Guidance Column – we have loan that is payday obtained from my account by Continuous Payment Authority (CPA)

Guidance Column – we have loan that is payday obtained from my account by Continuous Payment Authority (CPA)

I’ve a pay day loan being extracted from my account by Continuous Payment Authority (CPA). We tried to cancel this given that deductions were high and I also have always been in lease arrears. They were (physically) unable to cancel the CPA and that I had made an agreement with the payday loan company and should honour the agreement by finishing the payments when I tried to do this the building society staff said that. I will be worried to the point of sickness if I cannot renegotiate lower repayments with the payday lender – but they won’t renegotiate whilst the CPA applies as they are getting their money that I will lose my home.

Before it is taken if you agree that someone can take a payment from your credit or debit card at a future date, known as a continuous payment authority, you can cancel the payment. This relates to:

  • one-off re payments, for instance to pay for straight back a quick payday loan
  • regular repayments, such as for example repayments for the gym account or mag subscription

The guidelines about cancelling card that is future usually do not use to card acquisitions for goods or solutions, such as for instance in a shop or having to pay a resort bill. Continue reading

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