Peter, if your bank has a local branch, maybe if you hand in a letter of cancellation of payment, to the customer service desk, and insist they read and understand it there and then. Insist also that they note this on your account details. After all, until payday it is still YOUR money and you can do what you like with it. Then take that persons details, name, position , extension number, date and time. If you cannot get to a branch, send same recorded delivery, keep receipt and follow up with a call to them offering the above details and the receipt number. I am sure your bankers cannot refuse an instruction from you. Got to be worth a try. Best of luck.
Completed IVA - August 2012 pheeeeeeeeeew
Only my opinion - Nothing More Nothing Less
i have just been on the phone to my bank and they will not budge on the fact they are unable to cancel the payment going out of my account from my card each month,even arguing with them hasn't helped. I have cancelled my card but they said the payment would automatically get taken from the new card!!! so i have told them i will cancel the bank account. How on earth can these things go on when its your money they are playing with, and money i don't have. Luckily i have phoned the company who are taking the payment and quite calmly told them that i want it cancelled. I had to explain i was in the process of an iva and that i did not have the funds in the bank as i was changing to a new bank. Only problem is i have had to leave money in to cover 2 direct debits which cant be cancelled yet so i could have a problem if they still go ahead and apply for their money. I think there is something drastically wrong when the banks cant stop someone taking your money, i call it theft.
I would cancel the direct debits and make payments over the phone for this month, while your IVA is getting sorted out, just in case you have insufficient funds for whatever reason and you get charged.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
This has been found from moneyaware.co.uk 'Earlier this year the Financial Services Authority (FSA) confirmed that under the Payments Services Regulations (PSR), a customer can cancel a continuous payment authority by contacting their bank or the card issuer.
Once you’ve told the bank to cancel the authority, it becomes an ‘unauthorised transaction’ and the bank shouldn’t make any further payments. If the bank does make a payment they’re in breach of the PSR and you’re entitled to an immediate refund (or slightly later if it’s a credit card payment).
The banks have now accepted this as their obligation under the PSR. Unfortunately the technology isn’t in place yet for the bank to be able to stop the payment if the payday lender requests it but the bank must still re-credit you with the payment.
In the future the banks will change their technology so they can stop any payments, but unfortunately we’re not sure when this will be available.'
Completed IVA - August 2012 pheeeeeeeeeew
Only my opinion - Nothing More Nothing Less
Hi thanks for that i will get back onto them with this information, i just think its ridiculous that they are unable to cancel this sort of instruction.Lesson learnt i will never make this mistake again
hi niobe, yes thanks i have opened up a new account and have transferred most of the direct debits over, only 2 left in my old account which are due out soon.
Helpful advice from The Artist - thank you for posting those details. It is about time the banking industry started looking after its customers, especially given its track record over recent years. Ludicrous that someone cannot instruct their bank to cancel a payment instruction.
I have cancelled all my direct debits and my money when it is paid in from wages will be going into another account.
I have pushed my payday loans back by a month to stop being taken
My only concern is one of the direct debitsa is Lloyds who I bank with, scared they wil take the whole of my wage to cover the full loan now I have cancelled DD?
i do feel sometimes the bank dont help when your in trouble particually when your over drawn and the keep charging you ....i once ahd the same problem with the long number on your card and they were really funny about cancelling ! i mentioned reporting them to the fraud dept and they soon cancelled it .not sure if correct advice ,but why pay anymore money across if going to a iva ?
