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Loan Repayment Policy

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  • 17-06-2014 2:17pm
    #1
    Saint Sonner
    Registered Users Posts: 992 ✭✭✭


    Hi

    I have a personal loan with a bank in NIreland (the same bank I had my current account with for a number of years) however due to a change in circumstances I am going to be using a different current account.

    I was trying to plan to get all my bills switched over and I contacted the bank (Danske). I asked them how I go about switching the loan DD I pay them to another account with a different bank (Ulster). Their response was this:

    Thank you for your email.

    I can confirm that the loan repayments must be made via standing order from another Danske Bank account.

    It will not be possible to set up a direct debit from an external account to facilitate the loan repayments.

    Is this really the case? Are they allowed to do that?


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    #2
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    It sounds like the loan account cannot receive external payments, the only way around this is to setup a 'service' account with Danske to receive the SOs and let the monthly payments come from that a/c to the loan a/c.

    Many moons ago I had a term loan for a car with their predecessor NIB and that's how I had to do it as my main a/c was with BoI. The only problem with that method these days is that you may be liable for current a/c fees on the service a/c


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