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Can banks do this legally?

  • 04-02-2011 3:01pm
    #1
    mehfesto
    Closed Accounts Posts: 1,277 ✭✭✭


    Got a text off my girlfriend there.

    Her bank, just rang her and told her that'd forgotten to take out her loan money for the last two months (the money she owes them). They then said they'd have to take it all out this month instead. When she said that was not her fault it wasn't taken out, they told her she would default on her loan if they didn't get the whole amount this month. She has enough to cover it without going into minus balance, but is this legal?

    Thanks for your help, I generally am not sure where to turn other than here when I've questions like this!


Comments

  • #2
    meditraitor
    Closed Accounts Posts: 5,207 ✭✭✭meditraitor


    mehfesto wrote: »
    Got a text off my girlfriend there.

    Her bank, just rang her and told her that'd forgotten to take out her loan money for the last two months (the money she owes them). They then said they'd have to take it all out this month instead. When she said that was not her fault it wasn't taken out, they told her she would default on her loan if they didn't get the whole amount this month. She has enough to cover it without going into minus balance, but is this legal?

    Thanks for your help, I generally am not sure where to turn other than here when I've questions like this!

    Yep, sadly its perfectly legal for them. More than likely in the T&C of the loan.


  • #3
    xE
    Closed Accounts Posts: 73 ✭✭xE


    In most incidents, the banks have managed to insert as many exclusionary, limiting, and conditions as is legally possible.

    The loan agreement would have been a standard one which was most likely drafted and examined with a fine tooth comb by expert practitioners.


  • #4
    Potential-Monke
    Registered Users, Registered Users 2 Posts: 14,381 ✭✭✭✭Potential-Monke


    Also, and correct me if i'm wrong, but isn't the onus on the person with the loan to ensure that the repayments are met, and as such if the payment isn't taken out that the person should query this with the bank? Surely she noticed that she had x amount more than she should have. But, yes, they have all the rights in the world when it comes to "their" money.


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