backdated interest - How long can they claim?

nitsuj80

I’ve had a loan in repayment from the SLC since 2004 and receive a yearly statement. I never noticed but it didn’t mention any interest. Now they have added a large 'Interest (Adjustment)' to my last statement – all the interest I would have paid over the last 6 years!
I do understand that they are entitled to the interest, at the same time it messes with my planning in a nasty way.
Can they legally claim ‘old’ interest? I have always made my repayments, they simply had a computer glitch since 2004.
I’d really appreciate any help.

zppp

nitsuj80 wrote: »

I’ve had a loan in repayment from the SLC since 2004 and receive a yearly statement. I never noticed but it didn’t mention any interest. Now they have added a large 'Interest (Adjustment)' to my last statement – all the interest I would have paid over the last 6 years!
I do understand that they are entitled to the interest, at the same time it messes with my planning in a nasty way.
Can they legally claim ‘old’ interest? I have always made my repayments, they simply had a computer glitch since 2004.
I’d really appreciate any help.

Um, no. You have been charged as per your agreement, sorry.

nitsuj80

Thanks for the feedback. I had guessed that that was the case but wanted to check.
I'd hoped that since I had statements from each year stating what I still had to repay that these were somehow binding.

[FONT=&quot]Anyway, 6 years worth of interest here I come![/FONT]

riffrack

Hi nitsuj80

I have the same issue. It appears that many people have been affected by this. I am totally surprised that their has been no media attention on this matter. In my case they forgot to charge interest for almost 8 years!

No letter of explanation, no letter of apology, just a huge lump sum added to my debt. How can it be that when I reclaim unfair bank charges, I can only go back the last 5 years, but as a customer I get charged for the whole period (8 years). Another case where companies have more options than individual customers!

If I make a small mistake and go over my limit by 10 pounds, I get bank charges straight away. If the SLC 'forgets' to charge interest for many years, I get a good will gesture of 50 pounds!!