Continuous Payment Authority (sometimes known as Recurring Payments) is the method in which we collect your loan repayments. During your application you will submit your Debit Card details and pay date and pay frequency (monthly, weekly etc). When your loan is approved we will automatically take the instalment from your Debit Card on your payday. If this is declined we will contact you to make arrangements to collect the instalment and to get authority to re-set the CPA ready for the next instalment. This is slightly different to Direct Debit as there is no charge from your bank for a failed payment. When your instalment loan application is complete you will be provided with the dates and amounts due before the loan agreement is set up so you can see exactly what you will be paying and on what dates.
Further information on our Debit Card Continuous Payment Authority can be found under section 3 in your Loan Agreement.