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New Jersey Payday Loan

We have a pay day loan being obtained from my account by Continuous Payment Authority

We have a pay day loan being obtained from my account by Continuous Payment Authority

We have a pay day loan 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 payments, as an example to pay for right back a quick payday loan
  • regular payments, such as payments for a gym magazine or membership membership

The principles about cancelling card that is future usually do not use to card acquisitions for products or solutions, such as for instance in a store or spending a resort bill.

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You agreed if you stop payments which relate to another agreement, such as a loan or to pay for a club or gym membership or a magazine subscription, you’ll need to make another arrangement to pay the money.