Stopping a payment

Theoldsilver

I am new to these forums and would appreciate guidance from someone who has faced this problem. On the Friday before the bank holiday I authorised by telephone a large payment from my account to a company but now have decided I do not wish to go ahead with the purchaset. Do I have the right to stop this payment first thing when trading at my bank starts Tuesday as I wish to cancel the order with that company. Is there a 'cooling off ' time for such payments?

opinions4u

You can ring and try to stop it. Most anks have 24/7 call centres.

But there's no cooling off period.

And it's probably already reached its destination.

ScottHeron

As far as i know, you CANNOT stop the payment once it has been authorised. You would have to call up the company and ask for a refund.

IJP20

Depending on what it is you have purchased, you may be covered by the Distance Selling Regulations. These let you return goods in unused condition within a few days for a refund.

It doesn't apply to everything though, for example personalised goods or services.

McKneff

What was it you purchased.

jonesMUFCforever

If payment has been authorised on a debit or credit card the bank will have no power to stop it going through.
However if the goods are faulty or not as described then you can dispute the transaction.

Without knowing what you have bought it is difficult to advise further.