What To Do If Lender Breaks Terms of Credit Agreement

Money_Rollercoaster

How would SafetyNet know what commitments you have to meet from your account or pending transactions? It sounds like a very dangerous arrangement.

27cool

As I have said before. Some people's financial arrangements never cease to amaze me.
Why on earth would you give someone that you do not know and have no reason to trust, access to your bank account? Minus - 25 on the naivety scale, I think.

[Deleted User]

Try your bank OP. Whilst it's not guaranteed to work you could ask for a chargeback.

Successfully got the bank involved on a charge back of CPA when a company took money from my account despite me cancelling membership in appropriate time and basically brick wall hit when complained, just thought I'd try the bank on quite a long shot and *for now* I have my money back!! yet in total reverse and absolute total contrast to a few weeks before when I was lead to believe a CPA could be cancelled in seconds by a loan provider on their side with no need to supply any guidance on the matter and certainly at no more then 24 hours on I'd lost all ability to repay through the online account that was fun. NOT. Dread to think how much I lost in having to make phone calls and an hour of my working day lost whilst they held my credit report to ransom. There's normally a clause if you've cancelled CPA yourself then you have to find another way to pay so I'm astounded to learn the very industry I believe shouldn't ever get to cancel CPA actually can with such ease it seems.

Anyway the bank were helpful and also did something called a guaranteed block for the future on the charge back case performed. Like I say you have to find another way to pay.

ReadingTim

OP - If you're hoping that someone's going to tell you that because of this you have no obligation to repay what you borrowed, you're sorely mistaken. That's what you're really asking isn't it?

forgotmyname

I would have said claim it back from the DD guarantee. But don't forget you have broken your contract with your bank for sharing login information.

Your login and password are stored on SN servers before being transferred to another party (Yodlee).

They claim they can only read your data? Hands up anyone that logs into their bank account online and can only read the data and not make transactions? In reality they can do whatever you can do. When they login is as if they are you.

I wonder how many banks will flag us the account being accessed at a different location/ISP/Computer?

I know Santander ask extra questions when you change IP or even a new browser.

Did you read their terms about what banks think of you giving your security away? You are on your own with any loss.

They even go on to say that "Barclays, Nationwide, RBS and NatWest" reserve the right to hold YOU liable for any losses on the account or any fraud. This includes unauthorised transactions eg a company taking too much money and leaving you overdrawn.

Gets better... Not for you though... If you use an aggregation service then your liable also. But they say SafetyNet are not an Aggregation Service. But Yodlee is.. Err didn't they just say they pass your details onto them?

As far as they are aware Yodlee have never had any fraud or unauthorised transactions. Bit like saying my eyes are shut and i have my fingers in my ears just in case....?

PS do you know Yodlee harvest data and resell it? ( not your passwords, need to make that clear ) but your spending habits etc.

rtho782

Tell your bank about it all.

Then they will close your account and give you a CIFAS marker for sharing your bank details, and there will be no risk of you getting in debt again as you won't be able to even have a basic bank account!

Thrugelmir

Anon1987 wrote: »

Where do I stand with this?

Have you contacted them. You'd obtain a better answer than asking strangers on the internet.