Paid Settlement

humbug999

I paid a settlement figure to british gas loans as quoted to me twice over the phone, I paid the amount by debit card. now they have sent me a letter saying they have quoted the wrong amount to settle a difference of
£3500 Any advice would be appreciated thanks

billywhizz

Unless you have it in writing there's not going to be much you can do. Was the settlement figure you paid enough to reasonably expect to clear the loan?

humbug999

paid the settlement in june they stopped taking direct debits letter came yesterday

ArchieB_2

Are their phone calls recorded - they should be. In which case I would start asking some questions and ask for the calls to be listened to.

TintinC

This is a related issue to the Gas one.

My wife had/has a Cahoot flexible loan which at its onset was good value but over time rate increases meant it was no longer competitive. She decided to take out a loan to repay the amount owing and also consolidate both this and her car loan. Cahoot required that you write to them to request a settlement figure which she duly did. She received the letter from Cahoot stating her settlement figure, which was a little bit lower than we had expected but we put this down to interest savings. The letter stated that if she paid the settlement figure by the due date the account would be cleared. She paid the amount in full and assumed all was well. This was a couple of weeks ago. She went into her account today to check all was well and was surprised to see there was still a balance. She immediately phoned Cahoot to be told that the settlement figure was their error and that she still owed around £1500. She was told that they would still be seeking to take out the direct debit amount of £200 at the end of the month. My wife said she was in no position to pay this additional amount and is loathe to pay Cahoot anything further having settled their account in good faith. I realise there is possibly an element of "reasonableness" to be taken into account here but are there any suggestions on what she should do? Cahoot did kindly offer to convert the balance into another loan at a rate of 6.1%, but as I said my wife does not see why she should have to pay any further interest on what is their error.

Bit of a rant....would welcome any thoughts!