Ongoing Cooperative Bank problems

gatwickba

Hi all.

I've got a loan with these lot, and have just moved my current account away from them. I want to close the current account down as its not required any longer but they are refusing saying the loan must be paid from that account!

There is no money going into the current account at all, but the bank said they will take payments anyway making the account overdrawn (un-authorised) and its up to me to pay the interest.

I have written to them again asking for the details I need to set up a standing order from my new bank, and keep getting the same answer....you cannot close down your account with the coop until the loan is paid off :mad:

sarah0404

Hi, I have had this problem too, but with the RBS. It must be written in the loan small print somewhere. They wanted their money back if I was going to close the account down. In the end I set up a standing order for the monthly loan payment from my new account into the old account and left it open. Its a PITA, but I'm not sure if there is any other way round it.

angelavdavis

Any bank charges to claim? This seems to result in the banks shutting down your bank account!

gatwickba

Did make a claim, and got the money back but they said account must remain open! hey ho :rolleyes:

Seaxwyn

Hi gatwick. I'm stuck in the exact same situation with Nat West - can't close the account til my loan is paid off - in five and half years time!! Grrrrrr

misspoppy

I know its a pain but could you just do the standing order to the co-op account to pay the loan each month?

gatwickba

I will be doing just that, but the problem I have is I intend to default on the loan, and the bank just keep saying they will put the full outstanding sum onto my current account as an un-authorised overdraft.

James&Shell

Id just play them at there own game and go to the CAB surely if you are willing to pay some of the loan and it is seen that they are getting you in more debt they can be stopped by some corresespondance from the cab or a solicitor which i think everyone is entitled to half a hours legal aid free.

NekoZombie

James&Shell wrote: »

Id just play them at there own game and go to the CAB surely if you are willing to pay some of the loan and it is seen that they are getting you in more debt they can be stopped by some corresespondance from the cab or a solicitor which i think everyone is entitled to half a hours legal aid free.

But didn't the Op say that she intends on defaulting?

James&Shell

NekoZombie wrote: »

But didn't the Op say that she intends on defaulting?

Thats what i ment defaulting on the laon can also mean paying a lower amount then was set out in the credit aggreement. you can still get a default that way