We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Moving acconts
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
-
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
Sleep properly
Save some money0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards