Payday Loans

Lou67

debt_doctor wrote: »

to pippagirl

That is not correct.
You can withdraw your permission for a payment set up on a debit card at any time you wish - you instruct your bank to stop payments and if payments are then made your bank MUST give you a full refund in accordance with the payment services regulations 2009.
Also, if you tell the pay day lender that you are in financial difficulty then they must stop using the contineous payment authority method as per the OFT guidance.
Banks in particular will say all sorts of nonesense to wriggle out of this legal requirement placed upon them but I find they allways pay up if you push the right buttons.

DD

Agree. And I also agree with Fermi's post. Thanks to both of you for correcting the misleading information. :T

debt_doctor

PippaGirl wrote: »

, that may not be correct in law but you can bet your bottom dollar it is what happens.

I completely agree with that, and I understand your comment about you not having the strength to fight it.
But the banks need to be brought to account on this and i do this on a very regular basis.
Fact is that the banks make money on every single debit charge transaction and imagine how many of those there are each day. The method of " losing your card" used to work well to stop payments up until about 6 months ago when the banks then decided they would simply transfer the payments to the new card even though it had a different number!
Utter crooks in my opinion so my approach is simple to crooked banks;
Pay the client back in full right now or go through the FOS proceedure and pay the £500 FOS fee and then refund and compensate - your choice banks.

DD

fermi

debt_doctor wrote: »

Pay the client back in full right now or go through the FOS proceedure and pay the £500 FOS fee and then refund and compensate - your choice banks.

DD

Exactly. Even our financially illiterate bankers can do that sum.

PippaGirl_2

I wish I had the strength to fight it with dd's bank charges but didn't/couldn't so she lost the money.

PippaGirl_2

Lou67 wrote: »

Agree. And I also agree with Fermi's post. Thanks to both of you for correcting the misleading information. :T

Yes, you're right Lou, I should have made it clearer what was law and what actually happens.

Glad you've seen the light ..

one2escape

Thanks for the advice on the OFT. Soon as I mentioned that they freaked out and cancelled everything. I have been using the online chat and I have emailed myself the transcripts. I said last week about 10 times I do not give permission to take anymore payments as we are going bankrupt and as soon as I said under OFT guidance they cancelled everything.

debt_doctor

one2escape wrote: »

Thanks for the advice on the OFT. Soon as I mentioned that they freaked out and cancelled everything. I have been using the online chat and I have emailed myself the transcripts. I said last week about 10 times I do not give permission to take anymore payments as we are going bankrupt and as soon as I said under OFT guidance they cancelled everything.

That's great news! - their industry is under OFT investigation at the moment, and I too find rapid results from mentioning the OFT !

DD