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Is a bank allowed to use mortgage money from your current account to pay off other money you owe them? |
Is a bank allowed to use mortgage money from your current account to pay off other money you owe them? Do they have a judgement against you for the other money you owe them? If so, they are probably able to take the money to pay toward the judgement. If you don't have a judgement, you need to read your original contracts for all the debts you have with them. Some contracts have a "set off" clause where they can apply the money to any of your debts at their discretion. What is in your current account is faitgame to a bank until it is paid where it is to go at a particular time. If you are having problems with them visit your local citizens advice centre. The best way to get an answer to this is to call the bank directly or go there in person to have them outline their policies to you. you owe em money... it can do whatever it wants lad. Depends on what the contract said when you signed it to open your account, but probably, most bank do practice that type of thing. Yes they have the right according to RBI Guidelines. However when one see's ther current account then can see the complet amonut they have in there account but they can withdraw only the amount that is there after deducting from the mortgage amount.This amount is said to be lien amonut. |
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