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

ManyWays

This what the plata website says

Nalf03

https://forums.moneysavingexpert.com/discussion/comment/82172420#Comment_82172420

Sorry I didn't see your question before. It's woth pay360.

There is no option through my bank or through the website to cancel it. All I could think to do is "update payment details" to a new card with a different bank.

On the website the options are to "update payment details" then "add a new card" which i did with this different card. I cannot see my old card details, however the wording "add a new card" makes me wonder.

Nalf03

https://forums.moneysavingexpert.com/discussion/comment/82172423#Comment_82172423

Thank you, that was the first place I looked and really doesn'tsay how it works, thats why I thought I'd ask on here.

sourcrates

A CPA is cancellable by contacting your bank and asking them to cancel it, I don`t understand what your problem is, if the call handler is unable to grasp what you are requesting, then ask to speak to a manager or supervisor.

Its a simple procedure which a lot of banks had problems with actioning in the past, I would have thought by now they would have educated their staff on this matter.

ManyWays

Pay360 is a payments processor. They may be using another third party for open banking access. Who is your current bank. Who is your new bank?

Do the payments to plata show on your bank statement as Plata or pay360 or what?

Nalf03

My current bank is Santander, my account with no money in is Chase.

The payments show as Plata Finance Ltd. It shows as a recurrent transaction, while all the other ones are listed as direct debits.

ManyWays

So this doesnt sound like any form of opening banking payment.

I suggest you phone Santander up again and insist you want this payment cancelled. Call it a "recurring payment" and if they do not know that term say it is also called a Continuous Payment Authority.

Ask to speak to a manager if you are getting nowhere.

Refer them to this guidance from the FCA https://www.fca.org.uk/consumers/recurring-card-payments and say you wish to make a formal complaint if it is not sorted.

Nalf03

Okay, thank you again. I really dont want to sound ungrateful, this is really helpful, but still no-one has answered the question I asked. I just need a yes ir a no please.

If I set up the payment to come out of my chase account with no money in instead of my santander account with money in and an overdraft. Yes or no, is there a chance that they will still try to take the money out of my Santander account when it fails?

Again im sorry if that sounds rude, this is all very useful advice. This is just the 4th or 5th time I've asked that and people keep talking around it.

ManyWays

This is because it depends if Chase will refuse to make the payment. You may assume they will with no money in the account but banks sometimes pay and you get an unauthorised overdraft.

And no one can be sure whether the CPA on the Santader account is still running so the lender will fall back on that.

No one can be sure what will happen, so we are suggesting a route that will work.

Nalf03

Thank you, i understand suggesting a route that would work but no one explicitly said they weren't sure. Im autistic and find it frustrating when I ask a specific question and don't get a specific answer to what im asking. In my head that route was still open until someone explicitly said it wasnt. Again I'm really sorry if that was rude.

Now I know, we're unsure what will happen going down that route, so now I can get my head around these alternative solutions. Thank you again.