help payday loan taking money from bank

dadooronronrondadooronron

can somebody advise please. I have been on an upward climb over last year or so but had urgent bill and as no longer have credit cards took decision to get payday loan. paid it back and then got another - I know I know. Problem was that my partner then became ill and couldnt work for a month. she is a contract worker so only gets paid when actually in work, her being ill made quite a dent in our finances (and she felt awfuL).

I contacted payday company and told them this and offeredd to pay amount owing over a longer time. I have been communicating them and they have been helpful on the phone but have been reluctant to accept small amounts from me and have refused to give me their bank details to pay standing order in.

I have just had a text from them to say they will be taking all the money tomorrow. What the *****. I am now panicking as if they take this it will take me overdrawn and I will then get charges - also how am i supposed to live for the next week or two. If I ring the bank now will they block this - what can I do. Thanks - I know I have been a right fool - but hey Da Doo RonRonRon DaDoo RonRon

[Deleted User]

How are they taking the payment?

Debit Card? Phone and report the card lost or stolen, they then can't take the payment.

Of course it will then leave the loan unpaid.

HTH

[Deleted User]

Either way, direct debit or debit card, you need to act now, certainly before 12.00.

dadooronronrondadooronron

hello i have just contacted bank and told them information about recurring payment. I asked them to refuse this particular company. The customer service person said that is not possible as i need to contact the company direct. I explained situation and that company not listening to me and still wanting take even though i have said can't pay. Bank person just said rea lly sorry but cant do anything about that. What do i do now?

swanfan02

Have a read here, it'll explain what you can do--> http://www.moneysavingexpert.com/banking/recurring-payments

I would suggest you set up an alternative bank account in the meantime.

Gimpsdad

Report your debit card lost immediately.

Your bank is incorrect, they can and MUST, upon your instruction, cancel the recurring payment.

paulmapp8306

No - if it is an authorised transaction (which it is - because of the original loan) a bank canniot refuse it. They can contact the company for you if it is a re-occuring transaction, but it may not be. If they have your details they could be making a single transaction every month rather than a re-occuring one.

Its its DD, you can just cancel the DD. If its by DC then report it stolen - NOW.

swanfan02

paulmapp8306 wrote: »

No - if it is an authorised transaction (which it is - because of the original loan) a bank canniot refuse it. They can contact the company for you if it is a re-occuring transaction, but it may not be. If they have your details they could be making a single transaction every month rather than a re-occuring one.

They can if you tell them to stop paying it! Read the article, the law is clear!

nottoolate

paulmapp8306 wrote: »

No - if it is an authorised transaction (which it is - because of the original loan) a bank canniot refuse it. They can contact the company for you if it is a re-occuring transaction, but it may not be. If they have your details they could be making a single transaction every month rather than a re-occuring one.

not true. the payment services regulations 2009 allow you to withdraw consent for any payments transaction. single or a recurring series of them.

part 3 applies to a single one.

3) The payer may withdraw its consent to a payment transaction at any time before the point at which the payment order can no longer be revoked under regulation 67.

(4) Subject to regulation 67(3) to (5), the payer may withdraw its consent to the execution of a series of payment transactions at any time with the effect that any future payment transactions are not regarded as authorised for the purposes of this Part.

paulmapp8306

Interesting.

I had an issue with re-occuring magazine subs. I tried to contact the company but got no joy. Went to the bank, and (as has happened before) they said they could only cancel once they had notified the company taking the money - they couldnt just refuse payment.

it takes time to do that though only a couple of days - which is why in this case I said they cant do anything (timescale is too short).

Easiest answer in this case is just report the card stolen. All transactions after that point will be refused and the bank will issue a new card.

swanfan02

EU regulations, which are now part of the rules in the UK, mean banks have a legal duty to sort out recurring payment cancellations for you, when you ask it to, and you can do this without contacting the retailer first. The regulator, the FSA says:

"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"