What is a Continuous Payment Authority (“CPA”)?
A CPA is a type of regular automatic payment that you can set up using your debit or credit card. The CPA attaches to the bank account or credit card account to which your debit or credit card is associated.
A CPA authorises us (the lender) to withdraw sums from your (the borrower’s) nominated bank account using debit card details, subject to specifically agreed terms which are fully disclosed and agreed through the loan application process, but not through a direct debit, standing order or similar payment mechanism.
Once agreed, a CPA allows us to take a series of agreed payments using your debit card or credit card without having to seek express authorisation for every payment.
Whilst CPAs are a handy method of payment, it is very important that – before you apply for and accept the offer of a loan from us – you are fully aware of the implications and the obligations upon you.
How much do I have to repay?
You will have to pay back the amount of credit and interest on the agreed dates as detailed in your pre-contractual information and your loan agreement. We will take payment from the debit card(s) whose details you provide to us.
We usually attempt payment twice on the agreed repayment date. If funds are not available on the agreed repayment date the CPA will be unsuccessful and we shall contact you in order to rectify this. If the missed payment is not rectified within three days from the agreed date a late payment fee of £15.00 will be added to the account as well as further interest on all payments at the rate of 0.7% per day subject to the total amount of interest payable under this agreement not exceeding 100% of the amount of credit provided, including all interest, fees and charges.
We will not seek part payment (a sum due which is less than the full sum due at the time of our original payment request) unless we are willing to accept such less sum and, after being notified of that sum and when a payment request would be made, you give us express consent to make such a payment request.
By providing us with your debit card details:
You authorise us to take payment by debiting the debit card(s) whose details you provide to us when applying for a loan, at the agreed date of repayment (on the terms set out in the credit agreement).
We will notify you prior to payment(s) falling due that we will be seeking payment under the CPA. We will also notify you of any unsuccessful attempts to elicit payment under the CPA. The CPA has a lifeline of two unsuccessful payment attempts before requiring renewal as per the Financial Conduct Authority rules.
You must notify us immediately in the event that your bank account and/or debit card details have changed (for whatever reason – for example, because you have closed your bank account or you have lost or cancelled your debit card).
How else can I repay my loan if not via CPA?
You can repay your loan by phoning up and providing the card details to us or via a direct bank transfer using your loan reference as the payment reference. If you would like to alter your method of payment please contact us directly.
Altering the date of payment
Should you wish to change the date of payment you can do so by contacting us and letting us know. The payments and the CPA associated with each repayment will be set-up as detailed on your Pre-Contract and will be confirmed again on your Credit Agreement.
How CPA can be cancelled?
You can cancel your CPA with the bank or card provider and/or with us (that is, the company seeking to collect the payment under the CPA).
If you have already instructed your bank or card issuer to stop any payments and to cancel the CPA, we would ask that you also notify us.
You may cancel your CPA by contacting us directly.
Phone: +44 203 818 7470
Post: 34 The Mall, High Street, Bromley, BR1 1TS
Please note that payments taken prior to cancellation being received will only be considered for a full or partial refund at our discretion.
You must be aware that if you cancel the CPA, you will still be responsible for paying any money that you owe under the agreement (including any interest and charges that may accrue). You should also ensure that you agree with us appropriate, alternative means of repayment.