CO-OP Bank Letter Not Acting in accordance with Credit Act (compensation?)

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  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    Gusboll wrote: »
    The scandal here is that after telling people that they would be contacted "in due course" there has been nothing heard for 10 months! Everyone should be bombarding them with complaints otherwise they will never change.

    Its a bloody windfall for you when it comes. You are not worse off because of this. Stop being greedy and wait for it come.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Gusboll
    Gusboll Posts: 9 Forumite
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    dunstonh wrote: »
    Its a bloody windfall for you when it comes. You are not worse off because of this. Stop being greedy and wait for it come.
    Try reading my post again and see if you can make a comment of any relevance.
  • roonaldo
    roonaldo Posts: 3,420 Forumite
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    Gusboll wrote: »
    Try reading my post again and see if you can make a comment of any relevance.
    Dunstonh is just saying be patient.

    The problem being with this is that people have received a letter and 10 minutes later have spent it already which is no ones elses fault!
  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    Gusboll wrote: »
    Try reading my post again and see if you can make a comment of any relevance.
    My comment is relevant. Stop being impatient. You will get it when the regulator and the lender have agreed what needs to be done.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Gusboll
    Gusboll Posts: 9 Forumite
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    dunstonh wrote: »
    My comment is relevant. Stop being impatient. You will get it when the regulator and the lender have agreed what needs to be done.



    You seem to be having difficulty grasping what I'm saying so I'll spell it out for you.


    Whatever the problem is and whatever the remedy might ultimately prove to be; for an organisation like a bank to write to their customers and state that there has been a !!!!-up, about which they will explain in more detail "in due course", and then for them to be silent for (to date) 10 months, is unacceptable in my opinion.


    Maybe you can explain in more detail as to what the accepted way to behave is for people in the financial sector, in terms of their customer service and attention to detail?
  • dunstonh
    dunstonh Posts: 116,387 Forumite
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    Whatever the problem is and whatever the remedy might ultimately prove to be; for an organisation like a bank to write to their customers and state that there has been a !!!!-up, about which they will explain in more detail "in due course", and then for them to be silent for (to date) 10 months, is unacceptable in my opinion.

    You opinion is fair enough. However, you are not financially worse off due to this error. It is a windfall for you. Telling people to inundate them with letters is just going to create an increased admin load and potentially delay things more.

    Maybe you can explain in more detail as to what the accepted way to behave is for people in the financial sector

    There has been no financial loss to you and you wouldnt even be aware of an issue if they hadnt told you. So, they are being honest and you are getting lucky. You know that this issue is being dealt with at the highest level with the FCA and OFT and things at that level tend to be slow. Yet you want it now and it is you that is being impatient with your windfall.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • StirlingDave
    StirlingDave Posts: 24 Forumite
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    Gusball's point doesn't read as demanding money instantly. Rather the complaint is about the lack of information from the Coop, who have sent letters and then appeared to have done little.

    Searching on their website shows absolutely nothing about this. A simple page, somewhere, saying that the process is ongoing would enable us to know that this issue still exists. As it stands, a letter nearly a year ago, followed by silence, makes me wonder whether this is an ongoing investigation or something they've dropped without telling us.

    Their inability to give an accurate timeframe for the situation being resolved is understanding. Their inability to provide any updates on the progress, in the digital age, isn't.
  • Nasqueron
    Nasqueron Posts: 8,836 Forumite
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    The whole point is that no-one has lost anything because of this admin error - people had a loan, they were paying it off as required and as part of that process the Co-Op forgot some wording from one of the forms so it means because of the rules of the finance industry they can't enforce some part of the collection for that period so you might get some of it back.

    No-one has lost out because of this and if no-one had noticed the loans would have been paid back as per normal, just wait for the CO-OP and FCA to sort out what fines/restitution is needed and enjoy your free money if you get some
  • Kryzstofer
    Kryzstofer Posts: 5 Forumite
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    Still heard nothing, no hurry, just curious. Any Updates anyone?
  • speed_ie
    speed_ie Posts: 13 Forumite
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    I have received redress on this issue.


    I had to make a complaint, wait 8 weeks for them to tell me nothing, and then complain to the Financial Ombudsman.


    They then paid out within a few weeks.
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