Change of Debit card needed for PDL?

leu04bs

I have several payday loans outstanding and need to arrange agreements with them. I have a santander zero account and really don't want to have to shut the account down but in the same instance don't want amounts taken out by these companies. Will cancelling the card be sufficient or do I need a new account completely?

DCFC79

For those who are interested the thread has been answered here

jonesMUFCforever

Yawn ................!

exel1966

leu04bs wrote: »

I have several payday loans outstanding and need to arrange agreements with them. I have a santander zero account and really don't want to have to shut the account down but in the same instance don't want amounts taken out by these companies. Will cancelling the card be sufficient or do I need a new account completely?

Rather than focussing on how you can avoid repaying it might be more sensible to actually talk to your creditors before shutting down/opening up new accounts. You may find it difficult for another organisation to want to offer you anything.

fozmcfc

This is why we need tighter regulation.

Payday loans should be payable only after a 48 hour period, during that time a central database should record the information and until the loan is cleared and marked as such, another loan should not be allowed.

Then if it is defaulted the person is not allowed any further payday loans for a year minimum, after it is fully settled. After 3 defaults an automatic block on any further loans for at least the same 6 year period as other debts.

This will give people chance to really think, do they need a loan, rather than I could have £500 in my account within minutes. It would also prevent multiple loans being taken and would protect the loan companies themselves from people like the OP.

Yes we can all be desperate in life and yes it can lead to spur of the moment decisions and a whole heap of trouble. Just doing the above would make a real difference IMO.