Loan payments from another account?

CHR15

KerryL wrote: »

Not come on here to be quizzed - just to ask a question!

Probably best to go and find another forum to post on then.

My guess is that your mum cannot get a loan due to poor repayment history, and she is pimping your credit file so she can continue spending money in online Bingo sites.

She will stop paying, you won't be able to afford the repayments and consider yourself hard done by and victimised when they chase you up and you will both have bad credit.

It's not a quiz question, just a guess.

never-in-doubt

CHR15 wrote: »

Probably best to go and find another forum to post on then.

My guess is that your mum cannot get a loan due to poor repayment history, and she is pimping your credit file so she can continue spending money in online Bingo sites.

She will stop paying, you won't be able to afford the repayments and consider yourself hard done by and victimised when they chase you up and you will both have bad credit.

It's not a quiz question, just a guess.

Hang on a minute - think you're bang out of order here mate!

The OP has a valid point, no need to face the Spanish Inquisition..... How on earth you can judge she spends on bingo sites is astonishing, so is your ignorance to imply that all mums do this (what, you think they all log-in to foxy bingo and watch jeremy Kyle in the morning?)

Let me tell you my wife doesn;t and she's a mum! :beer:

But the answer from jones is right, and valid, sending payment from mums a/c to the OP's a/c seems the easiest option, otherwise just open the loan then change bank details later.....

~Brock~

Kerry, what was the stated purpose of the loan on the original application? Do they know it is for your mum? If not the I wouldn't suggest that after it has been granted that you then go and ask them to take the payments out of her account - it may alert them to something they were not made aware of at the application stage.

never-in-doubt

~Brock~ wrote: »

Kerry, what was the stated purpose of the loan on the original application? Do they know it is for your mum? If not the I wouldn't suggest that after it has been granted that you then go and ask them to take the payments out of her account - it may alert them to something they were not made aware of at the application stage.

After it has been granted (ie they have the funds) then it doesn;t matter really! Worse case scenario you simply say 'i want to pay from this account' - that's it, tough! Nowt to do with the bank is it? Its still payment after all......

Money is still money, however it comes! I am anti drugs (yea right) but realise that almost 90% of the £20 notes in circulation have been around drugs in some capacity (probably even been up some druggies nose).... but that doesn;t stop me accepting a £20 if offered one!

CHR15

never-in-doubt wrote: »

Hang on a minute - think you're bang out of order here mate!
,

Quite possibly, but the OP doesn't have a valid point at all.

Do you know of any loan application which does NOT ask for the purpose of the loan??

On the assumption you do not know of one either, do you recall seeing, "to obtain a loan for someone else" on the drop down list?

I did say at the start of my post, it was my guess, not a statement of fact.

If the OP does not want the advice to stand a guarantor or get the mum to apply, IMO there is something odd about it, hence my guess.

never-in-doubt

CHR15 wrote: »

Quite possibly, but the OP doesn't have a valid point at all.

Do you know of any loan application which does NOT ask for the purpose of the loan??

On the assumption you do not know of one either, do you recall seeing, "to obtain a loan for someone else" on the drop down list?

I did say at the start of my post, it was my guess, not a statement of fact.

If the OP does not want the advice to stand a guarantor or get the mum to apply, IMO there is something odd about it, hence my guess.

LOL, ok, I see your logic but the purpose of the loan is 'other' and in there they could put 'to help a relative'..... for instance, people who get banged up abroad, parents etc will remortgage house and stuff (i.e. give the real reason!)

If mum is in debt or has bad credit file, then it could be that she wouldn;t get a loan so kids could help.... nowt wrong in that at face value....

I don't entirely agree with the assumption that mum sits at home playing bingo though - thats what i'm saying..... :beer:

KerryL

never-in-doubt wrote: »

But the answer from jones is right, and valid, sending payment from mums a/c to the OP's a/c seems the easiest option, otherwise just open the loan then change bank details later.....

That's what I wanted to know, thanks!

I see what you are saying about transferring the money, but it's just the hassle really - and its something else for me to keep tabs on (as if i haven't enough already!) - so its just easier for me for her to control it from her account. Does that make sense?

And no she doesn't spend all day playing bingo, or watching JK, she works very hard and is in full time employment.

YorkshireBoy

As part of the LTSB online application you're asked for your bank details for direct debit purposes (which seems to be a condition of acceptance, ie repayments must be made by direct debit). Indeed, they say they'll send out a DD mandate to be signed.

Because a DDI can be cancelled with one phone call to the bank I can't see LTSB agreeing for one minute to have the repayments made from an account that is not in the applicants name (whether sole or joint).

What you're saying is "I want the loan but someone else will be paying you back".

never-in-doubt

KerryL wrote: »

That's what I wanted to know, thanks!

I see what you are saying about transferring the money, but it's just the hassle really - and its something else for me to keep tabs on (as if i haven't enough already!) - so its just easier for me for her to control it from her account. Does that make sense?

And no she doesn't spend all day playing bingo, or watching JK, she works very hard and is in full time employment.

There you go: http://www.lloydstsb.com/loans/personal_loan_summary_box_page.asp

Nothing in there about having to pay DD from the debtors bank account; it just says has to be paid by DD.

I'd just open the loan and then change the DD at later date, make the first payment then change it - they cannot exactly cancel the loan or do much about it......

YorkshireBoy

never-in-doubt wrote: »

Nothing in there about having to pay DD from the debtors bank account; it just says has to be paid by DD.

But see here...

once your personal loan application has been accepted we will send you a loan agreement and Direct Debit forms for your loan repayments

https://secure.lloydstsb.com/online_forms/loans/personal_loan/getting_started/useful_information_page.asp

The DD form will require the account holders name. Don't you think it'll look odd if this is different to the loan applicant's name?

The only way, if indeed LTSB will allow it, is to ask for a sort code and account number (and also a reference?) so that the OP (or more accurately her mother) can pay by SO BACS/FP transfer instead.