Standing Order date on a loan, please help!

choufleur20

Hi everyone, I need help!

In January I started paying back my professional Studies loan with Natwest. The standing order date was for the 1st of each month. I paid the 605 pounds on January 1st and after this was cleared, I changed the standing order date to the 28th of each month (I work abroad and this allows sufficient time for me to send money to the UK).

On the 12th Feb, a payment for 605 pounds was taken from my account with no notification. Even though my online banking (which i rely on 100% as I live abroad) said next payment date as the 28th Feb.

I just spoke to my bank manager and she says because the payment date was set to the 1st originally (6 years ago when I took the loan out!), my account was technically in arrears on the 1st feb when no payment was taken, so they took one on the 12th Feb. And if I want to change date to 28th of each month, I also have to make a payment on the 28th Feb (so thats 1200 pounds this month!). And then from march it will be on 28th of each month.

What can i do about this? I can afford the payment on 28th but out of principle I am furious I was not told about this before payment came out on 12th as had i not had the money for this, they would have kindly charged me 38 pounds for this not clearing. I also hate the thought of them taking 1200 pounds from me this month alone (so they can play with my money!!!)

Thanks for any help with this, it seems ridiculous to me to have to make a double payment just to change a standing order date!!!

dzug1

Your account was not 'technically' in arrears - it was in arrears. To change the date you need to be up to date with payments.

And it's not your money it's theirs - you borrowed it from them and are now paying it back. You can't expect an extra month interest free.

Yes maybe they could have handled it better - but so could you.