Refund for Natwest Loan

Gazzafatcityboy · 18 September 2017 at 4:31PM

All,

A couple of months ago I got sent a letter from NatWest about an old loan I used to have with them.

It stated:

'Under the consumer credit act 1974 were required to send our customers regular loan statements. We must also send notice of sums in arrears (NOSIA) if customers fall behind on their loan payments. There are strict rules we must follow on the timing and content of these documents.'

We did not fully meet these requirements because :

We didn't send a NOSIA or statement when we should have or
NOSIA statement contained errors.

They then enclosed a cheque for around 1700 pounds which I have now cashed. It was my lucky day for sure. I also had another loan with them which had the same issues I believe. Does anyone think I should check with them also on that loan to get some money back in terms of interest as well?

Has anyone done this themselves or had experience of this?

Regards,

Gazza

DCFC79 · 18 September 2017 at 4:37PM

No harm in sending a letter, maybe a letter is on its way to you.

McKneff · 18 September 2017 at 4:40PM

You have nothing to lose except the cost of a stamp

Gazzafatcityboy · 18 September 2017 at 4:42PM

thanks guys, I will send a letter. I was just wondering has anyone else heard of this before? On the back of the letter, it states that they refunded me all the interest of the loan since they failed on their part to send regular statements.

DCFC79 · 18 September 2017 at 4:54PM

Gazzafatcityboy wrote: »

thanks guys, I will send a letter. I was just wondering has anyone else heard of this before? On the back of the letter, it states that they refunded me all the interest of the loan since they failed on their part to send regular statements.

Yes Ive heard of it before purely from the forums, the banks/lenders didnt send out the statements they were meant too.

[Deleted User] · 18 September 2017 at 5:21PM

They'll contact you about the other loan if the same issue applies.

Save the cost of the stamp and treat yourself to something nice.

Tryingtocleardebt · 15 January 2018 at 1:56PM

Sorry to jump on this as I know it's from Sept 2017, but it came up in a Google search I did, and I've just had a letter (and cheque) from MBNA for £6,3457!!!
I was going to contact my other old credit card companies to see if I was due refunds, but after reading this might just leave it and see if anything else comes in the post.

tracyankids · 13 March 2018 at 10:50PM

Hi I!!!8217;ve just received same letter, however I!!!8217;m in a debt management plan with this loan and the letter states I!!!8217;ve suffered no financial loss and hasn!!!8217;t sent any compensation, which is fair enough, However I!!!8217;ve had loans prior to this with NatWest that were paid off, should I contact them reguarding the other loans or just wait. Has anyone else been in same situation and if so what was the outcome ?? Also the statements they have sent do not go all the way back to beginning of loan ?

[Deleted User] · 13 March 2018 at 10:53PM

They will let you know if any other loans were impacted.

sourcrates · 14 March 2018 at 12:34AM

Sec 77(A) subsection 6, consumer credit act 1974 states :

6)Where this subsection applies in relation to a failure to give a statement under this section to the debtor

(a)the creditor shall not be entitled to enforce the agreement during the period of non-compliance

(b)the debtor shall have no liability to pay any sum of interest to the extent calculated by reference to the period of non-compliance or to any part of it; and
(c)the debtor shall have no liability to pay any default sum which
(i)would have become payable during the period of non-compliance; or
(ii)would have become payable after the end of that period in connection with a breach of the agreement which occurs during that period (whether or not the breach continues after the end of that period).

Refund for Natwest Loan

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