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Hi here are some Lloyds loan conditions of mine...........
If i also bank with Lloyds and i have an arranged over draft facility of £300 . Say the account is -£200, and the loan payment is £200 if the loan payment was taken it would put the current account £100 into an unauthorised overdraft. Looking at the terms above do they need to give seven days notice to do this, or can they just take it on the day its due?
| 3.2 | If you fail to make a payment on time, you authorise us to collect the late payment by direct debit on the seventh business day after the payment was due. We may also use your direct debit to collect any repayments outstanding from loans that you asked us to repay using the loan. We will add any fee which you must pay us when your loan is transferred to our Collections department as explained in clause 2.8 to the current account you have with Lloyds TSB Bank plc or Lloyds TSB Scotland plc. We will tell you when we do this. If you do not have any available funds in your current account we will treat the addition of any fee as a request for an unplanned overdraft, or for the increase in your unplanned overdraft if you already have one, under the conditions which apply to your current account. | |
| 3.3 | You authorise us to make repayments due to us under this agreement from current or savings accounts you have with Lloyds TSB Bank plc or Lloyds TSB Scotland plc if you do not pay them on time yourself. Unless we believe the funds from the current or savings account will be moved before repayments are made, we will give you at least 7 days advance warning before we do this. | |
If i also bank with Lloyds and i have an arranged over draft facility of £300 . Say the account is -£200, and the loan payment is £200 if the loan payment was taken it would put the current account £100 into an unauthorised overdraft. Looking at the terms above do they need to give seven days notice to do this, or can they just take it on the day its due?
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