A pay day loan is a short-term loan meant to tide you over unless you receives a commission.
We have a cash advance 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.