Bank Account DMP

Aberkev

Just about to enter a DMP through StepChange. Some of the creditors are payday loan operators. I have set up a new bank account and arranged for my wages to be paid into the new account. I am in the process of closing my current bank account which the payday lenders have continuing payment authority of. My question is, will closing my old account stop the payday lenders from trying to take money, there is none in it now, or do I still have to ask them to stop the CPA?

Thanks

UpToMyNeckInIt

I think your best bet is to speak to your plan manager at Stepchange. I know some of these CPA payment arrangements can be quite aggressive.

Sinhanada

I've done the same as you. I swapped bank accounts and reported my bank card as lost. That stops it straight away. Next go into your old bank and ask for all direct debits on the account be cancelled. This will stop any debits being taken and the bank cannot charge you for returned items.

Lastly, excellent choice on step change and getting out of the cycle of payday loans. The next part is hard, living within your budget but believe me it is the best thing I have ever done