Bank account closed, very scared

sparks_2023

confusedandscared1996 said:

I took out 3 payday loans in the last month. Could this be the cause?

I would say that wouldn't get a bank account closed.

But that is the seed of a massive future problem.

If you get to the stage of needing to take out new payday loans each month to pay off old ones ( or because the old ones have taken all your spare money ) then you are in an ever worsening debt spiral - which is easier to fix sooner than later.


Don't be like I was - taking 13 payday loans every month just to break even - with no spare monthly money available at all.

eskbanker

confusedandscared1996 said:

I took out 3 payday loans in the last month. Could this be the cause?

Have you made the contractual repayments yet?  There was a thread on another board, banking I think, where someone got a fraud marker after taking out loans and immediately failing to make repayments, although if your CIFAS record is clear then it's unlikely to be the situation here....

confusedandscared1996

NEMR89 said:

confusedandscared1996 said:

I took out 3 payday loans in the last month. Could this be the cause?

Did you have overdraft facilities on either of the accounts that were closed?

on my 1st direct account I did, the other 1 was a basic account,could this of been closed as it was a basic account and (i could be wrong but) you can only have 1 basic account?

confusedandscared1996

eskbanker said:

confusedandscared1996 said:

I took out 3 payday loans in the last month. Could this be the cause?

Have you made the contractual repayments yet?  There was a thread on another board, banking I think, where someone got a fraud marker after taking out loans and immediately failing to make repayments, although if your CIFAS record is clear then it's unlikely to be the situation here....

I haven't missed any payments yet as my dad keeps paying my debt down, it is currently at nearly 20k though.