Unauthorised transaction authorised by bank

kfuchs

Hi, I'm not sure if I am posting this in the right section....

Last month my bank authorised an unauthorised payment to a pay-day loan company you decided to take money out of my account after a few months of no communication.
I contacted my bank the day of the transaction and said this was not authorised by me and I wanted it cancelled. The bank said they wouldnt cancel the payment because I owe the money to this company and therefore they have right to the money. I was very upset as this left me in financial hardship I explained this to the bank and they didn't seem to care. they wouldn't cancel the payment.
Additionally I questioned them how the loan company could take money out of my account when I had changed my debit card 3 times previously. there is no direct debit set up for the loan company. The bank said the didn't know and I would have to take this up with visa debit.

So I rung visa debit and explained the same thing, they said because I owe this money the company can take this money. They don't know how they did it but they can. :mad:

the loan company said they would continue to take payment because I owe them money.

As you can imagine this is all very frustrating and I don't know what to do. I don't dare put money in my account now out of fear that It will just get taken without any notification. and leave me even worse off.

Any help or suggestions or information would be much appreciated.

spacey2012

You must have provided the drawer with account and debit details.
The amounts and frequencies will be contained in the contract you took out with them.
But most have clauses that whilst your loan remains unpaid and you enter in to default they can use those details as often as they see fit to recover any outstanding defaults.
Continuous debit authority .

The Bank should have explained the situation better, but basically whilst you put your head in the sand, the loan company will kick you up the backside as often as they can until they have their money.

Wywth

kfuchs wrote: »

Hi, I'm not sure if I am posting this in the right section....

Last month my bank authorised an unauthorised payment to a pay-day loan company you decided to take money out of my account after a few months of no communication.
I contacted my bank the day of the transaction and said this was not authorised by me and I wanted it cancelled. The bank said they wouldnt cancel the payment because I owe the money to this company and therefore they have right to the money. I was very upset as this left me in financial hardship I explained this to the bank and they didn't seem to care. they wouldn't cancel the payment.
Additionally I questioned them how the loan company could take money out of my account when I had changed my debit card 3 times previously. there is no direct debit set up for the loan company. The bank said the didn't know and I would have to take this up with visa debit.

So I rung visa debit and explained the same thing, they said because I owe this money the company can take this money. They don't know how they did it but they can. :mad:

the loan company said they would continue to take payment because I owe them money.

As you can imagine this is all very frustrating and I don't know what to do. I don't dare put money in my account now out of fear that It will just get taken without any notification. and leave me even worse off.

Any help or suggestions or information would be much appreciated.

Refer to the agreement you entered into with the pay day loan company.

You say it was months that went by. Payday loans are designed for exactly that - short term loans that you repay your loan on payday. Typically that means within 30 days maximum.