Cancelling A Payday Loan

Apples2

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!

If you are going to lower yourself to insults, you should at least be correct with your "advice" ...duffer :beer:

RobertoMoir

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!

Maybe, maybe not. It depends on how the charge is set up. If its a CPA then they can take the money whether or not the card is cancelled.

The OP has subsequently said that its not a CPA, which is fair enough, but that hadn't been established either way when you made your post, which makes your advice incorrect and likely to cause more problems than it solves.

I'm sure you're just trying to help, but please remember that if you're not 100% certain of something then you might end up dropping someone in the mucky stuff.

barbiedoll

OP, you're basically saying that you have borrowed money from a payday loan company, you have signed an agreement stating payment terms and now you want to change those terms. And you think that you will be able to do this without incurring extra charges?

I think you need to realise that no matter how often you read through the contract and no matter what you do with regards to "losing" your card, closing your bank account, etc etc, you WILL end up owing a lot more money than you do now. If you have any sense, you will pay this off as soon as you are able. You mention other debts and the possiblity of a DMP? If you have a payday loan and you cannot even meet the first repayment, you really do need to look at your financial commitments more closely. Don't wait to get caught in the payday loan spiral and don't kid yourself that an "in-store" loan will be more manageable, they aren't going to listen to your hard-luck stories with any sympathy, they just want their (and your) money.

The advice on here has been helpful, sorry it's not what you wanted to hear but these people really do know what they are talking about.

iluvmarmite

I have said this many times when it comes to payday loans and recurring payments, I believe it has a lot to do with who you bank with, I had a couple of PD loans, lost my job, couldnt pay so cancelled my card, I asked the bank if they could still take payment and was told no because that card, or card number no longer exists.

This was nearly 2 years ago, they HAVE NOT or CANNOT take money from my bank because the bank will not authorise it, and believe you me they have tried several hundred times, they have now given up.

I have read they can still do this when you cancel a card, but in my case, and from what I have heard, several other cases, this has not happened because my bank will not allow them to take it. When I cancelled my card they told me to tell everyone who has the long card number as no payments will be made now due to the fact that the old card does not exist.

Everyone can tell the OP as many times as they like that they can and will still take the money even though the card has been cancelled, but you cant state that as fact because its not always the case, and the only way he/she can find out is to ring the bank, say the card has been lost, when they cancel the card then ask if anyone who has the long card number can still issue recurring payments using the old details, they should say yes or no, in my case it was no and it has stayed no.

RobertoMoir

iluvmarmite wrote: »

Everyone can tell the OP as many times as they like that they can and will still take the money even though the card has been cancelled, but you cant state that as fact because its not always the case, and the only way he/she can find out is to ring the bank, say the card has been lost, when they cancel the card then ask if anyone who has the long card number can still issue recurring payments using the old details, they should say yes or no, in my case it was no and it has stayed no.

Actually, most of us who have been warning the OP that the payment might still be taken have explained our position fully. It's the person who claimed that cancelling the card was a golden bullet who failed to explain their position and could potentially be in the wrong here.

The issue is, again, how the payment is set up, and yes, how the bank chooses to act when presented with certain types of payment, and not "The card is cancelled, game over" or "They can do what they like no matter what".

opinions4u

For the sake of a few days of eating economy beans on toasted economy bread ....

.... compared to months of nightmares, charges and a stuffed credit rating.

Your call.

heartbreak_star

Recurring payments are cancelled at the discretion of the issuing bank, I believe. If they think you're requesting it stopped just to avoid paying a debt, they may not agree.

Regarding Cheque Centre, I currently have a payday loan with them. I unwisely took it up to £750, at which point they nearly crippled me with interest. I have managed to nip a few costs in the bud, and am paying it off slowly by repaying on payday then taking smaller and smaller loans each month. Better than it snowballing. They may also be open to a payment plan, or to change it to a 12 month loan, but you will have to contact them for this.

HBS x

fwor

heartbreak_star wrote: »

I have managed to nip a few costs in the bud

Can you give any guidance on how you did this?

heartbreak_star

Worked out my SOA and cut down on any un-needed expenses (meals out were the first thing to go followed by cinema trips and I dropped a brand on my food shop). Have a look at the DFW board and the OS Moneysaving one, they're great!

HBS x

Apples2

heartbreak_star wrote: »

Worked out my SOA and cut down on any un-needed expenses (meals out were the first thing to go followed by cinema trips and I dropped a brand on my food shop). Have a look at the DFW board and the OS Moneysaving one, they're great!

HBS x

Good Work, that's the way to do it. Sil is only going to incur an extra £30 though