payday loan query

ivansmagic

Hello,

I have a payday loan due to be repaid soon but due to a change in circumstances I wont be in a position to pay it in full.

I would like to arrange repayment over a longer term but scared they will just take the amount anyway.

As a precaution, I have canceled my debit card and had my salary redirected to another account I have with the same bank.

My question is, will they still be able to access my funds even though they are in a different account ? When the bank see the card they are requesting the money from is cancelled, are the bank allowed to use my other card even though it is linked to a completely different account ?

I would think not, but would like some advice on this.

Thank you in advance for any help.

Fireflyaway

You have done the right thing. If the account is separate and has a different card they can't take your money. Call them up and explain your circumstances and come to a repayment arrangement before they start adding on extra charges.Many payday lenders are more willing to help than they used to be due to rules being tightened.

ivansmagic

thanks for your reply.

Thats is what I was thinking but its always good to have that reassurance.

I have contacted the lender in question and they were very helpful indeed.

I wont be making the payday loan mistake again

[Deleted User]

Cancelling your card won't help, as the authorisation took place before.

They can try to take money from the original card, but whether they are successful depends on your bank's approach to overdrafts.

But hopefully, now you've contacted them, they won't try.