Payday UK

kevsmt5

Hi, so my first time post, and my last one. I stupidly got a payday loan with Payday UK of £500 and payment is due of £649.00 next Friday, however I am struggling to make this payment due to my partner loosing her job. I am happy to come to a repayment plan of £70.00 a month until clear, and will write to them requesting this. I will not communicate over the phone with them, and I am aware of to call bank to report my card lost. However my worry is the continuing payment authority, what i don't want is for them to clean out my bank account on my due date the 18th. Is it worth reporting my card stolen instead of lost. I have applied for a new bank account, however i have missed date for payroll to change my details anyway. I have plenty of time before payment is due, and have written a draft email ready to sent to Payday UK. However i just cant help worry they will somehow manage to take some sort of payment from my account at the early hours of the day I am paid, even if i was to write to bank to tell them to stop any continuing payments i have read this does not work. Any tips.
Thanks

fermi

First of all, please read these 2 links carefully.

http://www.paullewismoney.blogspot.co.uk/2012/04/the-continuous-payments-racket.html

http://moneyaware.co.uk/2012/07/how-to-cancel-a-continuous-payment-authority-cpa-on-a-payday-loan/

Tixy

Better to contact the bank to insist that the CPA is removed. Get confirmation from them that nothing will be paid out (ideal would be in writing from the bank).

But you are right that still sometimes there are cases where payday lenders are able to take the funds in the early hours of when you are paid. Some people even stay up all night and keeping checking online banking to move their funds elsewhere as soon as they drop in to the account.

If you are not paid until the 18th then your employer won't have actually processed the BACS/CHAPS payment yet. Might be worth seeing if there is anything they can do as an exception, maybe even ask if they could pay you by cheque this once if you say there is an issue with your bank account.