What will my bank do

Bald_Runner

Hi again

My bank is RBS. I have two loans with them. Well, actually 1 is a Tesco loan and the settlement is £6,500 with a payment of £303 per month. The other loan is from my own branch and the settlement on that is £18,400 at £312 per month. (Oh, and I have a £3000 OD). Both of these loans are paid the day after my wages go in (or the next working day). If i ask all creditors to Hold Action for 28 days I'll send the letters pay day and cancel all Direct Debits (the day before pay day), how will my bank react? Can I nonchalantly go in on pay day and with draw enough money to live on for the month plus the Court fees? I cannot help feeling that sirens will go off in the background and I will be given a polite 'Sorry Sir, funds are not available...."

Has anybody had to do this and if so, what happened?

Thanks again

Worried of Wilmslow

Actually, its Bald Runner.....:p

fiveyearplan

If your direct debits go out the day after payday, I would draw it all out before or better yet, have it paid into another account. I know my Barclay loan gets paid no matter what (same with Lloyds), they pay themselves even if it takes me into more overdraft than they would allow on anything else. I wouldn't risk it! I can't remember if you said you were opening another bank account but I would do it sharpish in time for next payday.