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Loan monthly payment from someone else's account

sam2015_2
sam2015_2 Posts: 196 Forumite
in Loans
Would the bank allow to change the direct debit account on the loan? Friend of mine has a personal loan with Barclays, 3 years left on the loan. He is moving abroad and asked me to pay his loan through direct debit. Is it possible?
I owe him money and I can pay him off this way. Trust is not an issue here.

Comments

  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    It will depend on the terms of the Barclays loan.
    Some will insist that a loan payment is made from the same bank or at least in the name of the borrower.

    Why do you not just set up a standing order to his UK account(presumably he will want it to stay open) instead?

    The end result will be the same.
  • sam2015_2
    sam2015_2 Posts: 196 Forumite
    He rather not leave any money in his account as it was hacked into twice this year.
  • ViolaLass
    ViolaLass Posts: 5,764 Forumite
    And he hasn't changed accounts?
  • DCFC79
    DCFC79 Posts: 40,644 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Tell him to read the terms of the loan he agreed to, if its as jonesMUFC says then he will need to open a new account with Barclays and you pay the money into that account. I'm surprised the bank didn't suggest this.
This discussion has been closed.
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