.com/banking/recurring-payments) so I feel I'm entitled to continue querying until I get the full picture.

pink_princess

Sil wrote: »

I'm far more interested in hearing what is accurate. I've been given plenty of advice, for which I'm grateful, but none of it thus far deals with the specifics of my particular situation. Much of it seems generalised and certainly tailored to online agreements. What's more, nobody has said that recurring payments can in fact be cancelled (as detailed here: http://www.moneysavingexpert.com/banking/recurring-payments) so I feel I'm entitled to continue querying until I get the full picture.

I have given you Cheque centre specific advise & asked you to type the exact wording of the box below the box with the £30 admin fee mentioned so I can advise further.
It is 3-4 months since I have viewed the current paperwork for this company.
I've even told you your agreement will be two pages long with the card details on the 2nd page. I'm unsure how you view that to be non specific?
Am I wrong? Is your agreement longer or the validated card details not on the 2nd page with the staff signature?

Sil_2

pink_princess wrote: »

The paperwork is the same online/instore. (Or was 3-4 months back when I researched them.)

Can you scan the 2 page agreement & post it? EDIT TO SAY TO BLANK ANY LOAN NUMBERS OR PERSONAL DETAIL!!!!

Or type the info from the box below the box with the £30 charge in?

PS If any body could scan the agreement for H&T or loan store I'd be happy. I'm researching the PDL business model

I can't scan it but the paperwork I have sounds entirely different. The second page only goes down about a third of a page with some irrelevant questions about being contacted by SMS etc. and then at the very foot is the lender's signature and blanked out details of my card.

The £30 charge is mentioned a few times. I will replicate below:

Costs in the case of late payments:

Dishonoured payments (whether by cheque, credit card, debit card or otherwise) will incur a one off default charge of £30.

You shall meet all costs, charges and expenses incurred in connection with the enforcement or preservation of of our rights under the agreement (including but not limited to the expense of taking any step to enforce any of our rights or to communicate with you after any breach of the agreement).

Consequenceds of missing payments:

Missing payments could have severe consequences, make obtaining credit more difficult and lead to legal proceedings

In the event that the Total Amount Payable (or any part of it) is not paid on or before the Repayment Date, you authorise us to debit the card whose details you have provided to us (or such other card whose details you may provide us) for the purpose of repaying all sums due under this Agreement with the Total Amount Payment plus a late payment charge of £30 (or any outstanding part thereof)

By providing us with your debit card details you authorise us to recover from your bank account the amouny outstanding under this Agreement (or any part of that amount). If you do not pay the Total Amount Payable on the Repayment Date, we will attempt to debit the Total Amount Payable plus any fees payable under this Agreement. If we cannot debit the whole amount we will attempt to debit varying lesser amounts as a percentage of the total amount outstanding under the agreement on the due date. These will be attempted in the following order 85%, 65% and 35%. Our attempts to recover funds due will never exceed the principal loan value plus the amount of the Loan fee (together with the Total Amount Repayable) as stated in your agreement plus a single £30 late fee. The amount we try to recover from your account will never exceed the combined amount of the Total Amount Repayable plus one £30 late fee. For example, we will not charge you additional Loan Fees for each month or part month the amounts due under this agreement are outstanding.

What am I missing?