A pay day loan is a short-term loan meant to tide you over unless you receives a commission.

A pay day loan is a short-term loan meant to tide you over unless you receives a commission.

We have a cash advance being obtained from my account by Continuous Payment Authority (CPA). I attempted to cancel this given that deductions had been high and I 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 very worried 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 re re payments, for instance to cover right straight straight back a quick payday loan
  • regular repayments, such as repayments for the fitness center account or magazine registration

The principles about cancelling future card repayments usually do not use to card acquisitions for items or solutions, such as for example in a store or spending a resort bill. Continue reading “A pay day loan is a short-term loan meant to tide you over unless you receives a commission.”