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How can I pay off this loan? Can't contact the bank.
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I urgently need to pay off the balance of a small loan, but I am unable to make contact with the bank concerned as they are apparently very busy and can't answer phone queries. I pay the loan off on a monthly direct debit via my own bank. Is there any way that I can pay this money ( only a few hundred pounds) into the loan-banks account via the d.d. facility?
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Just make a faster payment from your account using the account details for the loan.0
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May I ask why the urgency ?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-letter0
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You should be able to pay it via faster payments as suggested but need to ensure there is a suitable reference on the payment so that bank can match it up to the loan.
Frankly I would discuss this with the bank before doing anything as you likely don't know how much you need to pay and you don't want to cause any confusion as you presumably will be cancelling the DD sooner than they expect.
It's quite possible that you pay what you believe is the correct amount, that ends up in an unmatched monies account with the bank while they try to figure out what it relates to, you stop paying the DDs, the bank thinks you are reneging on the loan agreement and report it as such. Potentially they won't be able to match the large sum you have paid and simply return it to source and then you really will have a problem.
Taking the time to talk to them now may very well save you a lot of time and hassle in the future.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions 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.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
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Write a letter.
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Could you go into a branch and ask for a settlement figure?Some days, it's just not worth chewing through the leather straps....
LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!
May grocery challenge £45.61/£1200
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