I took out a 5 year loan (unsure of whether I can say which bank) to fund my final year of college, agreeing to make monthly repayments, originally to have a direct debit take the amount on the first thursday of each month since I was working part time, and Thursdays were pay days, but later advancing to the first of each month. I got my mother to sign it with me as insurance, and happy days: a relatively small amount to pay each month, and after 5 years build a good credit rating.
All was going well until this month, where I had enough to cover the loan repayment, but another direct debit had been added to the tally, albeit a very small one, and I hadn't enough to cover the 2 direct debits. The total was taken out, and I was put into negative on my current account. The following day, the bank bouced my loan repayment, fined me a tenner gor unpaid loan, and cleared the much smaller direct debit, putting my credit rating in the toilet.
Surely the bank would prioritise
A) a loan repayment to themselves
B) the direct debit with highest consequences for missing
C) the larger of the 2 direct debits
After trying to call them to adress this I was to be transferred to the loans department, and after being put on hold for a while, I was told they left since it was now 4. I told the representative I don't accept the automated response since it drasticaly affects me and my credit, and they hang up. I later filed a complaint.
What is my recourse? How do I try ammend this, or is it lost cause? I feel like my arguement for getting this reversed is solid. Any feedback is greatly appreciated.
All was going well until this month, where I had enough to cover the loan repayment, but another direct debit had been added to the tally, albeit a very small one, and I hadn't enough to cover the 2 direct debits. The total was taken out, and I was put into negative on my current account. The following day, the bank bouced my loan repayment, fined me a tenner gor unpaid loan, and cleared the much smaller direct debit, putting my credit rating in the toilet.
Surely the bank would prioritise
A) a loan repayment to themselves
B) the direct debit with highest consequences for missing
C) the larger of the 2 direct debits
After trying to call them to adress this I was to be transferred to the loans department, and after being put on hold for a while, I was told they left since it was now 4. I told the representative I don't accept the automated response since it drasticaly affects me and my credit, and they hang up. I later filed a complaint.
What is my recourse? How do I try ammend this, or is it lost cause? I feel like my arguement for getting this reversed is solid. Any feedback is greatly appreciated.