CPA's

GeorgeMcC_2

Hi I have tried to find a relevant existing thread regarding CPA's but can't and i apologise if one exists and i missed it.I am having a bit of a fight with a bloodsucker of the finance world ... a payday lender called Mr Lender my o/h took out a loan with them and is paying them on a rollover basis which means that she is paying interest every month and not the loan.Despite their own website stating that they would only do this for three months it has now been rolling over for seven.If i cancel the debit card by losing it would it stop them from taking money.I have asked them to freeze interest and we will pay loan but they refused.:(

Any advice welcome:beer:

dunstonh

.Despite their own website stating that they would only do this for three months it has now been rolling over for seven.

If you borrow money, you still need to repay it.

If i cancel the debit card by losing it would it stop them from taking money.

not if they have it set up as a continuous payment agreement.

I have asked them to freeze interest and we will pay loan but they refused.

You need to see a debt counsellor to get advice on what to do if you are unable to repay it.

Wywth

GeorgeMcC wrote: »

Hi I have tried to find a relevant existing thread regarding CPA's but can't and i apologise if one exists and i missed it.I am having a bit of a fight with a bloodsucker of the finance world ... a payday lender called Mr Lender my o/h took out a loan with them and is paying them on a rollover basis which means that she is paying interest every month and not the loan.Despite their own website stating that they would only do this for three months it has now been rolling over for seven.If i cancel the debit card by losing it would it stop them from taking money.I have asked them to freeze interest and we will pay loan but they refused.:(

Any advice welcome:beer:

If you can afford to repay the 3 defaults you have on your credit history
https://forums.moneysavingexpert.com/discussion/4576907

Why don't you repay this debt too? :huh:

jamesd

It is not necessary to do things with the card. That sort of stuff has been obsolete for a while now.

Simply tell the bank and then the payday lender that you are exercising your right under the Payment Services Regulations and withdrawing your consent for the payments. Provided you do this at least a few days before the payments are taken the bank will be obliged to refund any payments it allows them to take even if they ignore the withdrawing of permission and try it. "You" means the person who's name is on the bank account, can be either of you if it's a joint account.

Be sure that you don't say that you authorised the payments unless you did yourself, there is a material difference between you and your OH doing it but it won't matter yet, just if there is escalation later. This is because the debt is probably not a joint one but that of your OH alone, even if payments are coming from a card in an account solely in your name. Or from a joint account, the place the payment is coming from doesn't change who owes the debt.

This doesn't remove the obligation to pay, just prevents them from continuing to use the existing authority.

Try lenderscompared.org to get an expensive but cheaper way to repay the money if there is no better way available.

As a current debt, handling this one well is more important to the credit scores than existing defaults because it is more recent and any problems with it will have negative effects for longer.

GeorgeMcC_2

Wywth wrote: »

If you can afford to repay the 3 defaults you have on your credit history


Why don't you repay this debt too? :huh:

:TThanks for your helpful answer I will endeavour to pay all my debt The previous post which you so cleverly linked however is my debt and although i can't afford to pay it at the moment i fully intend to .The post above is my partners debt and i was merely trying to gain a bit of leverage on the lender who is taking £82 a month interest without even touching the original loan.

@dunstonh I fully accept that we must repay our debts and would gladly pay them £82 a month to start reducing the original £250 loan but they are taking this on interest alone which she pays every month so she is not trying to "not pay "

@jamesd Thanks v.much for your answer it was most helpful and i will get her to contact bank and will check out site thanks again