DMP Help

WrongTurnRight

Morning all,


I'm finally biting the bullet and setting up a DMP StepChange. I cant let this situation affect my mental health anymore than it already has.


My question is this - I need to cancel the PayDays loan payments with my bank so am sending them the CPA form from StepChange. The problem is that no payments have been made yet so can I still cancel these? Nothing is set up on my online banking so I'm not sure that the bank will see anything to cancel if that makes sense?


Thanks.

DCFC79

You can ask.

MMight be an idea to open up another account even a basic 1 with a bank unrelated to 1 of the banking groups eg Tesco.

WrongTurnRight

Thanks for your reply.


I dropped off the paperwork for a co op cashminder yesterday. The problem is I get paid on the 7th with payments due on the 11th so I doubt it'll be enough time to have the new account set up and transfer my wage to the new account. I could transfer it to my partners account but then if the payday loan companies take payments from my current account I'll just go massively overdrawn.

DCFC79

WrongTurnRight wrote: »

Thanks for your reply.


I dropped off the paperwork for a co op cashminder yesterday. The problem is I get paid on the 7th with payments due on the 11th so I doubt it'll be enough time to have the new account set up and transfer my wage to the new account. I could transfer it to my partners account but then if the payday loan companies take payments from my current account I'll just go massively overdrawn.

Have you informed the pay day loan co's your havinci problems paying ?

Ask the bank to stop the CPA's if they are set up.

sourcrates

WrongTurnRight wrote: »

Thanks for your reply.


I dropped off the paperwork for a co op cashminder yesterday. The problem is I get paid on the 7th with payments due on the 11th so I doubt it'll be enough time to have the new account set up and transfer my wage to the new account. I could transfer it to my partners account but then if the payday loan companies take payments from my current account I'll just go massively overdrawn.

You need to cancel the card you have guaranteed the loans with matey, and pronto, today, infact right now this minute !!!


Ring your bank and say you have lost your card, the bank will cancel it, and forward you a new one, your new card will have a different number the PDL companies will not know, so they cant debt your account, the transaction will just be declined.


You CPA paperwork may not make it through to them in time you see, you need to be pro-active here, otherwise they will take the payments.


No matter what anybody else posts after this saying it doesn't work, trust me, it does, 100%, without the correct 16 digit number that you originally gave them, they cant use those details to debt your account.

WrongTurnRight

I haven't yet. I'm going through the checklist of my 'plan of action' and basically it says not to inform the companies until the bank has confirmed the cancelation of payments. Presumably this is so they cant decide to take money before they are cancelled but I'm not sure.

sourcrates

WrongTurnRight wrote: »

I haven't yet. I'm going through the checklist of my 'plan of action' and basically it says not to inform the companies until the bank has confirmed the cancelation of payments. Presumably this is so they cant decide to take money before they are cancelled but I'm not sure.

Ok,

You don't tell the companies anything just yet, its your bank you need to cancel the card with, you are doing the right thing by cancelling the CPA`s.

But, if the payments are due out in 4 days, the paperwork may not make it through the system in time.


Its time critical that you cancel your card with the bank today, ring the lost/stolen helpline, say, "I was in the pub last night, and when I left my wallet had gone, containing my card, can you cancel it please".


This is just extra security for you, so that they cannot empty your account, because they will do, trust me.

WrongTurnRight

Thanks a lot. I didn't even think of that to be honest so I'll draw enough for my transport out this week and call the bank this afternoon. Quick question though, on Thursday I used my card for a purchase and the funds are still showing in my account (they sort of take £20 as is shows on the online banking, then the day after it doesn't show that transaction and the funds are available then a couple of days after that the money is taken again) will that still be ok or would reporting it lost cancel that as well?

sourcrates

WrongTurnRight wrote: »

Quick question though, on Thursday I used my card for a purchase and the funds are still showing in my account (they sort of take £20 as is shows on the online banking, then the day after it doesn't show that transaction and the funds are available then a couple of days after that the money is taken again) will that still be ok or would reporting it lost cancel that as well?

They may ask you on the phone which was the last transaction you authorised ? simply say the one you have just mentioned, it will only be transactions attempted after cancelation that are affected.

sourcrates

Also be aware that some pay day loan companies will set up direct debts on your account as well, as a form of backup, you need to check your account to see if this is the case with you.