Drawdown??

Peterk88

Hi guys,

I consolidated two loans just easier to make one payment but I got a payment into my current account saying loan draw down and it came from the loan account..what exactly is that as I didn't apply for any extra credit? Have they made a mistake?

phormium

Is it for the same amount as the total of the two loans? Usually a new loan account for the full amount would have to be set up to consolidate two loans and then the two old loans would be cleared off from the new drawdown amount.

I would have imagine though all transactions would go through together so while there might be a credit to your account there equally should be two debits to clear the other loans.

Peterk88

phormium wrote: »

Is it for the same amount as the total of the two loans? Usually a new loan account for the full amount would have to be set up to consolidate two loans and then the two old loans would be cleared off from the new drawdown amount.

I would have imagine though all transactions would go through together so while there might be a credit to your account there equally should be two debits to clear the other loans.

It was a loan consolidated into an existing one..it closed one and transferred the balance into the other existing one. So only one direct debit now aswell..

phormium

Well then if they were adding one to another then they still had to do a drawdown on the one that was remaining for the amount to clear the other one so is the amount of the credit the amount of the loan being closed?

Maybe ring the bank and ask