Secured Loan... LEGAL ??

mad_bad_spender

So you paid the jan payment and they then started a new loan arrangement from feb but does this take into account the jan payment you made??

did they try to take a payment in feb? have they tried to restart dd at all since jan?

is it a new loan agreement or a new payment arrangement as these are kind of different things, if you missed a payment due to the cancelled dd they can restart the payments and take this into account :ie if you miss a month then they could either increase the loan term or the monthly payment and this would not be a new loan arrangement as such it would just be an adjustment due to the missed money, they are within their rights to do this but should notify you of this...

PSPman

Agreement was #123, we signed this agreement.... first payment was set for one month from onset

They took the first payment within the first week (Jan) we therefore canceled the payment in Feb because they already had it and commenced in March

They CANCELED the agreement we signed in Jan and restarted the loan under a new agreement number in the latter of Feb

That way the new agreement had its first payment in March we paid in March thinking it was our second payment and so on