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What happens with a loan when bank closed account?

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  • sourcrates
    sourcrates Posts: 31,528 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    edited 4 May 2020 at 9:06PM
    It’s called bank de-icing, you can repay the loan however you choose, that letter doesn’t cover all the bases, as long as they get the money, they won’t be bothered how it gets to them, new accounts are easy enough to open online, try Monzo/Coop/Nationwide etc.

    Obtain their payment details and reference number for the loan, set up payment online once a new account has been sourced.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
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