Can a loan company raid my Nat West account?

majorwally

Hi guys,

wonder if someone could advise me please?

I owe some money to Direct Line from a loan a few years ago.

I believe they are owned by RBS.

I pay them monthly through a DMP.

If I were to come into some money and put it in my nat west account (linked to RBS I believe), could Direct line take their owed amount without my consent?

DevCoder

Yes if they are part of the same group (or "firm").

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/40/40_setoff.htm

Note the part about not having to give you warning.

mardiemare2008

krisdorey wrote: »

Yes if they are part of the same group (or "firm").

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/40/40_setoff.htm

Note the part about not having to give you warning.

Have a little look here too....

http://www.moneysavingexpert.com/banking/setting-off

Setting off is a nasty little loop hole if you're struggling with debt

****************
Edit - just noticed Directline have not been part of RBS since 2012, It is now a separate company so you should be fine

tinkerbell28

mardiemare2008 wrote: »

Have a little look here too....

http://www.moneysavingexpert.com/banking/setting-off

Setting off is a nasty little loop hole if you're struggling with debt

But if op were to "come into some money" then why shouldn't he pay what he owes, rather than stash it away?

mardiemare2008

tinkerbell28 wrote: »

But if op were to "come into some money" then why shouldn't he pay what he owes, rather than stash it away?

Actually, I totally agree.

gb12345

tinkerbell28 wrote: »

But if op were to "come into some money" then why shouldn't he pay what he owes, rather than stash it away?

That's what an honest person would do :cool:.