News1 min ago
Nat West Bank Loan
8 Answers
If a loan is taken out to pay off an old loan and then balance of new loan is set up in a new loan account why would it be showing the balance amount but with a minus against the amount.
Answers
Best Answer
No best answer has yet been selected by fruitsalad. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.I am not sure what you are describing, but normally you would take out a new loan for £x on a new loan account. The total amount would go into your current account, that account would then be debited with the total outstanding on the old loan and the old loan closed with a nil balance as fully repaid.