Continuous Payment Authority
Continuous Payment Authority (CPA) authorises a business to withdraw money from a customer’s account without having to seek repeat authorisation. You should read section 3 of your Loan Conditions before you sign the agreement.
Continuous Payment Authority (CPA)
Continuous Payment Authority (CPA) authorises a business to withdraw money from a customer’s account without having to seek repeat authorisation. You should read section 3 of your Loan Conditions before you sign the Agreement. By signing the Agreement you are providing express consent for us to do this.
If you take out a loan with us you agree to repay us the ‘total amount payable’ or ‘instalment amount payable’ on the agreed repayment date/s. We will collect this payment by debiting the debit card you have registered with us on the agreed repayment date/s. You must ensure there are sufficient funds in the account to cover payment on the agreed repayment date/s.
If the payment fails on the date you have chosen we will try to contact you to find out what has gone wrong and work with you to find a resolution.
If we are unsuccessful in collecting the due payment, your account will go into arrears and you may be charged a late payment fee of £15.
We may only try to debit your debit card on two occasions for all of the amount due. This will be over a period of 31 days.
If you have provided us with details of an additional debit card and we are unsuccessful in collecting payment from the first debit card, we may seek payment from the additional debit card for all of the amount due. If we are unsuccessful in obtaining payment from you we may call for payment via the Direct Debit which you set up at the outset of the Agreement.
How To Cancel Your Continuous Payment Authority
You can cancel the CPA by contacting us or by contacting your bank, but if you do you must contact us to arrange another way to repay the amount due. If you are experiencing problems in repaying your loan, you must contact us immediately on 0800 206 1560 or via email at help@piggy- bank.co.uk and we can discuss alternative repayment options available to you.
Need Any Help?
Have a look though our FAQ if you still need any help get in touch using the details below.
Most popular questions:
- What type of credit checks do you do for my PiggyBank loan?
- I have a bad credit history - can I still get a PiggyBank loan?
- Can I defer my payment?