Bank not handling loan properly

nomoneytoday

Surely he must have looked at a statement at least once during this time?

Since the bank didn't perform their part of the deal I would suggest they wiped 1 years interest on the £5000, say £300ish. However, he is still liable to pay off the principal, or make arrangements to finance it if he doesn't have it...

Robert_Sterling

I do not know for sure what the legal position is but if my bank account had £5000 more in it than it should I would definitely know about it.

xmaslolly76

I agree with the majority on this one £5000 is lot not to notice, However maybe the bank should remove any interest charged over and above the original £5000 that was owed as it was ther mistake for not removing the funds and payng off the loan and also any overdrawn charges that have acrued due to payments being taken. :-)

scarey_man

xmaslolly76 wrote:

However maybe the bank should remove any interest charged over and above the original £5000 that was owed as it was ther mistake for not removing the funds and payng off the loan and also any overdrawn charges that have acrued due to payments being taken. :-)

I would say that should be a certainty.
On the comments about looking at the bank statements, a few UK court cases I have found have stated that there is no obligation to check bank statements.
However the bank have an obligation to handle our money properly, that forms part of the bank-customer contract.

I would personally notice an extra £100 going into my account but I do online banking. Someone like my father doesn't know how a bank statement works:(


Off to see a solicitor tomorrow for advice, the will complain through the BOS Complaints dept, then maybe the Banking Ombudsman.

Nothing ventured, nothing gained.