Loans - Bank helping themselves to your money...

alberte

Hi

I hope someone here can help, a couple of years ago I took out a student loan through a high street bank. I was told I would only have to start paying it off when I qualified, I haven't qualified yet and can't really afford to make any payments yet. They send me a statement every six months but have never requested I make any payments. I have also got a current account with the same bank and today I've gone to check my account and note that they seem to have taken the whole loan amount from my account meaning they've cleared what money I've got in there and have left me with a massive overdraft. I can't withdraw any money. I have never agreed for any overdraft to go on that account. Does this make sense? Can they do this? I wont be able to contact them until tomorrow morning and sincerely hope it's some mistake on their part but if it's not, I'd appreciate some advice.

Thanks in advance.

PNPSUKNET

You need to refer to your terms, but normaly banks have it built in that they can

alberte

PNPSUKNET wrote: »

You need to refer to your terms, but normaly banks have it built in that they can

They can clear your account at any time for the whole amount of the loan, leaving you with an overdraft without ever discussing repayments? It doesnt seem to make sense.

olly300

alberte wrote: »

They can clear your account at any time for the whole amount of the loan, leaving you with an overdraft without ever discussing repayments? It doesnt seem to make sense.

Read your paperwork for the loan.

Banks can take money out of one account to pay off another account.