Almost £14,000 in debt and unsure what to do

Nalf03

I've cancelled all except one which I cant find to cancel. It says it's a recurring payment. I can't find it listed under direct debits, standing orders or subscriptions. I can't find an option to cancel it anywhere.

SpireCaptain

https://forums.moneysavingexpert.com/discussion/comment/82168528#Comment_82168528

I've got one of those for Fish Legal. 3 years running it's been taken out in November. I thought it was tied to the exact card number so didn't bother cancelling with Fish Legal as my debit card expired and I had a new one. Lo and behold the next November it was taken again. So frustrating. You've just reminded me to cancel it with Fish Legal but it involves ringing them up. 😏

The account is over it's overdraft limit so I guess it'll bounce anyway.

You will have to cancel the recurring payment with the company you've given consent to set up recurring payments with.

Nalf03

Out of curiosity what would happen if I updated my bank details for that payment to a separate bank account with no money in? Would they shift it back to my main account?

ManyWays

I was just explaining why the advice here is not to use the formal bank switch account. And if you do not, you don't need to worry about cancelled DDs reappearing.

enthusiasticsaver

You already have had some good advice and I would agree that in your situation a DMP would give you some breathing space, stop the debt going higher and allow you to make a plan once and for all to live within the income and repay the debt. Doing a very rough calculation paying £200 a month will leave you debt free in 6 years which is the time it will take for the defaults to drop off your credit record. You can either self manage or do a DMP through stepchange but do not rush to set it up. Make sure all the defaults happen first.

In the period between defaulting and setting up a DMP save in an emergency fund as you will have no access to credit.

One other thing is that debt consolidation loans are most definitely not the way to go and I assume you have already tried that in the past anyway.

You are in your 20s so you have time to sort this out.

Nalf03

Thank you for all the advice. I am still concerned about my Plata loan. I couldn't delete the recurring payment through my banking app, it's through a third party that takes a recurring payment through my card rather than the bank account.

I've changed my payment details to another card with no money in, however I'm worried that that will just fail and they will just try to take it from my original card.

I don't seem to have a way to cancel it without contacting them, which I was advised again on here because they may try to set up a payment plan which will look worse on my report.

ManyWays

Plata, that sounds like a continuous payment authority; who is this third party?

sourcrates

A continuous payment authority through a debt card can be cancelled by contacting your bank and asking them to cancel it.

Should payment still then be taken you can request a refund from your bank, and they must refund you.

You have similar rights to the direct debt guarantee.

Nalf03

Okay, i have no option to cancel it through online banking or the banking app, when I call them to ask they don't seem to get what I'm asking.

I'm sorry because people are being really helpful, but this feels like the third or fourth time asking the same question that no-one has answered yet.

I've moved it to a different account with no money in, when that payment fails is there a chance that they will try to collect the money using my original bank details?

Thank you again

ManyWays

This different account, is it with a different bank?

"I've moved it" how did you move this?

who is the third party used to take this payment that you mentioned?

I can not try to answer your question without these details, there is no point in me guessing.