Finance Payments

Sjlgie

Hi
My son has purchased a new car through Nissan Finance. His first payment was due to be taken from his bank account at the beginning of this month. He accidentally gave them him savings account details which I don't think you can have a direct debit set up from.

Today he realised that the money hadn't been taken and he phoned them and said that the payment hadn't been taken from his account. They said that all was well their end and that there had been no notification that the payment had been rejected.

My concern is that somewhere down the line they are going to realise that the payment is missing (if this one didn't get taken then this may happen with future payments) and hit him with loads of interest or if he has a prang the gap insurance that the payment covers will be void.

We can't force them to take the money but it's a bit of a worry.

Any thought or advise appreciated please.

Sarah

Donki

Id contact the bank and see if there is a DD in place and if so is it ok on the said account, If all is well worry over. If there has been a mistake contact the fiannce company again and state there has been a mistake with details and the DD will fail, tell your son to explain he is worried about defulting and the insurance etc and offer to make a card payment over the phone. If they still say all is well ask them for an email to be sent regarding the conversation as somethign to fall back on when they realise the error asking to speak to a supervisor may also help.

zxspeccy

Banks do not allow Direct Debits on savings accounts (the clue is in the name of the account) so it should have been returned unpaid with a “technical” reason (ie. invalid account) and not returned due to “lack of funds”. Get you son to speak to the payment section at Nissan Finance and explain to them what has happened. They should be able to set up a Direct Debit (over the phone) on the correct account and put in a claim a few days later, and everything should be sorted. Hopefully they would not be making any charges for this, if they believe it is an honest mistake.

Make sure he does this ASAP as Nissan Finance will realise quite quickly that your son is in arrears and may consider this a possible default on a first payment which would not be good for your son’s credit record.

chanz4

Natwest allowed me once to have one on their card savings account, cant remember what its called.