Continual Payment Authority

[berniel]

Continual Authority

Please forgive me if this has been raised already, but I just discovered this.
I have been told by many banks that I could not cancel these, and have even changed accounts when the creditor has failed to comply.
Hope I don’t get into trouble for posting this link.
http://www.consumeractiongroup.co.uk/forum/content.php?850-Continuous-Payment-Authorities-How-to-stop-them#comments
How long have the banks known about this I wonder if true.
Bernie

[leclerc]

Re: Continual Payment Authority

Continual Authority

Please forgive me if this has been raised already, but I just discovered this.
I have been told by many banks that I could not cancel these, and have even changed accounts when the creditor has failed to comply.
Hope I don’t get into trouble for posting this link.
http://www.consumeractiongroup.co.uk/forum/content.php?850-Continuous-Payment-Authorities-How-to-stop-them#comments
How long have the banks known about this I wonder if true.
Bernie

If you noticed the comment by Michael Browne then I would trust him more than anyone else.

http://www.fsa.gov.uk/static/pubs/co...ghts_guide.pdf

page 15 covers repetitive payments.

[berniel]

Re: Continual Payment Authority

If you noticed the comment by Michael Browne then I would trust him more than anyone else.

http://www.fsa.gov.uk/static/pubs/co...ghts_guide.pdf

page 15 covers repetitive payments.

Yes it seems to confirm that all you have to do is contact your bank, i can say that this is not the experiance i have had in the past.

Usually they just said that there was nothing they could do and advised me to contact the creditor.

I think that this will be of great interst to those with Pay day loans.

Bernie

[leclerc]

Re: Continual Payment Authority

Yes it seems to confirm that all you have to do is contact your bank, i can say that this is not the experiance i have had in the past.

Usually they just said that there was nothing they could do and advised me to contact the creditor.

I think that this will be of great interst to those with Pay day loans.

Bernie

I would always put that authority in writing and keep a copy. In the past I completely agree with you that this was the case. It looks like these regulations came in from 1st January 2012 so therefore before then, I would agree that this was probably not the case.

[labman]

Re: Continual Payment Authority

Pre Jan 2012 the only guaranteed way to stop these, and still, in my opinion the safest way, is to change banks.

I know it's drastic, but it can stop your bank account being emptied by some lowlife Payday Loan company.

I wait to hear the success of this new legislation. I've not heard yet of it being used, but have heard of quite a few people suffering the same old problems this year.

Thanks for bringing it to the fore, and I sincerely hope it has the bite it should. Time will tell.

[calamity jane]

Re: Continual Payment Authority

Santander included the ability to cancel continuous payments in their new terms and conditions from January.


6.8.2 If you are stopping a recurring debit card transaction (that is, a continuous payment transaction on your debit card initiated by a payee and authorising us to make payments) you must also tell the payee. You should provide us with a copy of any notice of withdrawal of consent given to the payee. We will stop the payment provided that we receive notice from you no later than close of business on the working day prior to the date the payment was due to be made.





http://www.legalbeagles.info/forums/...ad.php?t=31526


CJ

[berniel]

Re: Continual Payment Authority

The regulation states that it is to be enacted from 2009?

Bernie

[leclerc]

Re: Continual Payment Authority

The regulation states that it is to be enacted from 2009?

Bernie

All firms had to be fully compliant by 1st January 2012, so whilst the PSD came in from 2009 then time for full compliance and implementation was 1.1.2012.
http://www.fsa.gov.uk/static/pubs/ot...oach_aug11.pdf

[berniel]

Re: Continual Payment Authority

All firms had to be fully compliant by 1st January 2012, so whilst the PSD came in from 2009 then time for full compliance and implementation was 1.1.2012.
http://www.fsa.gov.uk/static/pubs/ot...oach_aug11.pdf

Many thanks, as Labman says i think i would probably open another account,rather than relying on this, at the moment anyway.

Bernie

[labman]

Re: Continual Payment Authority

All firms had to be fully compliant by 1st January 2012, so whilst the PSD came in from 2009 then time for full compliance and implementation was 1.1.2012.
http://www.fsa.gov.uk/static/pubs/ot...oach_aug11.pdf

Call me cynical, but it does rather stink of banks feathering their own nests again by making money off the backs of peoples' misery. People in this situation are usually those who can least afford to just suddenly have money taken from them. It makes you wonder if they were not happy for these customers to go into unauthorised overdrafts so they could incur charges etc...

If they were genuinely concerned, they would have done this three years ago.

Still, better late than never.

[CleverClogs]

Re: Continual Payment Authority

Call me cynical, but it does rather stink of banks feathering their own nests again by making money off the backs of peoples' misery. People in this situation are usually those who can least afford to just suddenly have money taken from them. It makes you wonder if they were not happy for these customers to go into unauthorised overdrafts so they could incur charges etc...

Regulation 61 (link) should stop that:

Payment service provider’s liability for unauthorised payment transactions
61. Subject to regulations 59 and 60, where an executed payment transaction was not authorised in accordance with regulation 55, the payment service provider must immediately—

(a) refund the amount of the unauthorised payment transaction to the payer; and
(b) where applicable, restore the debited payment account to the state it would have been in had the unauthorised payment transaction not taken place.

[labman]

Re: Continual Payment Authority

I sincerely hope this does work. It could totally scupper Payday Loan Companies.

[CleverClogs]

Re: Continual Payment Authority

I sincerely hope this does work. It could totally scupper Payday Loan Companies.

And also regulate PayPal.

[berniel]

Re: Continual Payment Authority

A thought just occurred to me about this. You know the companies that advertise “Free trial” of a product like Experian; or free gifs when you sign up(life insurance for instance), they have never really been a free because you have never (in my experience) been able to cancel the first debit in time. Well you can now.
Bernie

[labman]

Re: Continual Payment Authority

There's a big fuss with the OFT about this as their guidance is really pretty appalling in relation to this legislation.