Career Development Loan: Co-Op Refund
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Hi,
This is my first post. I'm sorry if this has already been posted elsewhere but I didn't see it in a quick search.
My husband took out a Career Development Loan with the Co-Operative Bank in January 2010. He paid it off early in November 2015 when we applied for a mortgage.
Last week a friend who also had a CDL with the Co-Op (albeit a couple of years later) received a letter to say that the terms and conditions of the interest payable on his loan were incorrect and that ~£1800 was to be wiped off his loan.
Does anyone know which loans the refunds are applicable to (ie from which years) and if it's possible to claim the interest back on a loan already paid off?
Any comments would be greatly appreciated.
Many thanks,
Sarah
This is my first post. I'm sorry if this has already been posted elsewhere but I didn't see it in a quick search.
My husband took out a Career Development Loan with the Co-Operative Bank in January 2010. He paid it off early in November 2015 when we applied for a mortgage.
Last week a friend who also had a CDL with the Co-Op (albeit a couple of years later) received a letter to say that the terms and conditions of the interest payable on his loan were incorrect and that ~£1800 was to be wiped off his loan.
Does anyone know which loans the refunds are applicable to (ie from which years) and if it's possible to claim the interest back on a loan already paid off?
Any comments would be greatly appreciated.
Many thanks,
Sarah
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Comments
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They will contact you if yours is one of the loans affected."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0
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Hi,
This is my first post. I'm sorry if this has already been posted elsewhere but I didn't see it in a quick search.
My husband took out a Career Development Loan with the Co-Operative Bank in January 2010. He paid it off early in November 2015 when we applied for a mortgage.
Last week a friend who also had a CDL with the Co-Op (albeit a couple of years later) received a letter to say that the terms and conditions of the interest payable on his loan were incorrect and that ~£1800 was to be wiped off his loan.
Does anyone know which loans the refunds are applicable to (ie from which years) and if it's possible to claim the interest back on a loan already paid off?
Any comments would be greatly appreciated.
Many thanks,
Sarah
have you checked your loan to see if it was OK?0 -
I think one of the problems with some loans is that they didn't use the right words to explain that you could save money by paying it off early. Maybe they realise that you understood this as you did pay it off early and so don't qualify for a refund.loose does not rhyme with choose but lose does and is the word you meant to write.0
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I think one of the problems with some loans is that they didn't use the right words to explain that you could save money by paying it off early. Maybe they realise that you understood this as you did pay it off early and so don't qualify for a refund.
Not necessarily. I settled my 2010 career development loan early (two years into a five-year term) and the Co-op just sent me a £1500+ cheque. Hope the letter is in the post for the OP.
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I paid my CDL off in the full 5 year term.
Just got a cheque last week for £650 for the same reason as the OP.
Very happy 0 -
Hi Sarah,
Did you get any further with this? My partner took out a loan in 2010 and he heard that he had a refund last week. We had changed address so it was just by chance as he only remembered to change it and requested a statement which had an odd refund amount on it so queried it. It turns out they had sent a cheque out to our old address.
I also had a loan which I took out in 2009. Again I was worried that they may have sent a cheque to my old address but having just called them apparently there's nothing noted on my account just yet but there's a team apparently still working on it. There's hope yet!
Thanks,
Heather0 -
I just received a cheque completely out of the blue from Coop for £2202.89!!
Doesn't really say much save for what others have said above.
Just bought a new house so this couldn't have come at a better time :j0 -
Hi, I took out a CDL with Co-op in 2009. I settled early. I just got a payment of ~£600 to cover a breach of the Consumer Credit Act 1974.
Basically the information they gave about APRs was incorrect and the refund I received covers the interest paid during the period when they were in breach of CCA. I got the refund from doing a PPI check actually, whereupon they "discovered" the separate error.
I'm assuming this is a quite a wide issue with CDLs so worth looking into.0 -
I had a CDL from the coop. Anyone have the contact details of who to speak to re a refund that others seem to have successfully achieved. thank you!0
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As mentioned earlier in the thread, if your loan was one affected by the breach then they will write to you as they have in all the above (except the OP as there has been no reply to say that they have or have not since had a payment).
It will take time for them to go through all the accounts, it's taken more than 12 months so far based on the above posts.0
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