Change of Privacy Policy

jackm91

Hi,

A loan company has changed it's privacy policy to add a new feature call Account Updater. The snippet I got is:

The details regarding this change will ensure your card details are updated (following expiration, replacement, lost/stolen card etc) so your payment instructions are honoured without interruption. This particular change will be effective from 1st September 2020.

I don't agree with the way they want to do this so am I able to Withdraw consent from the loan? If so, what are my options?

PRAISETHESUN

You'll probably need to get in touch with your lender for specifics, but I'd imagine you'd have to pay the loan back under your current terms for early repayment.

jackm91

PRAISETHESUN said:

You'll probably need to get in touch with your lender for specifics, but I'd imagine you'd have to pay the loan back under your current terms for early repayment.

I've already paid well over the principal amount I took out originally

Clive_Woody

jackm91 said:

PRAISETHESUN said:

You'll probably need to get in touch with your lender for specifics, but I'd imagine you'd have to pay the loan back under your current terms for early repayment.

I've already paid well over the principal amount I took out originally

Excellent, so there will be less to repay when you redeem your loan. Great work.

jonesMUFCforever

jackm91 said:

PRAISETHESUN said:

You'll probably need to get in touch with your lender for specifics, but I'd imagine you'd have to pay the loan back under your current terms for early repayment.

I've already paid well over the principal amount I took out originally

Just the interest to go then.
To be honest they have been able to do this for many years through Mastercard/Visa.
Nothing new here.

jackm91

jonesMUFCforever said:

jackm91 said:

PRAISETHESUN said:

You'll probably need to get in touch with your lender for specifics, but I'd imagine you'd have to pay the loan back under your current terms for early repayment.

I've already paid well over the principal amount I took out originally

Just the interest to go then.
To be honest they have been able to do this for many years through Mastercard/Visa.
Nothing new here.

Yes but now they are wanting to change it so they can look into my bank account which is the bit I don't agree with.

DCFC79

jackm91 said:

jonesMUFCforever said:

jackm91 said:

PRAISETHESUN said:

You'll probably need to get in touch with your lender for specifics, but I'd imagine you'd have to pay the loan back under your current terms for early repayment.

I've already paid well over the principal amount I took out originally

Just the interest to go then.
To be honest they have been able to do this for many years through Mastercard/Visa.
Nothing new here.

Yes but now they are wanting to change it so they can look into my bank account which is the bit I don't agree with.

Where did you get that from ?
Cant be from the quote in your first post as I don't read it that way.

jonesMUFCforever

jackm91 said:

jonesMUFCforever said:

jackm91 said:

PRAISETHESUN said:

You'll probably need to get in touch with your lender for specifics, but I'd imagine you'd have to pay the loan back under your current terms for early repayment.

I've already paid well over the principal amount I took out originally

Just the interest to go then.
To be honest they have been able to do this for many years through Mastercard/Visa.
Nothing new here.

Yes but now they are wanting to change it so they can look into my bank account which is the bit I don't agree with.

They are not saying that at all.
What it means is,that if you for example,you tell your bank that you have lost your card as a way of avoiding a payment, the new card will automatically be attached to the old one so the payment would still go through.
Nobody is able to look at your accounts without your authority.

Clive_Woody

jackm91 said:

jonesMUFCforever said:

jackm91 said:

PRAISETHESUN said:

You'll probably need to get in touch with your lender for specifics, but I'd imagine you'd have to pay the loan back under your current terms for early repayment.

I've already paid well over the principal amount I took out originally

Just the interest to go then.
To be honest they have been able to do this for many years through Mastercard/Visa.
Nothing new here.

Yes but now they are wanting to change it so they can look into my bank account which is the bit I don't agree with.

Where does it say that in the new T&Cs?