I have read about the difficulty of cancelling these recurrign debit card payments.
Is cancelling your debit card the only sure fire way to do it?
Are these companies likely to have already set the payment in motion?, what i mean is do they apply fo rit on the day or would it be worth checkign with my bank to see if there are any pending transactions waiting to come off, that might not be stopped.
In so far as what should happen I would agree with PGH and if cancelled in good time payments should be reclaimable from the bank.
However, I am sorry but recent experience suggests what can and does happen is that the payments are "forced" through or the bank allows the company to treat having the card details as a "continuous authority". I have spoken with the card fraud teams of two different companies during the process of trying to sort my own payday loan nightmare and both have been very precise in stating that cancelling the card (or even reporting it stolen) will not in itself prevent the companies from attempting to take monies via the card details and they will not guarantee that payments will not be made. They further attempted to suggest the matter would be a dispute between me and the company involved and they would not view such repeated access as fraud!!
I do not want to be the bearer of bad tidings or scaremonger but this is my experience (and there are others here to). Certainly ensure the bank are completely aware that any further payment claims from these companies do not have your authority, certainly watch the account like a hawk (there has even been a post on here with I think QQ accessing an account overnight!) and certainly give the bank hell if they pay up (I hope I am wrong!)
The only sure fire way of sorting the access issue which is quite drastic (if it is either mutiple lenders or you really cannot sustain anyone draining your account of the full amount) is to switch accounts (the famous "parachute" account). This way you maintain control of your overall monthly budget and can progress to offer a repayment proposal from there. Whilst any proposal you make should be seen to be realistic this reality is based on what you can afford, not what they think you should afford!
They will bombard you initially but stick to your guns - I got into deep brown stuff with exposure to these firms (still not out of it yet!) but around 70% have agreed repayment schedules within the last month and the volume and voracity of their communications has slowed right down (I do have a DCA on my case but it is in house for one of the lenders). Insist on everything in writing or email, request account details to repay by standing order (it has been known that payment by card, cheque or direct debit on a new account has resulted in their accessing your new account with the same impunity as they did the first time!!).
All can be sorted with the help of the good folk here but it is difficult, particularly initially!
Just wanted to say thanks again for all the information and quick replies yesterday.
Logged into my internet banking today and none of the payments from any of the pay day loan companies had come off my account. QuickQuid was showing but it hadnt come off my balance, phoned bank to check and they said, it had been cancelled and that it would drop off my account and def wouldnt be paid to them.
none of the debit card payments had come off, so cancelling my card seemed to have worked.
Have now instructed bank to transfer full balance over to another account just to make sure they cant get any money out my account by using old card number, or settign up new DDs
had a few emails and texts from these comapnies askign me to contact them right away etc.
I sent them an attachment of the letter I had already sent them and made it clear that they were to reply to me by email or in writing.
I did however get a phone call from welcome finance who i had cancelled my DD with and sent letter offering reduced payment. the lady I spoke to seemed willing to help me reduce payments, but said they still need a full payment this month before they can do anything.
just looking for a bit of advice as to what to do with this one. should i pay the amount if they can reduce my payment. I would want them to freeze the interest on the account and not add any charges before i would be willing to make the payment.
or would it be easier not to pay them and if they then defualt the accoutn and pass it on to DCA start payign them. or will that incur furhter charges on top?
anyone here had any similar dealing with Welcome Finance??
Should I reply to the Uncle Buck email or just leave it for now? - either/or personally I would send a txt saying all contact in future to be by letter
RE Welcome Finance, how likely are they to freeze interst and charges on my account if I ask them to, so i can keep paying them instead of it goign to DCA. - Depends on how much you owe and how good a customer you have been, - but without something in writing to fall back on you could pay the full amount this month and next month they still default you, but they have had some extra money out of you that you are saying to them you can ill afford
how much worse is it to go to DCA than to keep paying original company?
depends on which pondlife you get, some are easy to deal with some aint
You will have to decide yourself, I can only advise not make decisions