Do I have the right to move this dd to new account?

GizmoBradwell

To cut a long story short

I moved house last March08 and got a new online current account with another bank in Aug08, but I havn't updated my previous online current account with my old bank to the new address and want to close it now i have the new current account and don't use the old one anymore.

But, when I had my new bank transfer all the dd's over from the old one there was one that wasn't transferd so i rang the old bank to find out why, they said i couldn't move that dd because it is paying off the online loan i have with them. Besides that, I need to get new cheaper rate online loan from the new bank to pay off the expensive overdraft with the old account (don't want to shift the overdraft to 0% credit card, don't want a credit card), but like I said I just can't close it apparently.

Can they dictate where my dd is comming from to pay my loan off, locking me into keeping a current account with them that I don't need or want?

Thanks for reading, hope you can help

CLAPTON

if the T&Cs of the loan say you must repay by DD from their current a/c then you must do so or refinance the loan elsewhere... why is it a problem to keep the old a/c?

GizmoBradwell

Thanks for reply It could be in the t&c's but I thought it uncouth and was wondering if anyone else has had this?

I could keep the account, but I don't know if it will bite me in the bum that i've not updated my address for 10 months, and becuase i don't use it i would rather just close it you see...

CLAPTON

It seems rather high risk not to update your address... do you receive statements etc or do you look on line... I'm sure it won't look good on your credit file having 'live' accounts with different addresses.
Also if you apply for credit it often looks better to say you have a bank a/c for 'n' years rather than 6 months

cte1111

Just change the address on your old account, don't think it would take any longer than posting on here, and then everything would be up to date without any potential problems.