Payday loan lenders

tealady

If you decide on a managed DMP ensure you go with one of the free ones such as stepchange or Christians against poverty. That way all the money you pay is going to your creditors

sourcrates

Just one very important point that you MUST do, cancel ALL the constant payment authorities these companies have with you, ring your bank to do this, otherwise they may/will just empty your account regardless of what you are telling them.

inneedofafriend

@ Sourcrates: what exactly do I ask the bank to do, when I call them?

sourcrates

inneedofafriend wrote: »

@ Sourcrates: what exactly do I ask the bank to do, when I call them?

You ring the bank and ask them to cancel the constant payment authority to whoever your payday lenders are, they will need company name and amounts possibly, then, should the payday lender attempt to take money via your debtcard, the bank should block the transaction, and recredit your account, but please note, this method is not foolproof, you have a choice here, if you want total piece of mind, close the bank account, and open another basic bank account, that's the only foolproof way they wont be able to get there hands on your money, if you don't want to go to the trouble of changing accounts, your other option is to ring bank and say you've lost your debt card, and they will issue you with another one, with a different number the lenders will not know, but, they can still rob your account by setting up a direct debt using the bank details you originally gave them, so its up to you how secure you want to feel really, every option takes some effort from you, do nothing, they`ll just empty your account come payday.

FireWyrm

sourcrates wrote: »

if you want total piece of mind, close the bank account, and open another basic bank account, that's the only foolproof way they wont be able to get there hands on your money,

This ^^^

sourcrates wrote: »

if you don't want to go to the trouble of changing accounts, your other option is to ring bank and say you've lost your debt card, and they will issue you with another one, with a different number the lenders will not know,

Wont work. Banks have a redirect to the new card and any previous CPAs that existed will most likely continue on the new card. It shouldnt and any reasonable person would assume it wouldnt - but it does. Your first idea was the only foolproof way of doing this. Also, the OP needs to make sure that the new account isnt just with a new bank, but with an entirely different banking group entity.

sourcrates wrote: »

but, they can still rob your account by setting up a direct debt using the bank details you originally gave them,

Uh, no they cant. A CPA in no way allows them to open a DD and any attempt to do so is fraud. You can immediately shut it right back down again and demand that the bank set it right under the DD guarantee scheme

sourcrates wrote: »

so its up to you how secure you want to feel really, every option takes some effort from you, do nothing, they`ll just empty your account come payday.

This is correct. In fact, they'll probably empty the account the second they get wind that there is a problem. Best to have all ducks in a row before you tell them.

sourcrates

FireWyrm wrote: »

This ^^^



Wont work. Banks have a redirect to the new card and any previous CPAs that existed will most likely continue on the new card. It shouldnt and any reasonable person would assume it wouldnt - but it does. Your first idea was the only foolproof way of doing this. Also, the OP needs to make sure that the new account isnt just with a new bank, but with an entirely different banking group entity.



Uh, no they cant. A CPA in no way allows them to open a DD and any attempt to do so is fraud. You can immediately shut it right back down again and demand that the bank set it right under the DD guarantee scheme



This is correct. In fact, they'll probably empty the account the second they get wind that there is a problem. Best to have all ducks in a row before you tell them.

Hi fireworm,


This is just from my experience, changing debt cards worked for me, but the PDL then set up a direct debt, without authority, and tried to take the money that way, I know they aint supposed to do it, but they do, do it, and because I`d given them my bank details, I was stuffed, you have to be soo careful with companies like this.

FireWyrm

sourcrates wrote: »

Hi fireworm,


This is just from my experience, changing debt cards worked for me, but the PDL then set up a direct debt, without authority, and tried to take the money that way, I know they aint supposed to do it, but they do, do it, and because I`d given them my bank details, I was stuffed, you have to be soo careful with companies like this.

Unfortunately, it very much depends on the bank and the PDL. It does, sometime, work...but often, it simply does not. Changing cards does not guarantee suspension of a CPA applied to that card.

As for your sorry experience of a PDL setting up a DD, THAT is entirely illegal and they flaming well know it. You can rightly demand the bank set it right again and credit your missing money back immediately. I suspect the bank brushed you off with some stupid story about how you allowed this to happen etc? You should simply remind them of the DD guarantee and demand that they put it right - it is that simple. CPA does not a DD make.

sourcrates

FireWyrm wrote: »

Unfortunately, it very much depends on the bank and the PDL. It does, sometime, work...but often, it simply does not. Changing cards does not guarantee suspension of a CPA applied to that card.

As for your sorry experience of a PDL setting up a DD, THAT is entirely illegal and they flaming well know it. You can rightly demand the bank set it right again and credit your missing money back immediately. I suspect the bank brushed you off with some stupid story about how you allowed this to happen etc? You should simply remind them of the DD guarantee and demand that they put it right - it is that simple. CPA does not a DD make.

Luckily I check my account daily, I saw it, and cancelled it there and then, they didn't get any money as it had all gone out, they were paid, but charged me £12 for failed DD, can you believe it !!they then added interest to that, and a late charge, and it totalled £50, I refused to pay, then had motormile finance chasing me, went to FOS but not interested, as there far too busy at the moment, sorry im hijacking thread, theres a warning for all here !!

FireWyrm

sourcrates wrote: »

Luckily I check my account daily, I saw it, and cancelled it there and then, they didn't get any money as it had all gone out, they were paid, but charged me £12 for failed DD, can you believe it !!they then added interest to that, and a late charge, and it totalled £50, I refused to pay, then had motormile finance chasing me, went to FOS but not interested, as there far too busy at the moment, sorry im hijacking thread, theres a warning for all here !!

The bank charged you?

Complain...loudly and demand that it is put right. No DD should be set up against your account without your express permission. Anything less is fraud and the bank is liable for it and any resulting fees or interest. They must put it all back as though it had never happened.

sourcrates

FireWyrm wrote: »

The bank charged you?

Complain...loudly and demand that it is put right. No DD should be set up against your account without your express permission. Anything less is fraud and the bank is liable for it and any resulting fees or interest. They must put it all back as though it had never happened.

No, not bank, payday lender !