What next?

[Taureanbull01]

Hi,

 

My minicredit loan is due tomorrow. Like others I find myself unable to pay. My hours at work have been cut by half and we are being paid cash so I have no funds in account at all.

I emailed minicredit 3 days ago advising them all this and requesting a repayment plan for the loan plus 1 months interest.. Same email again today. I have had no reply as yet. What do I do now?

Many thanks in advance!

[renegadeimp]

Secure your bank account. They WILL try and clean it out then ignore any correspondance.

[Taureanbull01]

I've cancelled my card already, basic account and no overdraft and have a zero balance.

 

Do I just wait for them to start mithering me or shall I send them more correspondence?

Edited May 12, 2013 by Taureanbull01

[renegadeimp]

Cancel the cpa or the bank will let them take you into an unauthorised overdraft

[Taureanbull01]

Even on a basic account where one isn't permitted?

[renegadeimp]

Yep. Plenty of banks do this. Remember, a basic account is a normal account with all the extra's deactivated.

 

Get the CPA cancelled and have a read of Regulation 55 of the payment regulations 2009.

[Taureanbull01]

I guess I'm too late, the payment is due tomorrow!

[renegadeimp]

Nope. Ring the bank up and tell them. Go higher and higher up the chain if they try and fob you off. By LAW they MUST follow your instructions:

 

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.

[Taureanbull01]

Thank you, will let you know.

[Taureanbull01]

Just a thought...I have another account with the same bank. If some money goes into that one can the bank move my money to pay Minicredit straight away or will I have time to withdraw it? Terrified of waking up in the morning and being overdrawn!

[renegadeimp]

You can if you want. The bank may and offset the other account. Its not normal but its not rare.

[Taureanbull01]

As I haven't been able to discuss with my bank today I have sent an email requesting the CPA to be cancelled with the company as I have not authorised them and also that should payment be taken even though I have cancelled my card, then I will require a full chargeback so I can continue my dispute with the relevant company. This ok?

Also, if I go and close my account, is it done immediately?

[renegadeimp]

http://www.consumeractiongroup.co.uk/forum/showthread.php?336569-How-to-remove-a-lender-s-continuous-payment-authority(2-Viewing)-nbsp

[Taureanbull01]

Well I have had a response from some numpty in Customer Services at Natwest, in broken English, telling me this cannot be done by me emailing them and I have to go into a branch. Is this not total rubbish?

 

No money has left my account this morning?!

[renegadeimp]

So they got your instruction. Thats all that matters. They can demand you go into a branch.

[Taureanbull01]

Thanks. So I do have to go in branch and argue the toss with someone there?

[Taureanbull01]

Hi again,

 

Money not allowed to be taken from my account, subsequently I have received the standard default email from minicredit saying they have added 25 charges on and will add another 55 on 16 May should I not pay. Do I ignore them or send yet another email to them requesting a payment plan?

[renegadeimp]

You owe a single default charge. Nothing more. However, it must be a default charge and not a late payment penalty fee.