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one month loan- taking paymentsfrom cancelled card!

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Hi

 

Had a loan with these last December, I could not afford the repayment the next month so cancelled the card.

 

I don't know how they have managed it but a debit card transaction has come out today 6 months after the card was canceled for £45.

 

Does that mean that canceling your card no longer works and I now have to cancel my bank account?

 

I am fuming, just been on the phone to the bank asking how the hell this has happened and they was not interested - financial bullies all sticking together as usual

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you need to tll your bank to

 

PUT A STOP ON THE OLD CARD

AS WELL AS CANCEL

 

THEY USE A ROLLING AUTHORITY MANDATE, THATS THE LAST THREE DIGITS ON THE CARD TO FORCE IT THROUGH

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I just tried on the phone, and they were not interested what I had to say and said that any payments 'authorised' by me will continue and there is nothing they can or will do

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This is pretty much the response I got from my bank - LTSB - a debit card payment is a guaranteed method of payment - regardless of whether there are even any funds available in your account - they have your card number - so they take whatever payments they want from you.

It's a bit of a laugh really - it works pretty much like bank charges - just taken from your account at will - no window to question the charges -

 

Payday Express - if you miss a payment with them - they charge you £15 and then after 7 days they charge an extra month's interest - which in a way (the extra interest) would be fine if they then took the payment in an extra months time - at least you will have had it for a month - but nope - at the first opportunity - they will take everything - so you could be 9 days late with your payment - and they'll take the principal - plus two months interest (potentially you may only have got the money 40 days ago) and £15 on top!!! You email them to ask them to waive the fee - or they call you and you "query" the additional charges - and then they go right ahead and take the money anyway!!!

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i used the banking ombudsman

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i used the banking ombudsman

 

What did you tell them? Do you still have the letter you sent?

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I have wrote a complaint to my bank asking for the transaction to be reversed and telling them in no circumstances should any further payments be authorised

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I have also wrote an e mail to one month loan complain and tell them they do not have my permission to use my card any longer.

 

I got a reply saying...

 

Please refer to the signed terms and conditions and loan agreement on your members area at www.1monthloan.co.uk. As you are in debt with us debits from your account can be attempted as frequently as deemed necessary until the funds are repaid.

 

Your current outstanding balance is £374.25. Within the next few weeks your account will be sold to an outside recovery company due to the length your account has been outstanding. Your balance with them will be as above, there is a one off settlement option of just £56.13 open.

 

£56.13 is just 15% of your current balance and would close your account in full as fully repaid. This offer will be kept open for 7 days.

 

As explained i can not guarantee that more funds will not be debited from your account. This is because there is no repayment arrangement on your account and it has been outstanding for more than 6 months.

 

I have said deal to the settlement of 15%, its less then I initially had from them even with the £45 they took the other day added to it:-) 15% jusat goes to show how little they sell these debts on to DCA's

 

Although what they say about being able to take as frequently as deemed necessary until the funds are repaid can not be legal surely can it?

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I think a new double ended tactic is needed when cancelling debit cards. I took the precaution of writing to my bank stating that the agreement with XXX company had ended and therefore no transactions were allowed from card xxx by them. I also had an email from the company stating the agreement with xxx company had ended and added that for good measure.

 

Same thing happened, some months later xxx company took a monthly rollover fee, so I got that back by speaking to the bank and telling them that I had sent the required letter and therefore it was a bank issue... they got a bit shirty but found the letter and agreed that the original agreement had ended... I got the money back three days later.

 

XXX company also got a shirty email from me, and they refused to admit they were wrong so I complained to Trading Standards and sent their email and the letter to the bank as proof.

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