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Can a loan company ask where the money has come from ?

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Hi looking for a bit of advice but not sure if this is the right place.

 

Long story short is i paid of my daughters loan of 7.5k the loan company now want to know where the money came from and are refusing to update the loan as paid on her credit file and will not close her account.

 

She told them i paid it off but they want details of where i got the money from, now i can show them but why should i

 

Thanks for any advice

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who is this?


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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The loan company will need to know for Money Laundering purposes - She will need to tell them if she wants it changing on her file

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who is this?

 

Not sure will have to ask her wouldn,t mind not even her debt her ex left after taking out loans in joint names.

 

She has told them i paid it off but they would details of my account which i am not happy giving people and not really sure they have the right to ask, money was transferred from my bank to the loan company

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IMHO, they have no right to ask where the money has come from. If your daughter has said that her Dad has provided the funds, then that should be the end of it ? Ask them on what basis they are refusing to accept the money and close your daughter's account with them. Make it an official complaint and let them know you will you escalating to the Ombudsman on the basis that they are continuing to destroy your daughter's creditworthiness by refusing to accept and close.

 

If the money was transferred from your bank account to the loan company, then they will have at the very least your bank account details and the name of the bank ?


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