Loan expired?

mr_D_2

Good afternoon,

My standing order for my personal loan was not taken out of my current account in December-as agreed. I have nearly 2 more years repayments on this 5 year loan and with approx 10K outstanding- according to my banking app. I telephoned customer service this morning and explained as to why this has happened and the CS worker informed me that the loan had 'expired'.

Any suggestions as to what I should do next?

Many thanks and Happy New Year.

Mr D

glennstar

That makes little or no sense at all.

I suggest you ask them to send (in writing) you a statement of account. This should show you what you received, what you have paid, interest charged, etc. If you no longer owe them money then the statement will say so.

Herzlos

Did you ask the CS worker? It seems odd that a loan would expire if there was 2 years left on it.

mr_D_2

I just said I would pop into my local branch to have a chat. I'll ask for a statement to be sent. Probably a technical hitch on their behalf but if i could get away with not paying-it would be a very happy new year indeed.!

Pixie5740

Standing order or direct debit? There is a difference?

Whose customer services did you contact? Customer services of your loan provider or customer services of where you hold your current account?

mr_D_2

My current Bank provided the loan to me so they had all my details of various accounts with them. He repeated back to me the account number of which the Standing Order should have been taken out of.

Pixie5740

A standing order is a regular payment that you can set up to pay other people, organisations or transfer to your other bank accounts. You can amend or cancel the standing order as and when you like. A Direct Debit can only be set up by the organisation to which you're making the payment. So if you've set up the standing order then it sounds as though you've entered an expiry date for the payments.

mr_D_2

It will be a direct debit then.

Pixie5740

mr_D wrote: »

It will be a direct debit then.

That makes more sense. Well not sense as to why the bank would stop the payment mid-way through the term though. At least both accounts are with the same back, if they were different banks then each would blame the other.

Shakin_Steve

Expired? I can't think of any way a loan can 'expire'. A person who takes out a loan can expire, but let's not go there.

[Deleted User]

Were you paying more each month than you needed to?