payday loans and raiding bank account

[Shadowcat]

Re: payday loans and raiding bank account

As the banks probably underwrite these vile companies they may not act in the best interest of their customer - contact your councillor maybe? When the whole system is stacked to work a particular way who do we turn to?

[Guest]

Re: payday loans and raiding bank account

As the banks probably underwrite these vile companies they may not act in the best interest of their customer - contact your councillor maybe? When the whole system is stacked to work a particular way who do we turn to?

Most of the PDL companies are founded and based in the US or Canada.

They ply their trade over here because they are severely regulated on their own turf, failure to cancell continuous authorities is a long standing problem that goes back to long before the PDL phenomena.

Most banks are getting the idea that they have to comply with the payment regulations now, which some may say is about bloody time since they have been in place since 2009.

Theoretically, if any requests to stop payment had been made and not complied with a person should be able to reclaim them plus compound interest under the regs, which is interesting.

D

[miliitant]

Re: payday loans and raiding bank account

but as stated

try going through the correct procedure with the banks saying go back to the company and bog off even with the legislation quoted

the company saying you owe the money so bog off

through out this postal ping-pong

the poor debtor has had their bank account emptied and is unable to feed their family

[IanM]

Re: payday loans and raiding bank account

has that had any effect on you ian

are they still raiding her accout on the old card details

Hi Miliitant, no more payments were taken after reporting the card lost but not sure if they continued trying to take any, although they did write and say payments had not been received so we wrote back and told them why. No more problems with them since sending the letter.

[Guest]

Re: payday loans and raiding bank account

Hi there's a similar query here

http://www.consumeractiongroup.co.uk...77#post3949577

D

[legalese]

Re: payday loans and raiding bank account

Third party debt order.....move to another bank
Hope that claryfies it now and that davyb will start to take notice of real advice.

[Guest]

Re: payday loans and raiding bank account

Legalese

We were advising people to open parachute accounts 5 years ago.

D

[legalese]

Re: payday loans and raiding bank account

Did you really, why didnt you advise op to do that earlier in the thread then.

[miliitant]

Re: payday loans and raiding bank account

while we are on the subject of parachute accounts, for people reading this thread and seeking advice

what banks offer parachute accounts with direct debit and cash card facility for people with less than perfect credit, and not being rejected all the time

[legalese]

Re: payday loans and raiding bank account

I am sure most banks will give you accounts with these services but not overdrafts

[Nic]

Re: payday loans and raiding bank account

Halifax have an account that let's money go in and out and pays my dds mined called easy cash my partner has one of there basics aswell his is a card cash does exact samevas mine I opened mine no problems

[miliitant]

Re: payday loans and raiding bank account

PAYDAY LOAN COMPANIES UNLAWFUL FEES

we all know these crazy default fees payday loan companies like to sting you with.

£30 failed card transaction fee for example. even though it may be in the t&c, no way does it cost £30 to use a card machine

Its the default fees i am more interested inn and how they allocate them to your account with immediate effect. This is normal practice for a payday loan company

i believe the creditor has to give you advance notice now of applying fees and give you the opportunity to pay those fees before they are allocated to your account and attract interest

THIS IS COVERED UNDER S.86B CCA 1974

if the payday loan compamy has failed to give you a notice of any default sums as to S.86B CCA 1974

the payday loan company cannot enforce those fees

comments people

[Guest]

Re: payday loans and raiding bank account

PAYDAY LOAN COMPANIES UNLAWFUL FEES

we all know these crazy default fees payday loan companies like to sting you with.

£30 failed card transaction fee for example. even though it may be in the t&c, no way does it cost £30 to use a card machine

Its the default fees i am more interested inn and how they allocate them to your account with immediate effect. This is normal practice for a payday loan company

i believe the creditor has to give you advance notice now of applying fees and give you the opportunity to pay those fees before they are allocated to your account and attract interest

THIS IS COVERED UNDER S.86B CCA 1974

if the payday loan compamy has failed to give you a notice of any default sums as to S.86B CCA 1974

the payday loan company cannot enforce those fees

comments people

Hi

The problem is that i do not believe that the section 86b requirmments apply.
One of the coditions is that 2 payments should have been missed, most of these loans only consist of one.

Just another illustration of the total inadequacy of the act in these loans

D