Delayed card transactions and consequences

(Rhys Short) #21

I had an interesting experience with debt collectors. I say interesting because they were incompetent they couldn’t read a map or road signs! For months they hand delivered lettters to my house (same number different street) instead of the one they were supposed to go to. Thank fully the collector when they came knocking was professional and slightly embarrassed when informed it wasn’t the house they were looking for.

(Kevyn) #22

As was mentioned earlier in the thread, a card authorisation is valid for 6 months. Whilst, if a company doesn’t take the money in a few days and your bank releases it back to you, the original authorisation can still be executed up to 6 months later if they subsequently want to take it has has happened to nanos.

As others have mentioned, you are liable for debts for up to 6 years (unless you acknowledge the debt within that time then the 6 years start again), but some debts like court fines are not statute limited. Use the Stepchange link by Danny for more details.


Is that generally true, and do you have any evidence? I’m asking because the bank insisted that there was no time limit at all, and if you have evidence to the contrary, then I’d like to take that to them.


The FCA had changed a lot of debt collection rules. Unless it’s the council they can’t do shit like that anymore. There’s ways and means of handling and if say the company I worked for followed TCF extremely well. I wouldn’t mind if they ever bought my debt :woman_shrugging:

There are some shitty companies out there. People are just not taught enough financially.

(Pauline) #25

Very similar thing happened to me but with Monzo not a competitor and the response I received was the merchant hadn’t collected the charge within 7 days so was auto reversed, some 2 weeks later the merchant submitted an offline presentment and the charge was made again to my card. I didn’t receive a notification from monzo and only noticed when I logged into the app.

(Christos) #26

That’s very interesting, especially as people start transitioning from prepaid Monzo to CA.
I’d assume most are have emptied their prepaid accounts and frozen their cards (I’ve done so at least). What would happen then?

(Tony Hoyle) #27

Then the merchant is out of luck due to their poor accounting, IMO

In theory they could chase the debt but if it’s a cup of coffee or something it’d cost them far more to chase it than it’s worth.

It’s something that’s going to come up as more accounts become available with instant notification - we get to see who the good and bad merchants are.