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Hi all, if I phone my bank to cancel my card, will a loan company still be able to take money out of my account? Cancelling the card will get me a new card number but they still have my account number so will they try it?

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Safer bet open a new account. New account number , sort code etc.!

I would close the account! Open a new one with a different bank!.

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But, stopping them taking the money by closing your account, or cancelling the CPA or whatever you choose to do doesn't make the debt go away. Be mindful that they may add charges for a failed payment.

 

Cancelling your card as lost, on its own, doesn't cancel any Continuous Payment Authorities, they continue to work. Otherwise you'd have to set them all up again every time you got a new card.

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Yes. They will still try it, but you should cancel your Continuous Payment Authority:

 

http://www.fca.org.uk/news/continuous-payment-authorities-your-right-to-cancel

 

Thanks for the link but it just mentions the long number on my card, so a new card would mean a new number. It doesn't say anything about my bank account number.

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Thanks for the link but it just mentions the long number on my card, so a new card would mean a new number. It doesn't say anything about my bank account number.

 

 

Cancel your Continuous Payment Authority.

 

Perhaps you know better.

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But, stopping them taking the money by closing your account, or cancelling the CPA or whatever you choose to do doesn't make the debt go away. Be mindful that they may add charges for a failed payment.

 

Cancelling your card as lost, on its own, doesn't cancel any Continuous Payment Authorities, they continue to work. Otherwise you'd have to set them all up again every time you got a new card.

 

They should only have authority to take money from my card number though shouldn't they? Not my bank account.

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You can cancel a DD or a standing order either online or by calling your bank. You have control over what leaves your account unless you sign a DD mandate until you cancel it.

 

Not advising this necessarily as I don't know your circumstances and the reasons you wish to do this

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Cancel your Continuous Payment Authority.

 

Perhaps you know better.

 

Will the bank be able to tell me if I have any CPA's on my account?

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They should only have authority to take money from my card number though shouldn't they? Not my bank account.

 

Not quite. You have given them authority to debit your card account, not the specific card number. Cancelling the card does not rescind that authority so they can still claim the money, provided the card was valid at the point you gave the continuous authority.

 

May I ask why you want to cancel it?

 

---------- Post added 30-05-2014 at 23:49 ----------

 

You can cancel a DD or a standing order either online or by calling your bank. You have control over what leaves your account unless you sign a DD mandate until you cancel it.

 

Not advising this necessarily as I don't know your circumstances and the reasons you wish to do this

 

But from what the OP has posted, this payment is neither a Standing Order or Direct Debit, it's a CPA which is different.

 

http://www.moneysavingexpert.com/banking/recurring-payments is quite a good guide.

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Will the bank be able to tell me if I have any CPA's on my account?

 

Absolutely.

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Will the bank be able to tell me if I have any CPA's on my account?

 

Probably not, they aren't listed like Direct Debits etc.

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