Royal Bank of Scotland Loan

jamie07971

Hi

I have had my loan with RBS for about 2 years now. I have just stopped using my RBS bank account where my loan payments were coming from due to me trying reclaim my bank account charges back.

Anyway, I am trying to get RBS to set up a new direct debit for my loan payment to come from my new A&L bank account - however they are refusing to do it stating that I must pay from my RBS account.

Is this correct? I cannot find my contract with them to check if this was in the conditions?

I am willing to pay my loan just not from my RBS account. Any advise would be appreciated!

Jamie

epsilondraconis

Not sure about your T&C's - perhaps you got a better rate because you were an RBS customer and therefore you have to pay it from your current account?

You could set up a standing order so each month the money is transferred from your A&L account to your RBS account. Your loan repayment can then taken out of your RBS account.

yorkshire-lad

im not sure mate, but i would read the small print, you may come across something in there.

i recently had this problem with HSBC, i have a personal loan with them and was changing banks but they wouldnt let me set up DD with another bank(Co-Op).
so i used this to my advantage and just have my DD's coming out of HSBC,using a SO to pay the funds from Co-Op to them on payday.
and then all the left over is for my use.

im currently trying to reclaim charges off HSBC, there charges were ridiculous!!

jamie07971

I have written to them today to request a copy of my Credit Agreement - I hear that RBS are very bad for misplacing these! If they have then I believe this puts me in a very good position!

Thanks for your replies - I will read through the agreement if/when it comes through.

Jamie

amanda40

It may be to do with the Royalties Account - many year ago we had a loan from them and the payment came from the royalties account. I wanted to close it a few years down the line after we switched to A&L, but because we had go a 'prefereential' rate we couldnt till the loan was paid off!

jamie07971

I have never had a Royalties account so I wouldn't have thought that would be the reason. Just seems silly either they want my money or they dont? lol

gingerpuss

I am in exactly the same position - changing banks from RBS to Halifax - and with an RBS personal loan. I did find my agreement and it says on it that if you have a current account with RBS your repayments must be made from that account. I must say I never noticed this when I signed up!