What will they do

happyhaddock_2

Hi good people:A, just need a bit of advice please.

As some of you know I'm in the process of setting up a DMP with CCCS:j. I've got a new Co-op a/c and have been cancelling my DD's and trans them to the new account. My old bank is RBS and I have an overdraft of £1500 (£8.94 available:o) and a loan of £3400 payable at £111.30 per month. I cancelled the DD for the loan 2 weeks ago but today is the due date so I've just checked to see what's gone on and RBS have applied a payment of £111.30 to my loan:eek:, the DD is still showing as cancelled and my current account balance is the same- ie £8.94 available.

Please can anyone tell me what they're likely to do, return the payment unpaid OR push it through on my overdraft which would take me over the limit and incur charges:mad:. Any help gratefully appreciated:)

niccatw

Does the payment that has been applied say where it has come from? If it shows they've taken it from your RBS account then it's likely they will charge you, but I'm not entirely sure, I'm afraid.

Hopefully some-one more knowledgable than me will come along imminently. Sorry I couldn't be of more help.

Good luck with your DMP.

miss_lisalou

Hi Happyhaddock. Does the RBS know about your DMP yet and what the proposed new monthly repayments are likely to be for the loan?

I had a similar situation with First Direct, a loan and an overdraft and when I started a DMP the bank combined the two together so there's just 1 monthly repayment. But I think it would depend how far down the process you are with your bank in them agreeing to the reduced repayments. It's possible that if you cancelled the d/d they would take repayment from your current account, even if this means taking it over the agreed o/d limit. But if it's not shown as having debited your current account it sounds like you may just find the reversal for this transaction on your loan account tomorrow (ie the system has caught up with the fact that the repayment has not been made, but then you might get a nasty charge)

I would phone them first thing to make sure they know what's going on, and then (fingers crossed!) they might be more understanding about not applying charges to your account

happyhaddock_2

Thanks for the replies.:)

Lisalou it hasn't been debited to my current account yet, it's just showing as a credit on my loan account, will be annoyed if they can just take it then charge us for going over, after I've cancelled the DD:mad:. Also I spoke to CCCS today and they advised not to let RBS know just yet until all my payments have been switched to the new account in case they freeze the account and we cant get them out:(. Not sure what to do now, think I'll see if they reverse it tomorrow.

Thanka again:)

miss_lisalou

Ah, I see. I would stick with what CCCS have advised you - I've found them very reliable to date, they have nothing to gain by way of profit etc so to me that makes their advice more credible. Maybe it'll just mean a charge for this month until the DMP is in place.

Have you had your RBS loan and current acc long? If you've been a good customer to date, you can always write a polite letter afterwards asking for any charge to be refunded...always worth a try!

niccatw

How did you cancel it? Online? Through the branch? Maybe they've not processed it this month yet? Definitely keep an eye on it.

RBS is a pain! I just switched accounts and they gave my new bank all my direct debit details apart from the one that goes to my RBS loan. The new bank haven't set it up despite me correcting this on the paper work. :mad: Half the reason I opened the new account was to separate my pay from going into the same bank as the loan is with! Bl**dy banks!

Poosmate

If you only have £8.94 available in your current account and you still have DD's/SO's to go out won't you go over your overdraft anyway and incur charges?

I think I would be inclined to call them and let them know as Miss Lisalou said they may be more understanding.

Poo

happyhaddock_2

Poosmate wrote: »

If you only have £8.94 available in your current account and you still have DD's/SO's to go out won't you go over your overdraft anyway and incur charges?

I think I would be inclined to call them and let them know as Miss Lisalou said they may be more understanding.

Poo

Hi, I've been quite lucky with my DD's as they've all been trans over in time for me to be able to fund them from the new a/c:) the only one left live is for my RBS mortgage which I'll leave funds in to cover.

I cancelled the DD online two weeks ago, when I contacted CCCS and we've been with the bank for 27 years so am quite sad to be doing this:o

Thanks again for the help:)