Can PDL still take money?

[thorntondog]

IF I cancel my debit card can Payday loans still take money if they have my account number and sort code?

[rebel11]

Hi Thorn

 

Technically they shouldn't becuase they shouldn't store the CVV Code (three digit code) on the back of the card, but they are known to still debt the card regardless.

The best thing might be to cancel the debt card, so they can not take further monies.

If they do take further monies contact the Fraud Department.

[thorntondog]

Thanks for your reply. I have cancelled my debit card now, but still have the same account. Are you saying that they can only still take the money if they store the CVV number? My plan is not to tell them I have defaulted until 31/3/11 when my loan of 3805 is due to be paid in full. Then I ma going to offer them £200 a month for four months. The original loan was £620 with swift sterling so £185 is interest. Can they add morew interest if I default?

[thorntondog]

sorry I am due to pay back £805 NOT 3805! slip of the keyboard!!!

[26072004]

They can add interest, default charges, collection fees, more interest, fees for letters telling you, you have defaulted the list is endless.

 

everything must be as stated in your credit agreement, so this will give you an idea, but if you look through this forum its not unusual to see debts double or even triple.

 

however, your proposed offer of £200 per month is more than reasonable, try telling them before you default they may accept this and hold charges, you have nothing to lose and it could save you a lot.

[thorntondog]

Thanks for your reply. I will take your advice and make my offer before money is due, but from what I have read on the forums, I understand I should pay them by standing order- Is that correct??

[26072004]

oh yes.

 

they will try every trick in the book to get your new card details, do not give them out they may attempt to strip your account of every penny you have.

 

standing order or direct bank transfer only

[sam614]

just watch for a sneaky DD they might try set up ,as they have your account details.

[donnahaywood]

I've had money taken off a cancelled Halifax debit card, 6 months after it was cancelled. Couldn't get money back from Haliax because I had given original card details to PDL company so they didn't consider it to be fraud. I really would suggest setting up a new bank account and blocking the acccount that the PDL companies have details of, so that no money can be taken. Keep an eye on your accounts as I've had companies try to set up DD's.

[robjam1969]

A new account is the only certain method of stopping them.

[s4ddys]

A short answer would be: they shouldn't, but they do.

[thorntondog]

Thanks to all of you for great advice. It is unbelievable to think the PDL companies can set up a direct debit with my account details. Don't I have to authorise a direct debit???

[s4ddys]

Again, in theory yes, but buried somehwere in their terms and conditions will say otherwise

[Ubiquitious]

Direct debits are fortunately easy to reverse if you notice it on the day it comes out (so check your account daily) as the bank can reverse the charge.

 

Fortunately there is a guarentee from banks relating to them.

 

Card payments are almost impossible to get back. It depends on the card as well. I believe if you cancel a visa debit it is still possible for them to get money from it (by way of recurring payment authority or something). I believe that this type of authority is not allowed on maestro cards so cancelling should work with these.

 

I wouldnt take my advice though. Just open a new account.

[Jamie Kingston]

i dont believe swift have the authority for DD's, only very few actually do... best option is to get a new account and keep all the information to yourself.

[thorntondog]

Thanks all of you. I have contacted swift sterling and they were very nice but when I said I can't pay this month the woman said " sorry we don't do rollovers and your account should be paid in full on 31/3/11" When I asked well what happens if I don't pay, She repeated the script and said I will get a call from an account manager on 1/4/11 to discuss it. They were very swift!! in answering my email and very nice on the phone so far!!!

 

I am going to test the waters this month by keeping my account but I have a new debit card, I am going to ring my bank a day or two before my payment is due to check no direct debit has been set up bty swift as I have other essential bills coming out. If it goes wrong this month and they take the money in full I will reloan for one more month then get a new account for next month., because I cant go on living under the stress of paying out most of my wages each month to PDLs.

 

Do you know I tried to open a halifax basic account and it wouldn't accept me because I have had a CCJ in the past three years despite working full time with a regular income of £1500 a month. I cant even get a basic account!! I currently have a barclays account.

[thorntondog]

O yeah when I asked if any more interest would be added if I default she replied " a one off fee of £56 or was it £59??? can't remember now, I thought that wasn't too bad, thought it would be a lot worse. I said what if I haven't paid by 30/4/11 and she said no more charges would be added. lets wait and see.

[donnahaywood]

That really surprises me about Halifax as I was able to open an Easycash account with a very bad credit rating, my current account in management and a CCJ within the last year. I was already a customer though so maybe that was the reason???

[Erica11 - Swift]

Please contact Swift Sterling directly on 08000 124 080 should you have any concerns or queries. Swift Sterling takes out payment via debit card and not through a direct debit mandate. Debit card details would have to be provided by the customer on their loan application.

[Miniacmank]

hello, im in a bit of a sticky spot with lenders atm, my own fault granted, i owe £500 odd to Wonga. and £180 to Minicredit. now, i am un-employed and have absolutly no means of paying anything.. both loans are due towards the end of this month.. my first though was to cancel my debit card, delete it, and move to another bank? would this work?

Also if i switched bank, would my credit report start over or am i stuck with this rubbish for a while?

any help really welcome and needed! am only 18, and i dont really know too much about the financial world lol

thanks in advance (: