Payday Loan Help Debt Consolidation

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If you know that the payday loan payment is going to be impossible to pay then it’s better to stop it before the company tries to take a payment. Payday loans will usually make you sign up to something called a continuous payment authority (CPA) when you take out the loan. This gives them permission to take payments from your account linked to your debit card.

While CPAs are trickier to cancel than a direct debit, it is possible. This post will take you through how to cancel a continuous payment authority and provide you with links to template letters you might need.

Bear in mind that you may incur charges for not making the payment on the loan, though if they request a payment and the bank rejects it, you get these charges anyway (plus the bank charges on top).