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

 

If I just ask the bank for a new account will they be able to do it over the phone and just shut the other one. I just dont want them to have my account number and send me slips to pay what I can when I can.

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If I just ask the bank for a new account will they be able to do it over the phone and just shut the other one. I just dont want them to have my account number and send me slips to pay what I can when I can.

 

You might have to go into the bank, and if you get a new account you'll need to re-direct any credits (salary etc) and set up new Direct Debits for any other bills. The best advice would be that posted by cgksheff near the start of the thread, cancel the CPA.

 

But remember that this may well put you in breach of the loan agreement, which may well say you have to pay by this method. They may charge admin fees for paying by cash as this is an expensive way to collect payments and statistics do show that people who pay in this way are more likely to be late payers or default.

 

Does the agreement allow paying in what you can when you can? Most loans will require at least a minimum payment on a set date each month. Some loans don't allow overpayments either.

 

I do not wish to make assumptions, but if you are struggling to make the repayments then talking to these wonderful people may be helpful: http://www.stepchange.org/ - if I have got the wrong end of the stick please don't be offended as it was not my intention.

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If you are struggling to pay, then why not phone the loan company?

 

Taking evasive action not to pay will only aggravate them to get their monies in the terms and agreement which you signed, contacting them and trying to sort out an arrangement is your best bet forward.

If you were to lend a friend let's say £100 and agreement pay you back £ 5 a week and they were struggling, would you sooner they cut ties with you and leave you without, or would you appreciate their honesty saying I can't afford £5 a week can I reduce to an amount that is more manageable to me?

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If I just ask the bank for a new account will they be able to do it over the phone and just shut the other one. I just dont want them to have my account number and send me slips to pay what I can when I can.

 

Why dont you sort the problem out instead of just stopping payment and buried head in sand? it will catch up with you, by that time with baliffs fees etc etc your debt will more then double. ring them and come to a sensiable payment plan you both can accept. no company will let you pay whatever you feel you can afford!!!:huh:

 

How much do you owe?

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