A big thorn in the side for Payday Loans

[Riz]

Re: A big thorn in the side for Payday Loans

BBC News - Continuous payments

BBC News - Have Your Say: Recurring payments

Two of Britain's biggest banks have failed to give some of their customers their legal right to cancel recurring payments set up to pay for services like gym membership, internet security or payday loans.

The admission came after Money Box raised the issue with Lloyds Bank and Santander who both admitted that they had not always complied with the law.

Lloyds has acknowledged that more than two years since the law came into force it has not updated the terms and conditions on all its accounts to reflect the rules.

[kilasuit]

Re: A big thorn in the side for Payday Loans

The only thing i dislike about this is CPA's were always abused by PDLs

Sometimes (as i found out with Yes-secure) you dont know when they will attempt a payment. Obviously when it fails its no biggy but when they go through then there should be some sort of safe guard to instantaneously be able to dis-allow the pending authorisation.

For example with DD's the DDG (even though its as useless as wet toilet roll)

[Riz]

Re: A big thorn in the side for Payday Loans

Good summary of latest position and bank's responses.

http://www.paullewismoney.blogspot.c...ts-racket.html

[winjas]

Re: A big thorn in the side for Payday Loans

Is there a template anywhere for sending to bank to stop CPAs ?
Sorry if havent found it..

[Never-In-Doubt]

Re: A big thorn in the side for Payday Loans

Is there a template anywhere for sending to bank to stop CPAs ?
Sorry if havent found it..

nope sorry, we you literally inform them that you want it cancelled and they must act.

[winjas]

Re: A big thorn in the side for Payday Loans

ok, thankyou