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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.Save £5k in 2024 challenge #32
Saved Total = £6,481.35 / £5,000 (Nov24)
Secured/Unsecured loans x 1
Credit Cards x 7 (total limit £35,500)
Creation FS Retail Account x 1
0% Overdraft x 1 (£0 / £250)
Mortgage Outstanding - £139,149.17 (Payment 6/360)
Total Debt = £1,687.50 (0%APR) @ £112.50pm
Charity fundraising goal for 2024 = £1,000 for animal rehoming / dog fostering etc0 -
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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