Thread: Question Re: Loans

If my mum has extended her loan to cover her overdraft...can she claim the interest back???

I was sure Ive read something like that on one of the forums.

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• RFS Loans say this doesn't apply to Personal Loans?

another good thing about having a loan contract as opposed to overdraft is that when things do get legal (as they might do) then the loan agreement constitutes a different legal contract from the overdraft - so if they were to close your account they certainly can't touch the loan - i.e. you should be pretty safe in going through the process of getting your money back........

Fair point.

yes good point but can they use the money they repay you to pay off the loan? I am waiting for my offer which should arrive tommorrow. I reckon they will say i have to pay off my loan with it. Not sure if i have to accept that?

On your POC you state you wish settlement by cheque only, also have read posts where the banks have paid into old debts even to a DCA, if there is a threat of this happening then i would suggest contacting the fos who will contact them in regards to this, i have read from another thread the FOS got this resolved and the claimant got a cheque so one to remember if it raised its ugly head.

Thanks for that. I will wait and see what the post brings today.