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What bank details to lenders need to be able to take money from your account?
JustAGuyWithQuestions
Posts: 47 Forumite
in Loans
I took out a loan but have since got a new card and my old card has been blocked... I'm not sure which bank account details to e-mail to the lenders letting them about this. Thanks.
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Comments
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They'll continue to take it from your existing account through the authority you gave them.0
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Are they able to though since my card details have changed? My account number and sort code have stayed the same but all the other details have changed.MorningcoffeeIV said:They'll continue to take it from your existing account through the authority you gave them.
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Yes. It's highly unlikely they used your card details in the first place, but the authority would still stand if they had.0
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It depends on whether you agreed a DIRECT DEBIT with them or a CPA (continuous payment authority).If it was the latter then yes you will likely need to inform them and update your card details.If you believe you can, you will. If you believe you can't, you won't.
Secured/Unsecured loans x 1
Credit Cards x 8 (total limit £55,050)
Creation FS Retail Account x 1
Creation Credit Sale 0% x 1 = £112.50pm x 20 mths
0% Overdraft x 1 (£0 / £250)
Mortgage Outstanding - £137,707.00 (Payment 13/360)
Total Debt = £7,400 (0%APR) @ £100pm - Stoozing0 -
It was a direct debit. Which card details should I e-mail to them?MrFrugalFever said:It depends on whether you agreed a DIRECT DEBIT with them or a CPA (continuous payment authority).If it was the latter then yes you will likely need to inform them and update your card details.0 -
If it's a direct debit your card details are nothing to do with anything, it'll just come from the bank like normal
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For a DD, all they need is the account number and sort code, which they already have. A debit card change is not relevant.No free lunch, and no free laptop
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