They took my money!

I request your help; I had acquired a loan with my bank. I was dismissed from work.

I contacted the bank and informed them that I was no longer working. I further on made a paying arrangement since I’m home and not working. The account I was using ended up being dormant and it was closed. I happen to have a savings account with them. Now 2 days ago, my sister transferred her business money in order to pay for her items online. The bank has now accessed the account and paid the loan. I ask for your help for the bank to pay back the money since I had an agreement with them.

Kindly advise.

I think you have a problem. Perhaps several problems.

Firstly, you did the right thing by talking to your bank when you lost your job. Lots of people just go quiet when they can’t pay their bills but you did what everyone should do. They should talk and do their best to agree a repayment plan they can afford.

Things went wrong when you allowed someone else, not the account holder, not you, to use the account. The bank was entitled to believe that all the money in your account belongs to you. They were also probably entitled to transfer money between your accounts if there was a debt in one and a credit in another. If you check the agreement you signed when you applied for the loan, you’ll certainly find a clause which says they can do this if necessary. It also probably says that they can do this without asking you first and certainly if you are in arrears with your repayments.

I think it’s still worth speaking to the bank to see if they’ll reconsider the situation and refund you but I’m not optimistic.

And then there’s your sister…

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