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Payday loans and CPAs
Posted by Paula, CCAB.
Updated 1320 days ago in: Information Sharing
However, since 2009 banks MUST stop payments if requested. In June 2013 The Financial Conduct Authority, found many banks and building societies failed to cancel payments when asked, telling customers they would have to contact the retailer to cancel. The Financial Conduct Authority says:
"You have the right to cancel them directly with your bank or card issuer by telling it 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."
If you asked them to cancel and they didn’t, you can now reclaim any payments made since you requested cancellation.
Further info can be found here: http://www.moneysavingexpert.com/banking/recurring-payments