"payment authority" is a correct and usable phrase in written English.
It is typically used in legal or business contexts to refer to a written or verbal authorization for payment to be made. Example: "Before making a purchase, the vendor required a payment authority from the company's accounting department."
She has been instrumental in forcing lenders to scale back their use of "continuous payment authority", the crucial weapon payday merchants use to raid accounts.
At the heart of the payday loan profit bonanza is the "continuous payment authority" (CPA) agreement, which allows lenders to access customer bank accounts to retrieve funds.
The government, which has asked Adedy to join talks on the pay scale, has set up a single payment authority to oversee a simplified compensation system aimed at capping wage escalation and improving fairness.
With Wonga and other payday loans a debit card is given for repayments, and the borrower grants the lender continuous payment authority, which allows them to take payments at any time during the month.
The OFT has today published revised debt collection guidance focusing on continuous payment authority (CPA), a repayment mechanism commonly used by payday lenders which allows them to take payments from a borrower's debit card at any time during the month.
Fisher said: "Our revised guidance makes it absolutely clear to lenders what we expect from them when using continuous payment authority to recover debts, and that we will not accept its misuse".
The OFT is also likely to reiterate its warning about the misuse of continuous payment authorities.
Lenders have also been accused of raiding borrowers' bank accounts using continuous payment authorities (CPAs).
Those practices include the use of continuous payment authorities (CPAs), which allow lenders to withdraw money from borrowers' bank accounts.
Unscrupulous lenders forced borrowers to sign continuous payment authorities, which gave the lenders the right to raid their victims' bank accounts almost at will.
They also cut back the use of continuous payment authorities so lenders can now only make two unsuccessful attempts to claw money out of a borrower's account.
