# Bank Loan - Changing Jobs



## 1919 (Oct 16, 2012)

Hi all,

I've seen a number similar to what i'm asking but not 100% what i'm looking for.

I currently have a personal loan with my bank, and the company I work for is obviously listed with them. 

This is more a hypothetical question, but something I may need to know in the future.
What are the repercussions if I changed jobs to a company that isn't listed with my bank, but I still have my loan?

I know if you were new and applying for a loan whilst working at a non listed company, its pretty difficult but what happens if you already have it intact?

Is this doable or would I need to look at transferring all my facilities to the bank the company uses?

Secondly, is it still common practice for banks to withhold your end of service pay if you leave with an existing loan? I read conflicting reports on this one, so not sure of the deal. Is it acceptable to ask the company you're leaving to make your last pay as cheque or not marked end of service, or are they required to do that.

Sorry for all the questions. Its a volatile climate out there so want to understand the score now.


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## 1919 (Oct 16, 2012)

Has anyone come across this situation before?


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## Racing_Goats (Sep 5, 2015)

Your existing loan itself shouldn't be affected as they already issued it; 

If you change jobs or visa cancelled and your bank is aware they may well freeze your account so plan for that, but most likely your loan will continue as is and you'll need to produce new visa and possibly salary cert to unfreeze account and start paying cash in to cover loan payments.

It's not unusual for companies to issue final pay by cheque or not inform the bank that a salary paymebt is the last one.. depends on yiur employer and your relationship with them.

Some bank accounts require your salary to be paid in there, so of yours does that might be a separate issue to deal with.


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## Chocoholic (Oct 29, 2012)

It really depends on the bank. They're very twitchy at the moment. Banks WILL freeze your account the minute they sniff a last payment with EOSB, so if you can avoid your company doing that, then good. Yes, they usually withhold the EOSB and put it towards the loan - again depending on the bank, they might use it towards monthly payments, or use the whole lot as a lump sum. The quicker you can get a new visa and salary certificate to them the better, to avoid hassles and issues.


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## 1919 (Oct 16, 2012)

Thanks guys.

I wanted to avoid asking the bank directly incase they started getting ideas.

No change for me right now, but working on O&G you never know whats round the corner. I have a good relationship with my company, and I hear they have kept peoples visa's open following departure (although probably in involuntary circumstances to soften the blow).

To be honest, it wouldn't be a pain if the bank took the EOSB but not the end of the world as it would probably go that way anyway, but it'd be nice to have the say. My main concern would be if they didn't like the fact that I went to a non listed company and asked for the entire loan to be repaid. I wouldn't put it past them though.

Alternatives in that scenario would be A. as I mentioned below, move to a bank the company is listed with. Or B. ask the new company nicely to try and become listed with my bank.


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## 1919 (Oct 16, 2012)

1919 said:


> Thanks guys.
> 
> I wanted to avoid asking the bank directly incase they started getting ideas.
> 
> ...


Few typos in this - Tired!


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