Payday loans, refunds from banks.

[Dougie_london]

i am having issues with a few payday loan companies taking money from my account. They have been taking money via continious payment which means they can take it whenever they like i am led to believe. now i have contested with the bank about these which they have told me to wait until it shows on my statement which i did, and then got them to reimburse the amounts. i have cancelled all CP on my account but still more have happened one amount made me overdrawn then they still took another payment after this making me about 500 quid overdrawn! first of all is this allowed? secondly if i instruct the bank to cancel the continous payment do they have to? the bank said it is not gauranteed that it will be cancellled as its a financial company? also do i have to wait for it to clear on my statement or can i use this chargeback angle to get them to do it instantaniously?

 

Thanks in advance

[renegadeimp]

Have a good read of this: http://www.consumeractiongroup.co.uk/forum/showthread.php?336569-How-to-remove-a-lender-s-continuous-payment-authority(2-Viewing)-nbsp

 

If the bank fails to comply, they are breaking the law. That link covers everything in your post. Especially the part about your bank saying they might not cancel it because its a finance company.

[Dougie_london]

thanks for this, can i just ask whether anyone knows anything about this chargeback? the bank are saying i have to keep waiting for every amount to show on my statement, is this correct or can they refund the amount straight away?

[Lottielox85]

thanks for this, can i just ask whether anyone knows anything about this chargeback? the bank are saying i have to keep waiting for every amount to show on my statement, is this correct or can they refund the amount straight away?

 

I had over £500 put back into my bank by LLoyds this week so you can get it back. They will only refund from the date you asked in writing for the CPA to be cancelled and you will have to fight for every penny but it can and will be done. You need the disputes dept. and for what it's worth I complained quite loudly threatening the FSA and got £100 compensation, free upgrade of my account ( that I have now closed! ) and they have refunded the cost of my premium rate phone calls! Kick up a huge fuss and you will get it sorted! Oh and I tweeted about them as well! That really got them upset!!!!

[Dougie_london]

i have already had amounts deposited back in my account the problem is as soon as it happens they just take it back out again before i get a cahcne to pull the money out! then i have to wait 3-4 days till it shows on my statement before i can request it to be re-debited, i just wanted to see if they can actually refund it before it shows on my statement?

[Lottielox85]

Lloyds have put a block onto my card for these PDL companies. It's worked for us, and disputes usually put the money back in within 24hrs of it being taken and I check hourly and transfer it straight out again!

[Dougie_london]

yes i have just spoken with barclays, its the same, they have said they can request the stop from the pdl's but it doesnt mean they will stop trying and they physically cannot stop them from taking the money? he has advised me to swap my sort code and account number and get a new card which will then allow me to keep my account without the hassle of worrying about them taking the money. i have one payment die back in which i need to keep an eye out for to take it out as soon as it hits my account then i will be setting up the new account.

[renegadeimp]

Barclays are completely wrong. have a read of the stickied on this forum about continuous payment authorities