Urgent Advice need re RBS/Nationwide loans

Al2008

I have been accepted for a RBS loan, who I currently bank with. On the application it asked which account and if it is with RBS or not that i want the loan paying into/debited from. I put down that it was a Halifax account in my sons name as the money is for improvements on his home, it seemed to be accepted and the agreement will be sent out. However, on looking at the RBS website it says once the agreement is sent back it will be paid into an RBS account of my choice (this may just be wording) - can anyone please tell me if it will be able to be paid/debited into a Halifax account?

Same question re Nationwide.

Many Thanks in advance.

zppp

Al2008 wrote: »

I have been accepted for a RBS loan, who I currently bank with. On the application it asked which account and if it is with RBS or not that i want the loan paying into/debited from. I put down that it was a Halifax account in my sons name as the money is for improvements on his home, it seemed to be accepted and the agreement will be sent out. However, on looking at the RBS website it says once the agreement is sent back it will be paid into an RBS account of my choice (this may just be wording) - can anyone please tell me if it will be able to be paid/debited into a Halifax account?

Same question re Nationwide.

Many Thanks in advance.

Well, you are meant to have an RBS account, but they will still underwrite the loan and if that is all OK, they will let you make payments from an external account. (Especially with the changes in the EC Consumer Credit Directive upcoming) Not sure about Nationwide though.

Al2008

:money:Thanks for this - I do bank with RBS, just makes sense if the loans is for my son that its his account that it's paid/debited from. What are the changes in the directive (not that i knew what they were in the first place ). I have had loans with RBS before with no problems and as i said it stated it had been agreed and the paperwork was being sent out, so all in all you think it will go through ok (i mean on the basis of it going to a Halifax account)?

zppp

Al2008 wrote: »

:money:Thanks for this - I do bank with RBS, just makes sense if the loans is for my son that its his account that it's paid/debited from. What are the changes in the directive (not that i knew what they were in the first place ). I have had loans with RBS before with no problems and as i said it stated it had been agreed and the paperwork was being sent out, so all in all you think it will go through ok (i mean on the basis of it going to a Halifax account)?

Right, can't be too specific but this is the best thing to do if you have an RBS account;

1. Setup the repayments from your RBS account
2. When the branch has set the loan up, ask them to amend the Direct Debit payment to an external account. The branch have brand new mandate forms and you can change the DD to an external account

If you want any other info, PM me ;)