Nearing end of loan re payment

Nearing end of loan re payment

Author
Discussion

Vyse

Original Poster:

1,224 posts

126 months

Friday 18th November 2016
quotequote all
I've nearly finished paying off my bank loan. Its paid each month out of my back account via direct debit. Will the bank automatically end the direct debit or should I end it my self after the last payment?

Thanks

Butter Face

30,535 posts

162 months

Friday 18th November 2016
quotequote all
It will end itself, but there's no no harm in calling and cancelling it after the last payment.

Wacky Racer

38,316 posts

249 months

Friday 18th November 2016
quotequote all
Butter Face said:
It will end itself, but there's no no harm in calling and cancelling it after the last payment.
This.

MitchT

15,974 posts

211 months

Friday 18th November 2016
quotequote all
Definitely end it yourself too. I once had a personal loan which I paid off early but the loan company kept taking the payments until I noticed and told them. They refunded me but also advised me that I should have cancelled the DD with my bank too, to be sure.

Vyse

Original Poster:

1,224 posts

126 months

Friday 18th November 2016
quotequote all
OK, thanks for the help.