I've just read an article that alerted me to a credit card problem that I've not heard of before. Recurring payments authorise companies to take a regular payment, just like a direct debit - but it doesn't automatically end when you close your account, and it's up to you to keep track of the recurring payments you've set up.
So a company with whom you have previously agreed a recurring payment can take a payment from a card that you have closed down, prompting a bill from the card company for a card that you thought was no longer operational. Apparently some people have had problems if they've moved house, as the bill has gone to their previous address and they've ended up with a poor credit score, because they haven't paid a bill that they didn't know existed.
Anyone been affected by this, or know anything about it?
So a company with whom you have previously agreed a recurring payment can take a payment from a card that you have closed down, prompting a bill from the card company for a card that you thought was no longer operational. Apparently some people have had problems if they've moved house, as the bill has gone to their previous address and they've ended up with a poor credit score, because they haven't paid a bill that they didn't know existed.
Anyone been affected by this, or know anything about it?