Cpa

Fiona_CW

I have recently been struggling with credit card payments and payday loans so I have entered a DMP with Stepchange and wrote to loan companies to cancel CPA. However today Lending Stream have today taken a payment from my card which means I won't have enough money to pay my DMP! Any advice appreciated

[Deleted User]

Hopefully you also cancelled it with your card provider. If so, and they have let it go in error, then chase it up with them.

When did you send the notice of cancellation? Is it a timing issue?

Fiona_CW

Yes I did contact bank too. I sent notice of cancellation using template letter I found on here a few weeks ago.

Willing2Learn

Fiona_CW wrote: »

Yes I did contact bank too. I sent notice of cancellation using template letter I found on here a few weeks ago.

Ring up your bank explaining how you cancelled the CPA, that you therefore require a refund, as your authority had been withdrawn in writing to both the bank and the lender.

sourcrates

You need to remove all access to your current card.


CPA cancellation is a bit of an enigma to some banks and they do not always act on it..


Reporting your card lost however puts an immediate and permanent stop on all transactions, so the creditors can no longer take payment using those card details.

Fiona_CW

The bank say the payment was processed as a normal payment not as a CPA so I guess cancelling the card is the only way to stop it.

[Deleted User]

sourcrates wrote: »

Reporting your card lost however puts an immediate and permanent stop on all transactions

Only those transactions not already authorised.

National_Debtline

Fiona_CW wrote: »

The bank say the payment was processed as a normal payment not as a CPA so I guess cancelling the card is the only way to stop it.

Hi Fiona


When the bank said processed as a normal payment, did they mean a direct debit? If so you need to cancel the direct debit. However most payday loan lenders use a CPA. You need clarification from your bank.


If they allowed a CPA payment after you cancelled it you'll have grounds to request a refund from your bank. If they took it by another method that you did not cancel, unfortunately it's unlikely you can get the money back. If you are going to be left short to make a payment on your DMP you'll need to contact StepChange and explain what has happened.


Best wishes


Susie
@natdebtline

Fiona_CW

When I asked the bank to cancel any CPAs they said that my account didn't allow CPAs (I have a basic account) When I asked about today's payment they said it was processed like an online card transaction.

Fiona_CW

I have contacted step change so hopefully everything will be ok

sourcrates

Fiona_CW wrote: »

When I asked the bank to cancel any CPAs they said that my account didn't allow CPAs (I have a basic account) When I asked about today's payment they said it was processed like an online card transaction.

Obviously the person you spoke to at the bank, had no idea what a CPA was.


It makes no difference what type of account or card you have, its an authorization to your bank to allow a creditor to take payment from your account, using your card details, without having to ask your permission again.


This lack of knowledge is common throughout the banking industry, which is why you have to take matters into your own hands and cancel the card yourself.