Loan paperwork gives one early redemption figure but bank says it's more...?

Jacks_xxx

Hiya lovelies,

We have a loan which states in the paperwork that the early settlement figure if a quarter of the payments have been made would be £12896.83.

But the bank say "Oops they made a mistake way back then and it's actually £13448.64 but hey look we'll knock £500 off that for goodwill" :rolleyes:

Does anybody have any advice for us on how to proceed?

Love Jacks xxx

standupguy

If you want to settle at that point then the difference after the banks gesture of £500 is only £52.

As it is in the contract I think they would waive the £52 as well if you wanted to settle.

jonesMUFCforever

The loan paperwork would give you examples of repayments but cannot take into account things such as overpayments and late/missed payments.

Jacks_xxx

Thanks guys I guess I'm just worried about what other mistakes they might have made!

Is the difference really only £50 or so? I can't believe in my tizz that i didn't work that out properly.

I s'pose I'l go back to them and say we'll pay the settlement figure laid out in the document and you can fiddle for the other £50.

We have our main bank account with the same lender and it's about time we moved anyway!

Cheers lovelies! :T :A

Love Jacks xxx

jonesMUFCforever

I think they will pursue you for the rest - interest will be charged on a daily basis.

brightonman123

surely the loan agreement (if signed by both parties) is a legal document- they can't change figures later..?

would be interested in how this works out, if they try to pursue the difference.

Jacks_xxx

Hi again,

I sent an email to the CAB and have an appointment to go over the paperwork with them next week to see what they think, because I know (now ) that the difference is only £50 but I don't think they can just change it willy nilly when it was all laid down by them in the loan document.

If they want to pursue us- then let 'em. They'll have to go to court and challenge their own document!

I'm just looking into starting up a new bank account with someone else right now so that they can't just grab money out of our account.

Thanks ever so much for responding,

Love Jacks xxx