Safety Net Credit Help

[fred76]

I have a loan with Safety Net Credit

 

I have changed my on line banking details, cancelled my debit card and ordered a new one so they can now not take money form my account or view my balance.

 

I have had an email from them today saying if I don't restore the access for them they will attempt to take the full balance due on my pay day. If I do restore the access they will only take the minimum payment

 

I don't trust them to only take the minimum if I restore access and I am going to email back suggesting a repayment plan, paying by DD or through payments to their bank account so they don't have access to just help themselves to my money

 

My question is

 

Can they still get money out of my bank when I have a new bank card and the old one they have details of is cancelled?

 

I'm scared they are going to be able to just take what they want despite the card being taken

 

Does anyone know if they can?

 

Thank you

[colin11]

If they have set up a CPA (continuous payment authority) then changing your debit card will not stop them taking your money

 

Contact your bank and insist that they cancel any CPA that is set up

[fred76]

Before I took the step of cancelling my card I wrote twice to my bank asking them to cancel the CPA (letter delivered to branch and given to cashier in person both times)

 

They have ignored this and allowed payments to go out so I cancelled my card

 

Now I don't know what to do - if the bank ignore me again and they take the full balance I am screwed

 

I'm now tempted to give them back the access and let them take the normal monthly repayment. My bank are useless and I get paid on Wednesday so time is short to get them to resolve this. They don't seem to have been able to take the monthly minimum amounts so I though stopping my card had solved this but clearly not

[fkofilee]

No... If you have cancelled your Card then it should stop them taking payment...

If you have sent a letter rejecting CPA PErmission then any error on their part will entitle you to a full refund so it should be fine.

And no dont give them access... Theres no point... Youll be shooting yourself in the foot.

 

Can i make a suggestion that you have a look at the CONC Sourcebook rules - Section 7 on arrears management...

 

You have a lot more rights than you may realise...

[fred76]

Thank you so much - I will have a look at those rules

 

I'm going to stay up till midnight on Tuesday and move my pay to another bank account as soon as it hits just in case but I'm reassured by you saying the card being cancelled will stop them. I'll write to my bank again and ask them to confirm the have cancelled the CPA although if they have ignored the last two letters obviously this won't get action by Wednesday so I will call them as well.

[fkofilee]

CPA is a hot topic. General rule of thumb from my experience is that cancelling a card will work providing if its a debit card then all of the info changes - CV2 code Expire date and card number etc

As the old number is reported as lost / Stolen etc blocked what have you... They are then unable to take payment against the old details. They need the new details in order to make payment. And this info they wont beable to have unless you give it them...

 

But thats how it works from my experience.

Credit cards are slightly different...

[fkofilee]

Also SNC is a HCSTC product...

Confused? Read my guide at this link...

 

http://www.consumeractiongroup.co.uk/forum/attachment.php?attachmentid=68285

[dx100uk]

cancelling your card does not cancel CPA's

even the FOS and the FCA clearly state this

 

 

simply ring your bank and cancel their CPA authority.

 

 

dx

[fred76]

I will read the guide as I don't know what the HCSTC product is

 

It was a debit card and all the details have changed like security code and end date etc

[RobbingHood]

SafetyNet Credit is NOT a HCSTC (High Cost Short Term Credit - or payday/short term loans) product I am afraid - their APR is below 100% and there is no maximum loan term. HCSTC products must have a loan term of less than 12 months and an APR exceeding 100%.

 

I am surprised Safety Net Credit even exist, it's an awful product and the thought of allowing them access to online banking fills me with dread. They're as bad as HCSTC products but manage to get around the restrictions, their terms and repayments are confusing as well.

[peta]

Thank you so much - I will have a look at those rules

 

I'm going to stay up till midnight on Tuesday and move my pay to another bank account as soon as it hits just in case but I'm reassured by you saying the card being cancelled will stop them. I'll write to my bank again and ask them to confirm the have cancelled the CPA although if they have ignored the last two letters obviously this won't get action by Wednesday so I will call them as well.

Hi can I ask if this worked by cancelling your card

[peta]

Can I ask if this worked by cancelling your card

[dx100uk]

you need to start a new thread

of your OWN please