Cancelling A Payday Loan

heartbreak_star

...so far. That'll probably end up being £30 per day if my experience is anything to go by lol (and a few others who've posted on the DFW board have had worse :O ). Hopefully Sil will sort it...but simply defaulting and trying to disappear won't work.

Scrimping is hard but satisfying work

HBS x

Catherine_Johnson_2

If the loan company can't get their money by a cancelled recurring payment, it makes no odds. They will get their money one way or another.

Do you seriously think that they'll give up just because you cancel your card?

You still owe the money. If you default then you will, ultimately, owe a hell of a lot more.

Sorry, but that's the facts.

Of course, you're free to disbelieve that. But, it will cost you.

Apples2

Sil - another piece of advice you may choose to ignore...
If you do go down the DMP route, do not pay any company to manage it on your behalf.

Contact the CCCS or Payplan who will represent you for free.

nottoolate

http://www.fsa.gov.uk/consumerinformation/product_news/banking/know_your_rights/payments

Cancelling a regular card payment

When you give your credit or debit card details to a company and authorise them to take regular payments from your account, such as for a gym membership or magazine subscription, it is known as a ‘recurring transaction’ or ‘continuous payment authority’.
These are often confused with direct debits, but do not offer the same guarantee if the amount or date of the payment changes.

In most cases, regular payments can be cancelled by telling the company taking the payments.

However, you have the right to cancel them directly with your bank or card issuer by telling it that you have stopped permission for the payments. Your bank or card issuer must then stop them – it has no right to insist that you agree this first with the company taking the payments.

Be aware though that you will still be responsible for paying any money that you owe.

ihateyes

generally....

If your account is a full current account the bank may honour even if card is lost, especially if their is a relationship between you and company.

However as in cheque centres case if this was the 1st time their wont be, and they give the cash to you inshop, rather than into the bank account.

if its a basic account with debit card, generally the bank will refuse payment, wheather a relationship existed or not.

Cairn9

:oHi I have never written on here before but would like some advice' my 19 year old son lost his job the week before Christmas and I didn't no until last week he took out 3 payday loans to get him through as he put it but how could he get them if he had no job, finding it hard to cope with

fwor

Cairn9 wrote: »

:oHi I have never written on here before but would like some advice' my 19 year old son lost his job the week before Christmas and I didn't no until last week he took out 3 payday loans to get him through as he put it but how could he get them if he had no job, finding it hard to cope with

Probably best to start a new thread for this rather than sticking on the end of an old one, as more people are likely to view it.

In the absence of more detailed info, this may well be a situation where you need to step in and help him repay on condition that he never touches a PDL again, and accept the fact that he may not be able to repay you for a while (or possibly ever...).

opinions4u

Cairn9 wrote: »

:oHi I have never written on here before but would like some advice' my 19 year old son lost his job the week before Christmas and I didn't no until last week he took out 3 payday loans to get him through as he put it but how could he get them if he had no job, finding it hard to cope with

He lied on application. That's how. Good luck.

emweaver

CHR15 wrote: »

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.

I have never had a payday loan and have never implied so anywhere on this forum so why you assume it worked for me I don't know