Direct debit changed without notice?

JonathanJ

Hi all,

I was hoping someone here could answer a question about a loan i have been paying off and the direct debits.
I financed a car the The Funding Corporation some 5 years ago now and i'm pretty much coming to the end of the payments now, if not done so already.

I have been paying it off the standard amour every month and over the 5 years the monthly direct debit has never once changed, that was suddenly until this month when i looked at my bank statement and it had pretty much doubled!
I don't doubt this has something to do with the loan coming to an end and may have even been the final payment.
But i have had no letters from them other than an annual statement a few months ago. Nothing stating it was about to be paid off nor have i had anything to say the final payment (if that is what it was) would be any different to normal.

Are they allowed to just change the amount like that? I was under the impression the direct debit guarantee stated that to change the amount they first had to give me notice?….

Cheers
Jon

jaybeetoo

What does it say on the original loan agreement?

arbroath_lass

What does your loan agreement say? It is probably in that i.e. 59 payments of X and 1 payment of Y.

Apples2

the first and final payment are normally different, it is time to celebrate getting that ball and chain off.

JonathanJ

After 5 years and moving house 3 times i haven't a clue where the original agreement is, although i'm sure i still have it, somewhere...

It is nice to finally be free of the thing, and i'm glad of it. But to dish almost an extra £200 without any warning is a bit of a choker!

Even if the agreement does mention it, surely a little reminder after 5 years isn't too much to expect? Or is that me dreaming?

Jon

eschaton

JonathanJ wrote: »

After 5 years and moving house 3 times i haven't a clue where the original agreement is, although i'm sure i still have it, somewhere...

It is nice to finally be free of the thing, and i'm glad of it. But to dish almost an extra £200 without any warning is a bit of a choker!

Even if the agreement does mention it, surely a little reminder after 5 years isn't too much to expect? Or is that me dreaming?

Jon

You would have got a reminder at the star, surely you don't need anymore?

Jules2012

I'm afraid the agreement you signed is your one and only reminder.