natwest payed payday loan on a card reported lost 2 months ago now in -£426 overdrawn

[redhead0114]

Hope some1 can help,just discovered the natwest has payed a loan company my husband defaulted on £500 from a savings account that only had £75 in.
its been autherised on a card that was reported lost on the 29th aug and no longer associated with the account.
we are currently in the process of a debt relief order with the help of citizens advice.
how can the bank agree to pay on a basic savings account that has no overdraft facility with a card that was reported lost and cancelled over 2 months ago?.
we are both part-time workers on low incomes an fell into the payday loan trap.
we notified all the payday companys of our financial difficultys and asked them to stop continuous payment authority,also took a letter to natwest ,who said it isnt worth the paper it is written on.
we currently have a notice seeking possesion on our home and baliffs on the doorstep for unpaid council tax.
this is why we are going down the dro route as we are in serious financial hardship.
I have been put through from pillow to post on the telephone with natwest over this unautherised payment from collection,customer care,fraud an none have been helpful.
according to them this key whitley company has presented them with legal evidance that they were owed this £500 and natwest have payed it as they have a legal obligation too?? since wen has it been a banks call as to who i pay or dont?
the company now have thier £400 + £100 charges so they dont care.
I now has an unarranged overdraft of £427 as i had one wks rent money in this account,which has left my agreement with my landlord to pay my arrears in jeopordy also. sorry if its all a bit confusing ,i,m just so stressed out with it all,struggling to cope as i suffer mental health and only holding it together because of my 4 yr old son

[miliitant]

Re: natwest payed payday loan on a card reported lost 2 months ago now in -£426 overd

first thing you need to do is go back to the bank and demand a charge back
you did not authorise this debit/transacton

print off what i have put below and take it to yourbank and demand a refund with immediate effect

you have to be firm with the bank and not take no for an answer and keep saying what i am posting in that you know your rights

No company can bring in a "policy" that overrides your lawful and legal consumer rights.

you made need to point out to the bank that if i end up making a formal complaint, with the Financial Ombudsmen, Natwest will be charged a £500 "investigation fee" regardless of whether my complaint is upheld or not

Cancelling a regular card payment
When you giveyour credit or debit card details to a company and authorise them to takeregular payments from your account, such as for a gym membership or magazinesubscription, it is known as a ‘recurring transaction’ or ‘continuous paymentauthority’.
These are oftenconfused with direct debits, but do not offer the same guarantee if the amountor date of the payment changes.
In most cases,regular payments can be cancelled by telling the company taking the payments.However, you have the right to cancel them directly with your bank or cardissuer by telling it that you have stopped permission for the payments. Yourbank or card issuer must then stop them – it has no right to insist that youagree this first with the company taking the payments.
If you did not authorise the payment, then the bank have to refund it.

http://www.fsa.gov.uk/pages/consumer...ng/index.shtml

The payday loan firms will say this is not possible, but it is - in accordance with Regulation 55 of The Payment Services Regulations 2009:

55.—(1) A payment transaction is to be regarded as having been authorised by the payer for the purposes of this Part only if the payer has given its consent to—

(a)the execution of the payment transaction; or .
(b)the execution of a series of payment transactions of which that payment transaction forms part. .
(2) Such consent—

(a)may be given before or, if agreed between the payer and its payment service provider, after the execution of the payment transaction; and .
(b)must be given in the form, and in accordance with the procedure, agreed between the payer and its payment service provider. .
(3) The payer may withdraw its consent to a payment transaction at any time before the point at which the payment order can no longer be revoked under regulation 67.

(4) Subject to regulation 67(3) to (5), the payer may withdraw its consent to the execution of a series of payment transactions at any time with the effect that any future payment transactions are not regarded as authorised for the purposes of this Part.

[redhead0114]

Re: natwest payed payday loan on a card reported lost 2 months ago now in -£426 overd

Hi i,ve told the bank it wasn,t authorised as the card was reported lost,but they are claiming that this company has presented them with legal documentation that they are entitled to take this £500,although when we went into the bank the person dealing with our complaint couldn,t understand why it had been allowed as there was no authorisation code on the transfer and it went through on a card that had been cancelled.
i asked for a chargeback and they said they could,nt do this as they already had thier money,i was,nt even informed this transfer had gone through until it was too late.

[miliitant]

Re: natwest payed payday loan on a card reported lost 2 months ago now in -£426 overd

this is crap the bank are talking as usual

you need to tell them that the payment was not authorise
the bank has to refund the payment to you with immediate effect as to regulation 55 of The Payment Services Regulations 2009, then deal with any dispute between you and the third party company

ITS THE LAW

if they still refuse, ask for it to be put in writing and go to the fos

the bank has no legal obligation to take your money, no one has unless through a court order, ask them under what statutory authority then they can do it

You are legally entitled to a full chargeback due to a fraudulant transaction. It doesnt matter what "new policy" your bank has made. The LAW says the opposite.


