Loan settled. Now saying they made mistake.

yakface77

Hi there,
I recently took out a loan from a company called moneyway, they specialise in loans for musical instruments.
After some mistakes that they made in December with dd's, i asked them to send me proof that i have settled my loan.
I have a letter from them saying 'thank you, we are satisfied that your loan has now been fully repaid in full'
I have just recieved a phone call from them saying that my bank made a mistake with a dd and there is one instalment left to pay.

Throughout this loan ive contacted them checking that monthly dd's are up to date, i have worked out that there is still one payment of £50 left to pay by me, but i feel ive gone out of my way to check double check and keep my account up to date.
When i rang them up in Dec, i asked them if all is well with payments, as i had a feeling that they had made a mistake, they refused to take a payment as they insisted my account was correctly paid up.

Does the letter they sent me count for anything ? Shall i refuse to pay anymore ?
thanks in advance
craig

~Brock~

Do you actually owe the money? Yes
Do you agree that you owe the money? It would appear so.
Do you think the loan company should be made to 'pay' in some way for what appears to be a genuine mistake? I guess you do.
Do you think you think it would be correct not to pay it? Your call, but be careful what a short term win over 50 quid will do to your credit rating in the long term.

Your situation is likely to divide opinion on this forum, however there is a difference between moneysaving and money stealing. You know, because you have worked it out for yourself already, that you owe this money.

RobertoMoir

At the end of the day, if they've sent you a letter that says your debt is fully settled then I'm not sure if they can force you to pay the thing they now say is outstanding, or if they can harm your credit rating.

I have to agree with Brock on one point - If you think they will continue to hassle you then is it worth it for £50? I don't know how much you value your free time but you have to ask how much effort you'd have to put into dealing with their requests for payment before it would have been better just to pay up. That's a distinction only you can make.

yakface77

Thanks for your reply.
Yes i do owe it, however feel i made every effort to pay it and chase up the status of the account for what they formally replied was now 'settled in full', they would not take payment when i was due to pay.
I did have the money to pay, but it has gone towards other bills etc, i will have more funds at end of feb, but the point is ' if it was to have an adverse effect on my credit report, would the fact i have a written statement from them suffice a reversal ?

yakface77

Thanks Roberto

yakface77

Just to update you that the company are writing this off due to the letter that i asked for when i felt things were not correct. I scanned letter of their admitance to the account being settled in full, and asked to escalate to a claim. They admitted that they couldnt do anything as the letter was legal acceptance by them that all was settled.
So thanks to those who replied.