My bank has closed my account..

Sunshinesaf

I missed my bank loan payment by 20 days - the 1st time ever, since i had taken the loan, can they close my account as such? i have banked with them for 9 years & they are a large organisation, i am currently out of work which is why i stopped the payment as i didnt want to incure any charges.

zppp

Sunshinesaf wrote: »

I missed my bank loan payment by 20 days - the 1st time ever, since i had taken the loan, can they close my account as such? i have banked with them for 9 years & they are a large organisation, i am currently out of work which is why i stopped the payment as i didnt want to incure any charges.

They can default your account, which means they will then be able to sell any debt on to a debt recovery agency. I would suggest you speak with them asap to avoid them taking this sort of action, and to agree the repayment plan for the missed payment on your loan.

savagej

You need to miss 3 payments completely as far as I was aware before you can be issued with a default notice, then if you comply with the notice before the date given on it, you are back in the "good" books so to speak. Well if you acts before the date on a default notice they cannot terminate your facilities.

pmduk

I don't think they can default an account on a single missed payment. Contact them now to prevent the situation escalating. The size of the company you're dealing with is irrelevant.