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Bank pay-day loan cancelling row
http://www.x404.co.uk/forum/viewtopic.php?f=19&t=17218		 Page 1 of 1
Author:  pcernie [ Sat Sep 15, 2012 12:17 pm ]
Post subject:  Bank pay-day loan cancelling row
http://www.bbc.co.uk/news/uk-19598492

Charming. Though I find it hard to have sympathy sometimes for a lot of the people using those schemes :oops:
Author:  l3v1ck [ Sat Sep 15, 2012 3:12 pm ]
Post subject:  Re: Bank pay-day loan cancelling row
If they're legally obliged to cancel them, how can they justofy not doing? Especially as the bank will be liable to refund the customer.Idiots.
Author:  paulzolo [ Sat Sep 15, 2012 6:23 pm ]
Post subject:  Bank pay-day loan cancelling row
The article seems to cite no actual reasons from the banks for not cancelling, just wooly phrases like "in some circumstances".

Given the segment on Watchdog about Wonga not even checking for fraudulent applications seemingly properly, I suspect the payday loan sector sails pretty close to the wind on a lot of things.
Author:  Amnesia10 [ Tue Sep 18, 2012 6:43 pm ]
Post subject:  Re: Bank pay-day loan cancelling row
l3v1ck wrote:
If they're legally obliged to cancel them, how can they justofy not doing? Especially as the bank will be liable to refund the customer.Idiots.

The claim that they cannot cancel repayments to financial firms is probably a way to guarantee that they get priority over all other debts and payments. This needs to be banned and banks fined for each and every single case that this is not followed. Only once the fines start to destroy banks profits will they do anything to stop this practice. It is all so predatory.
Author:  l3v1ck [ Tue Sep 18, 2012 7:04 pm ]
Post subject:  Re: Bank pay-day loan cancelling row
It already is against the rules, and under those rules the banks would have to refund the customer the money themselves (ie not get the moey back from the payee).
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