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SA Credit Card Debt - Authorisation of Inter Bank Credit Card Cancellation?

Discussion in 'Debt and Bankruptcy Law Forum' started by squirrel333, 2 February 2016.

  1. squirrel333

    squirrel333 Well-Known Member

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    Can someone please help me.

    If I refinance and as part of that refinance, I agreed to consolidate a credit card debt into the refinance. Can the bank send a payout authority and request to cancel the card if I authorise the cancellation?
     
  2. Tim W

    Tim W Lawyer
    LawTap Verified Lawyer

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    If that was one of the terms of the loan obtained to to consolidate all other debts, then yes.

    Have a look at the paperwork you signed for the consolidation loan.
    You may find it there, perhaps in very small print.
     
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  3. squirrel333

    squirrel333 Well-Known Member

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    Thank You.

    Yes, it is in the contract and that is what I wanted to occur but it did not happen.

    The bank is now saying they don't have the authority to close another person's account at another bank.
     
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