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Required to keep the same current account?
I have a loan with my bank and I'm struggling to repay it. In the conditions of the loan, it says that I have to keep the same bank account and pay any salary I earn into that account. Does anyone know how enforceable a term like that is or what its real implications are? I assume I'm better off switching my current account to a new bank at this point, since I'll be left with more control of my money, and if I'm threatening to break the repayment schedule I might as well break this term too.
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Once you break one term of the credit agreement then you in default on the whole credit agreement so you should seperate your savings and loans between banks so that they cannot use the offset rules to take money from your current account to pay the arrears on your credit.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0
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