How do I stop recurring payments for loans?
You can cancel a continuous payment authority by contacting your bank or the company taking the payment.
When you cancel a CPA it means you’re withdrawing your permission for the creditor to use your card details in the future. If any more payments are taken after you’ve withdrawn your permission they’d be ‘unauthorised’.
The deadline for stopping a CPA payment is before the close of business on the working day before your payment is due to be taken.
- If your payment was due to leave on a Friday, you’d need to get in touch with your creditor or bank before they close on the Thursday to cancel it.
- If your payment was due on a Monday, you’d need to cancel it before your creditor or bank closes on the previous Friday.
If you miss this deadline you won’t be able to stop the payment being taken.