YOU NEED TO BE FIRM AND STAND YOUR GROUND WITH THE BANK AND KEEP QUOTING REGULATION 55

[redhead0114]

Re: natwest payed payday loan on a card reported lost 2 months ago now in -£426 overd

Hi thanks i will quote this regulation 55 and see where i get with them,the frustrating thing is the money was not there to take,and if i am £1 short for a direct debit payment they wont pay it,due to insuffient funds!!!
So i cant believe they have payed this transfer without the funds being in the bank on a card that would have declined due to the fact it was lost and cancelled.
citizens advice told me to close the account and if they dont get it in writing as i dont want another debt collector taking money unautherised from our account.

[leclerc]

Re: natwest payed payday loan on a card reported lost 2 months ago now in -£426 overd

Redhead, ask them for the proof that they were given and that their final response in writing is that they will not refund it because of this. Then tell them that the case will be going to the Financial Ombudsman Service as soon as the response has been received.

[redhead0114]

Re: natwest payed payday loan on a card reported lost 2 months ago now in -£426 overd

Thanks for all your advice,never in my lifetime have i known a bank to enforce a third party debt.
I cant believe my money isn,t safe in my own bank.

As soon as i ended the payday loan cycle i cancelled all our bankcards,contacted all payday companys and told them cab were helping us sort our debts out and to cease cpa,out of the four companys paydayuk have been the worst and its thier debt collection agency KEYS WHITLOCK AND COMPANY that have somehow got my bank to pay £500 i didn,t have.

The banks stance on this seems to be "sorry but if you have had previous loans with this company theres nothing we can do ,if they present legal proof you owethem this debt"!!!

yet if it was my virgin direct debit that i had,nt paid theres no way the bank would pay the funds.

I would really like to hear from anyone who knows what this legal proof to have payment where no funds are available is ???

[labman]

Re: natwest payed payday loan on a card reported lost 2 months ago now in -£426 overd

There is none. Section 55 is absolutely crystal clear. The bank do not have a leg to stand on, whatever they or anyone else may claim. Their actions are unlawful.

[redhead0114]

Re: natwest payed payday loan on a card reported lost 2 months ago now in -£426 overd

Got knowhere with natwest,they are quoting thier regulation 6 that they have a legal right to pay a debt i owe blah blah blah,to be honest its gone over my head,so i,ve asked for this in writing.quoted section 55 but they are saying thier section 6 of terms and conditions allows them to pay paydayuk.refused thier resolution which was to put me through to assisted finance to arrange to pay this overdraft off at a reduced ammount.

So it is now going from complaints to customer care and i have to wait for their decision as complaints refused to refund the money.

[redhead0114]

Re: natwest payed payday loan on a card reported lost 2 months ago now in -£426 overd

Got knowhere with natwest,they are quoting thier regulation 6 that they have a legal right to pay a debt i owe blah blah blah,to be honest its gone over my head,so i,ve asked for this in writing.quoted section 55 but they are saying thier section 6 of terms and conditions allows them to pay paydayuk.refused thier resolution which was to put me through to assisted finance to arrange to pay this overdraft off at a reduced ammount.

So it is now going from complaints to customer care and i have to wait for their decision as complaints refused to refund the money.

Forgot to say as i,ve refused their resolution,they have refused to send me anything in writing i.e their refusal to refund and thier refusal to close the account at my request

[leclerc]

Re: natwest payed payday loan on a card reported lost 2 months ago now in -£426 overd

Have you asked them to put that in WRITING and are they doing so and have you told them that it will cost them £500 when the FOS look into it?

They are breaking the law and they continue to do so.

Quote them this from the Financial Ombudsman Service:

The Financial Services Authority told Money Box it had a clear interpretation of the directive regarding the cancellation of payments by bank customers: "Customers have the right to stop any payment leaving their account. No distinction whatsoever has been made for pay-day lenders or indeed any other group.
"If the customer withdraws their permission for money to be taken, any further payment would be unauthorised, and would have to be reimbursed to the customer by the bank."

http://www.bbc.co.uk/news/uk-19598492

Tell them that they can waste their own time. I would add that they have no right to not refund the amount. It is part of the Payment Services Directive and they will have to refund it. Furthermore "Financial hardship"? They're not helping.

[seduraed]

Re: natwest payed payday loan on a card reported lost 2 months ago now in -£426 overd

have you tried going back in and videoing their refusal?

[miliitant]

Re: natwest payed payday loan on a card reported lost 2 months ago now in -£426 overd

regulation 6 of their terms and conditions is not statute legislation

regulation 55 of the payment service regulations is statutory obligation

a companies own t&c do not overide statutory legislation and their actions are unlawful

go back to them and inform them of this and that you will be submitting a claim through the small claims court for damages because of this and a complaint to the financial ombudsman service which will cost them £500, be it the complaint is upheld or not