Tesco loan letter.. Payment for no annual statement

pooklesmum · 14 December 2014 at 10:40AM

Hi
I've had a letter from tesco bank saying because they failed to send me an annual statement in 2011, they have sent a cheque to cover the interest paid from the date the letter should have been sent to when they did actually sent it.
So the question is.... Do I bank the cheque .. Or are they hoping people will bank the cheque rather than challenge them for more money?
Feel a bit greedy asking the question... But I'd hate to bank it to later hear people we're challenging it and getting more!!
Anyone able to advise?
Thanks!

Edi81 · 14 December 2014 at 10:57AM

Prior to receiving the letter were you disadvantaged in any way?

Probably not. In that case, I would see this cheque as a little bonus for nothing. In fact, at his time of year I'd give the money to charity.

pooklesmum · 14 December 2014 at 11:55AM

(Text removed by MSE Forum Team)

Edi81 yes you're probably right - there was no disadvantage so is prob just a nice bonus, thank you!

fermi · 14 December 2014 at 9:13PM

Assuming they calculated the [period they were non compliant for correctly, then there would be no more for them to refund on that score. And if you suffered no loss or inconvenience then no case really for anything additional to compensate for that.

I would agree. Treat as a Xmas bonus. :xmassmile

suicidebob · 14 December 2014 at 10:37PM

Edi81 wrote: »

Prior to receiving the letter were you disadvantaged in any way?

Probably not. In that case, I would see this cheque as a little bonus for nothing. In fact, at his time of year I'd give the money to charity.

How patronising.

iolanthe07 · 15 December 2014 at 3:13PM

I believe VW/Audi finance are doing something similar. A relative received a cheque for £800 unexpectedly at the end of a car loan because the lender hadn't sent annual statements properly, iirc.

fermi · 15 December 2014 at 3:20PM

Yes, there are going to be a lot of these types of payment gradually trickle out due to this earlier in the year.

http://webarchive.nationalarchives.gov.uk/20140402142426/http:/www.oft.gov.uk/news-and-updates/press/2014/18-14

Seventeen banks and building societies have agreed to repay over an estimated £149 million in interest and charges to around 497,000 customers, following OFT action.

The money is to be repaid because the banks and building societies concerned did not provide customers with some of the post-contractual information about their credit agreements, as required by the Consumer Credit Act 1974. For example, many failed to provide the required statutory wording in statements and arrears notices.

Under the Act, a lender is not entitled to recover interest or default charges for any period during which it has failed to comply with certain statutory requirements.

The interest and charges were paid on products such as store cards, credit cards, loans and hire purchase agreements.

Seems to be happening very slowly, but then again they all need to identify the customers, do the sums, and make damn sure they get it right this time.

Rolling out quick refunds they then have to correct again would be a disaster.

SpiceIsland · 17 December 2014 at 7:57PM

Black Horse next on historic errors on Loans regarding personal statements and no doubt many other banks.

Tesco loan letter.. Payment for no annual statement

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