Cancelling A Payday Loan

pink_princess

Sil wrote: »

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:



What am I missing?

Thanks SIL
This part is crucial

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).

It states all costs go to you as I thought.

The paperwork has not changed since I last reviewed it, or at least the part you typed has not.

Have you had a change in circumstance since you signed the agreement?

CHR15

pink_princess wrote: »

Have you had a change oin circumstance since you signed the agreement?

Sounds like Sil has decided he has better things to spend their money on.

Go for it Sil, but please keep this thread updated when the extras come rolling in.

Sil_2

pink_princess wrote: »

Thanks SIL
This part is crucial

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).

It states all costs go to you as I thought.

The paperwork has not changed since I last reviewed it, or at least the part you typed has not.

Have you had a change oin circumstance since you signed the agreement?

I've got a lot less money than I thought I had but I don't presume that to be relevant.

I still don't know where the authority for this to be a recurring payment comes in and if it is then surely my next course of action is to cancel this with the bank who are obliged to act?

Sil_2

CHR15 wrote: »

Sounds like Sil has decided he has better things to spend their money on.

Go for it Sil, but please keep this thread updated when the extras come rolling in.

Eh, yeah, like food. The reality is that I'm very close to setting up a Debt Management Plan but if I can get rid of this part of my debt I can manage everything else fairly comfortably and pay this back within a few months. To me that is a preferable course of action and it seems there are a few ways I can do this but I want to be sure I'm doing it correctly so there are no surprises at the end of the month.

pink_princess

Sil wrote: »

I've got a lot less money than I thought I had but I don't presume that to be relevant.

I still don't know where the authority for this to be a recurring payment comes in and if it is then surely my next course of action is to cancel this with the bank who are obliged to act?

It is relevant, if you can prove a change since you signed then you signed in good faith.

Please as I said earlier goggle AOL card payments not authorised.

You can request your bank not to action but the reality is very, very different.

Sil_2

Hopefully this is useful:

Q: I took out a payday loan. Now I’ve found my lender is taking money out of my account that I need to pay my rent. What can I do to stop this?

A: There’s a common myth that once you’ve agreed to regular payments being made from your account, you have no power to stop them. This is not true.

When you give your credit or debit card details to a company and authorise them to take regular payments from your account, it is known as a ‘recurring transaction’ or ‘continuous payment authority’.

This is not the same as a direct debit.

To cancel a regular payment just phone your bank and tell them you are withdrawing your consent for further payments to be taken.

You don’t need to tell the company taking the payments or even confirm your instructions in writing for your bank to stop payments.

Your bank should stop making payments as soon as you tell them you have withdrawn your consent – regardless of whether you have also told your payday lender – and you can do this verbally.

If you have contacted your bank in time, and a payment is made after you have told it that you wish to stop the payment being taken from your account, it will be regarded as an unauthorised transaction and your bank must give you an immediate refund, and put the account back in the position it would have been if the payment had not been made.

In other words, it must refund any interest and charges applied as a result of payment being made.

http://www.getreading.co.uk/blogs/andanotherthing/s/2109581_advice_on_stopping_payments_from_reading_cab

emweaver

Apples2 wrote: »

An example of selective hearing though.

Listen to posters like emweaver at your peril.

Lenders use different methods to ensure their "high risk" borrowers do not simply leg it with the money without repaying it.

The most common is the Recurring Payment Authority.
The day you took out your loan you repaid it, there and then, as soon as you gave them your card details.

They decided not to draw down that money but instead, agreed to defer it for the period of your loan. at the end of your loan period, they take it, it was authorised when you took the loan.

Cancelling your card has no effect as the payments to that Company was already authorised. Your new card is of no consequence as they authorised it against the card you had at the time.

Seriously Sil, do you think you are the first wizkid to think they can get one over on them??

Stop borrowing if you can't repay it. Heed the ADVICE you are getting and address your poor money management.

Oh shut up I did not tell him not to pay the damn thing just answered his question that yeah if the card is cancelled they cant take the money!

pink_princess

Sil wrote: »

Hopefully this is useful:



http://www.getreading.co.uk/blogs/andanotherthing/s/2109581_advice_on_stopping_payments_from_reading_cab

Your bank should stop making payments

As quoted by yourself. Should means nothing!

Will would give you a bit of hope.

fwor

pink_princess wrote: »

This part is crucial

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).

It states all costs go to you as I thought.

Exactly - it's the blank cheque, ready and waiting. Everything they do once you default will be an expense added to your debt. If they pick up the phone on your account, they decide how much that will cost you. If they write a letter - more expense for you. See those three debit retries? Would you be surprised to find that there's an expense incurred with each retry?

The wording of the agreement is designed to look nice and friendly and non-threatening, but that's an illusion. The fact is that you are exactly the type of customer they want. Breaching the agreement will just make you more lucrative for them.

CHR15

emweaver wrote: »

Oh shut up I did not tell him not to pay the damn thing just answered his question that yeah if the card is cancelled they cant take the money!

Have you not bothered reading ANY of this thread?

Your advice is wrong and could lead to very expensive consequences.

Just because it worked for you, doesn't mean it will happen to Sil.