Changing direct debit payment date

[BadHair]

Bit boring this I know, but I'm not sure how I stand. I took out a personal loan a few months ago, and the loan company set the payment date as being the 10th of every month, which really doesn't work for me. I have asked the loan company to change the direct debit to a date closer to my payday, but they claim that they can't change it.

I've offered to pay the difference in interest caused by the change of date, but they still claim to be unable to make the change. I'm sure that this is utter bllx and they're just being awkward.

Does anyone know how I'd stand if I cancelled the direct debit that they set up and set up a standing order to my loan account so that payments were being made, even though they wouldn't be paid by the method the loan company requested?

i would imagine you would have to start again, taking out a new loan to repay the old loan in order to then set up a new repayment date. that's how it was when i worked for a bank anyway. i would have just re done the loan for you, though it wouldn't have been possible to just change the date.

it would have been easier if you'd pointed out at the time of signing the documents that the repayment date was no good.

The loan company didn't give me any idea of what the repayment date would be - they just said that it would be every calendar month from the date the account was set up. I signed the contract on the 25th of the month, so that is the closest thing I have to a set up date.
Would this give me any grounds to cancel my direct debit and set up a standing order to cover the payments?

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mellowma- then that would be in breach of the agreement, could result in default etc etc. better to sort it properly.

do you have your original agreement to look at? what does it say about payment date in there? have you asked them to re do the loan with set up date as the date your wage goes in? the new loan will pay the old loan off. as a gesture of goodwill they could and should (THOUGH THEY DON'T HAVE TO) cancel any repayment penalty seeings as you are only doing this to change your payment date.

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