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Loan Overpayment

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  • 06-08-2019 10:56am
    #1
    YoTaro
    Registered Users Posts: 65 ✭✭


    Hi, I paid off my loan last week.
    Today the monthly payment was taken out of my account as the normal direct debit. 
    How do I cancel my  loan monthly payments now that it has been repaid and how can I get the overpayment sent back?
    Thanks,
    Eoin


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    #2
    Bank of Ireland: Kathryne
    Closed Accounts Posts: 218 ✭✭Bank of Ireland: Kathryne


    Hi Eoin,

    Thanks for getting in touch with us.

    If your loan account is now in credit then we can assure you that it is fully paid off and will be closed.

    [font=Arial","sans-serif]The last repayment amount had to debit as there was still a small amount of interest outstanding on the loan account. This accumulates daily but only debits from the loan account quarterly so it may not have been showing on your live balance. The fact that the loan account balance is now in credit will trigger the process of account closure. This can take 3-5 working days, during this time the overpayment will be sent back to your current account and the standing order will be cancelled so no future payments will be taken.[/font]

    [font=Arial","sans-serif]I hope this information helps you.[/font]

    [font=Arial","sans-serif]Many thanks,[/font]
    [font=Arial","sans-serif]Kat[/font]


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