Cant pay Swift Sterling, well like many payday loan companies they will have asked when the loan was taken helps to set up a CPA (continuous pay authority), the difficulty for not only you but many others is that when repayment is due Swift sterling may debit your bank account taking the whole amount as opposed to a partial payment which was part of the original agreement.
This leads to customers taking on additional payday loans to pay the first one, obviously it is very easy for this to get out of control.
If you cant pay Swift Sterling then you need to know that payday loan companies like Swift Sterling have computer-generated systems to assist them to recover their debts, many of these are involves multiple phone calls texts and emails to your home and also often work. This is a tactic to put pressure on you to repay the loan. Often explaining that you have a priority debt and payment would result in being unable to pay for gas or electricity services or even buying food! The best way is to write the letter similar to the one below
If you cant pay Swift Sterling then it will be important that you cancel the CPA that is associated with your bank account so that money is not just taken one may feel they want to.
Threats of prison or repossession by payday loan companies are simply threats they have no legal power unless the instruction is from a court. In this case you may simply want to tell the court that you wish to pay them back but the company is ignoring your suggestion this will often work in your favour.
Letter to be sent to your bank to cancel your Continuous Payment Authority (CPA)
This cancellation letter relates to:
Swift Sterling: Account/Agreement No:
Cancellation of Continuous Payment Authority
Dear Sir / Madam
My payday loan with Swift Sterling is being paid using a continuous payment authority. (CPA)
I’m withdrawing my authorisation for any more payments to be taken from my account for this debt.
The last 4 digits of the card these payments are being taken from are ****
In line with the payment services regulations which are run by the Financial Services Authority, any more payments taken from the card will be an unauthorised transaction.
Please confirm that this has been done.