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Moving acconts
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Pressleyno1
Posts: 174 Forumite
in Loans
I currently have a current account with HBOS, and I also have a loan through them. The outstanding balance is £1300. I'm now going to be closing the current account, and moving to A & L. Now there is a internal standing order set up, if I am to move how are things going to change ? Do you thin it'd be better to get an A & L loan for £1300 and pay off the HBOS loan ?
Feb 06 *****Highest Debt*****
Credit card - £800 in the red // Overdraft - £750 in the red // Loan - £2000 in the red
*****Current Debt*****
Credit card - GONE ! // Overdraft - GONE ! // Loan - GONE ! // Savings (Oct 12) - £6.5K+ :money:
Credit card - £800 in the red // Overdraft - £750 in the red // Loan - £2000 in the red
*****Current Debt*****
Credit card - GONE ! // Overdraft - GONE ! // Loan - GONE ! // Savings (Oct 12) - £6.5K+ :money:
0
Comments
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You probably won't be able to close the account or stop the standing order. This is usually one of the terms and conditions of the loan. This is not really a problem. Just set up a standing order from your new accout to the old HBOS account for 5 days before the loan payment is due.
Can you pay off HBOS with a new loan? It depends on your credit rating. If its OK you should get a new loan. But would you want to? Get a settlement figure from HBOS before you decide. You might find its not worth it.
Regards
XXbigman's guide to a happy life.
Eat properly
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