How do I cancel a CPA that is due in 2 days?

CountingPennies

Evening all. Looking for help and advice if anyone can advise. I have some CPAs due in 2 days time which I need to cancel. I'm under the impression that i need to do this in writing. Is that correct?

Anyway, a few questions:

Who do I write to? The bank or the company?
If its the company, can it be emailed? Obviously if I post then its not gonna reach them on time?
If its the bank, shall i pop into the branch and hand the letter it? Its Natwest.
What do i actually write? I've spent the last 2 hours researching but still not entirely sure on the correct procedure.

Thanks in advance for anyone who can help.

fermi

You notify BOTH the bank and the creditor that you are cancelling the CPA.

Get on with it ASAP by whatever method, as you have to notify them of the cancellation before the end of the business day before the one on which the money is due to be taken and before the bank receives the instruction. So if to be taken on Thursday, you need to cancel ASAP tomorrow.

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

If you want to cancel a CPA


Tell your bank or card provider that you have a CPA and name the merchant; give any other details you can such as how the payment appears on your statement and, if you know, the dates and times when the payment is normally taken. Tell the bank that you cancel that payment authority with immediate effect. Quote regulation 55 of the Payment Services Regulations 2009.


You can give this instruction on the phone, through an online message, by letter, or at a personal visit to a branch. It is best to do it in writing but always make a note of the time and date when you give the instruction.

If a payment from that merchant is taken in future, contact the bank again and say you want that money (and any penalties or losses it may have caused you to incur) refunded immediately under regulation 61.


If the bank or card provider refuses to do so, or fails to do so after eight weeks, you can take your complaint to the Financial Ombudsman Service www.financial-ombudsman.org.uk or call 0800 023 4567 from a landline or 0300 123 9 123 from a monthly contract mobile. The FOS will most likely take your side in the dispute.

CountingPennies

Thanks very much for your reply. Will email the creditor and hand letter into the bank. I read somewhere that I should get the bank to stamp the letter so i'll do that too. I'll also post a letter to the creditor first thing.

CountingPennies

One other question. I know what to write to the bank, but what shall i write to the creditor? Actually, i'm having trouble finding contact details for creditor! Clicking on "contact us" but there are no details to contact them. Not even an email address!

*Foolish*

You can cancel CPA over the phone, but always best to do it in writing also.

Which company is it? I've a list of addresses for ones I've needed to send things to! Might have it...

inapaydaypickle

I sent a letter via recorded delivery to the bank but I also rang them just to be sure. The payments still went out but I'm meant to be refunded for them.

I sent letters to the payday loan lenders again via recorded delivery but I emailed them as well.

I struggled finding the addresses, I used the ones on the "contact us" page but they responded to my emails. Was just the one company that was super annoying and kept ringing.

CountingPennies

Well, i've been in touch with the bank and i've contacted the 4 companies via email and given them written notice. I'll be interested to find out if it works. If so, great! If not, then god help me next month! However bank have confirmed that they will refund me if it goes through so thats something I guess.

I'll update for those interested.

CountingPennies

Thanks for the advice Sourcrates, but i have still heard stories on here where people have done what you advised and still had the cash taken. This way, i have written confirmation from the bank confirming they will refund me if any money is taken as i have given appropriate notice to cancel.

CountingPennies

Just to update, 2 companies got back to me confirming they would not be taking payment and to contact a debt agency and they would freeze interest and come up with a payment plan. I've made offers to the both, and one has already agreed. Just waiting for the other to get back.

The other 2 are still yet to respond to my emails. I assume they will let me default tomorrow before contact. I'm not agreeing to anything over the phone tho. It will all be in writing. And i will not be setting up CPA's for payment. Direct debit or bank transfer only

Feeling rather positive for sorting this out and not just rolling over another month. Life is tough sometimes, but i'll get there.