Capital Finance One - Passing Debt To DCAs

[cerberusalert]

The bank(well they're all the same anyway) will just reply that you've made and agreement with the company(CF1) and they cannot dispute nor stop the copany from taking it. I've given up trying to talk to either one of them and what I'm doing right now is to send them payments based on my own repayment pla(whether they agree or not) using postal order check. You can report to OFT but I doubt if they can help you much.All I can say about this company...they are all scums, loan sharks hiding behind a facade of legality.that's all.good luck

 

The Payment Services Regulations 2009, regulation 55 (4) states:

 

“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.”

 

This fsa guide has now been updated: http://www.fsa.gov.uk/pubs/consumer_info/know_your_rights_guide.pdf

 

Cancelling a regular

card payment:

 

When you give your credit or debit card

details to a company and authorise

them to take regular payments from

your account, such as for a gym

membership or magazine subscription,

it is known as a ‘recurring transaction’

or ‘continuous payment authority’.

These are often confused with direct

debits, but do not offer the same

guarantee if the amount or 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 card issuer by telling

it that you have stopped permission for

the payments. Your bank or card issuer

must then stop them – it has no right to

insist that you agree this first with the

company taking the payments.

Be aware, though, that you will still be

responsible for paying any money that

you owe.

[Ell-enn]

Write a letter to your bank and either hand it in to the branch or send by recorded delivery. Include your name, address and account number. All you need to say is

 

"Please act upon this written instruction with immediate effect. No further payments are to be made in any form to Capital Finance One from my account number XXXXXXXXX. I refer to The Payment Services Regulations 2009, regulation 55 (4)."

[ROGERSNROGERS]

I give UP!!! It's no wonder I have been of work 6 weeks arrrggghhh..........However may be some light at the end of this long tunnel....Will let you know, but for now I have IMPORTANT phone calls to make