Continuous Payment Authorities - LTSB and Santander admit not complying with the Law !!
BBC Radio 4's Money Box
Saturday, 28 April 2012 at 1204 BST On Radio 4 and Online
Two of Britain's biggest banks have failed to give some of their customers their legal right to cancel recurring payments set up to pay for services like gym membership, internet security or payday loans
The admission came after Money Box raised the issue with Lloyds Bank and Santander who both admitted that they had not always complied with the law.
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"Cancelling a regular card payment
When you give your credit or debit card details to a company and authorise them to take regular payments from your account, such as for a gym membership or magazine subscription, it is known as a ‘recurring transaction’ or ‘continuous payment authority’.
These are often confused with direct debits, but do not offer the same guarantee if the amount or date of the payment changes.
In most cases, regular payments can be cancelled by telling the company taking the payments. However, you have the right to cancel them directly with your bank or card issuer by telling it that you have stopped permission for the payments. Your bank or card issuer must then stop them – it has no right to insist that you agree this first with the company taking the payments.
Be aware though that you will still be responsible for paying any money that you owe"