strange loan! help

SeduLOUs

They will more than likely attempt an auto-recall via the bank without asking you first. Do not move the money just in case!

tania12

I rang the company this AM who have said my account is deactivated will they still take the money???

Tixy

Most likely they will take the money by auto recall. Or if that fails will chase you for repayment.

Your loan account with them has been deactivated because you cancelled the loan agreement with them. That doesn't alter the fact that the money in your account is owed to them.

If they haven't recalled the funds by say Monday then I would contact them and ask them how they want you to repay it to them.

tania12

The woman on the phone told me i had no outstanding owings to avabtcredit therefore they can deactivate my account as i requested after id emailed and told them about the money tbey had told me my account says paid off therefore i dont owe them a penny? I will keep the money in my bank just incase though

Tixy

There is no chance that you will get to keep this money for free.

The people you are talking to on the phone will not have immediate access to the Company's bank statements. The phonecalls you are making are pretty much worthless.

They will take or ask for the money back.

I'd also check the T&Cs of the loan as under the cancellation terms of the loan it is very likely that it says that any funds paid must be repaid within X number of days and probably that interest can still be charged for that period.

tania12

Im very aware that they may take my money back but what i am trying to say is i dont get why they have said the loans paid off and i have no outstanding owings... plus i dont get why they would deactivate my account if i owed them money as they no longer have my bank details ( this has been confirmed) they wouldnt deactivate my account if i still owed them money and also i requested it to be stopped yet they still put it in so basically it is a gault on their side as i requested a cancellation and they have had a mess up

SeduLOUs

I currently owe O2 £176. They debited money they shouldn't have, advised me to do a direct debit indemnity, and then refunded me anyway (meaning I got the money twice).

My 'account' with them shows as zero, but eventually the bank reconciliation will happen and they will realise something's gone amiss, and then I'll undoubtedly get a not so polite probably automated letter from them demanding it back.

I'm not ringing them up to point it out to them - there's no point. The people on the phone will probably not be able to see the double payment anyway. When they ask, I will pay it back, and in the meantime it can earn me a little bit of interest.

Clearly the payment to you was made in error. Mistakes happen. The loan has been 'closed down' but nobody stopped the payment. They will want, and are entitled to the money back in full as soon as they realise and request it.

tomtontom

Why did you take out the loan when you had just entered into a DMP?

tania12

It was before i went into my dmp... ny dmp hasnt been set up yet. And i know they will want it back i was just a little confused. Time will tell.