Mistake by loan company..

LillythePink

I would have thought that if they had keyed in the amount of the loan/interest/repayment correctly, then if there was a shortfall every month, it would show up on some sort of arrears listing their end so the error should have been found earlier, especially if their agreements/loans are done on a computer.

Ok, whilst you should have checked when the loan started that they weren't ripping you off etc, for them to announce this 7 years down the line is not fair.

I would push for some sort of right off their end - even if it isn't the full amount.

gravitytolls

fozmcfc wrote: »

I agree with both arguments, the OP pleading ignorance of the amount that should have been taken is laughable.

However, the fact that the loan company has been taking the wrong amount, they shouldn't expect the OP to come up with such a ridiculous last payment.

I would expect some sort of common ground to be found and the OP to come to some arrangement to pay whatever is agreed back.

I'm no legal eagle, but I don't think the OP is likely to get the rest of the loan written off, but the loan company must be reasonable as well.

Why is it laughable? I wouldn't've known, I'd've simply assumed I had misheard/misread what I thought were the monthly repayments, it wouldn't have even occurred to me to get out the loan agreement.

In fact, when I once called with a uery, one of the security checks was 'how long is the loan period?', I answered '8 yrs'. Turns out it was 7 yrs, but I was absolutely certain I was right, had I been regularly reappraising the loan agreement, such an error wouldn't have occurred.

OP, if I were you, I'd have a chat with CAB if the loan company aren't prepared to share the cost of the error. As it's been pointed out, it's their responsibility to request the amount via DD, IMO, their error, they should swallow the loss, as you have entirely stood by your end of the agreement.

To those who expect there to be a surplus in the account...WHY? OP's already said they figured they were taking the correct amount.

OP, please come back with the final outcome, it is of interest to those of us who don't run personal finances like a business, but in the usual haphazard way of folk who have lives beyond the bank balance.

McKneff

Well done, I salute you, I'm sure we all do. All hail McKneff for he is indeed wise.

Well done, I salute you, I'm sure we all do, All hail McKneff for SHE is indeed wise;):D

fozmcfc

gravitytolls wrote: »

Why is it laughable? I wouldn't've known, I'd've simply assumed I had misheard/misread what I thought were the monthly repayments, it wouldn't have even occurred to me to get out the loan agreement.

In fact, when I once called with a uery, one of the security checks was 'how long is the loan period?', I answered '8 yrs'. Turns out it was 7 yrs, but I was absolutely certain I was right, had I been regularly reappraising the loan agreement, such an error wouldn't have occurred.

OP, if I were you, I'd have a chat with CAB if the loan company aren't prepared to share the cost of the error. As it's been pointed out, it's their responsibility to request the amount via DD, IMO, their error, they should swallow the loss, as you have entirely stood by your end of the agreement.

To those who expect there to be a surplus in the account...WHY? OP's already said they figured they were taking the correct amount.

OP, please come back with the final outcome, it is of interest to those of us who don't run personal finances like a business, but in the usual haphazard way of folk who have lives beyond the bank balance.

Well if it's not laughable it is certainly not a proper way to take care of your finances. As someone else said would the OP and you for that matter have noticed if more was taken out then agreed or would have you said oh it's ok just take £50 more out, I must have misheard.

As I say laughable.

tenmah

fozmcfc wrote: »

Well if it's not laughable it is certainly not a proper way to take care of your finances. As someone else said would the OP and you for that matter have noticed if more was taken out then agreed or would have you said oh it's ok just take £50 more out, I must have misheard.

As I say laughable.

But isn't that why most people are on this forum, because we didn't/haven't taken care of our finances in the past?

Some people are further down the line in learning things like meticulously checking loan agreements, bank statements etc but others are just starting on that journey.

Still isn't helping the OP to 'laugh' at his mistakes.

fozmcfc

tenmah wrote: »

But isn't that why most people are on this forum, because we didn't/haven't taken care of our finances in the past?

Some people are further down the line in learning things like meticulously checking loan agreements, bank statements etc but others are just starting on that journey.

Still isn't helping the OP to 'laugh' at his mistakes.

I'm not laughing, but it is crazy to think someone wouldn't even check the very first payment out.

I think I have been fair with my posts on the thread, I still believe the OP would have noticed if more was taken.

But hey that's life, we all don't agree but at least we can state our opinion otherwise there would be no point in posting.

Worcsman

McKneff wrote: »

Well done, I salute you, I'm sure we all do. All hail McKneff for he is indeed wise.

Well done, I salute you, I'm sure we all do, All hail McKneff for SHE is indeed wise;):D

he?? she?? wisdom like yours transcends gender, surely?

wizz1664

drbesty wrote: »

I'm sure you'd notice in a second if they were taking 50 quid extra instead of 50 quid less

Hahaha!
Very true!

If they had taken £50 more it would have been 3 hundred and something rather than 2 hundred something. Yeah, I'd have noticed alright!
I didn't, but point taken.
Good point about the fact that they should have picked it up as arrears...

McKneff

Worcsman wrote: »

he?? she?? wisdom like yours transcends gender, surely?

presumptions, presumptions,
A rhetorical question, surely................. I will treat it as such sweetie mmmmwaaaa

Anyway OP, my apoligies, having thought about it, Im an accounts clerk and am prone to the odd transposition of figures so yes it is easily done, today i spent an hour looking for 9p. a transposition of
10p and 01p mmmmmmmmm
No offence was intended and Im sorry if there was any taken.

Hope you win your fight re the extra interest and I do wish you all the best.
I suppose wisdon comes with age................

smitchy73

All of the good advice of people on our own expeirences and what should've been done mean nothing now.

You have to deal with the problem, I agree with others where unless something is done by the loan company to ease this burden of the shortfall of payments on you then I'd be looking to speak to the CAB, and the poster who said about the company seting up the DD should be held responsible for it and they should have to absorb the shortfall, it's THEIR fault.

Although I admit you should have noticed, but at the end of the day THEY made the mistake, therefore they should take the burden of it.

Would be good to hear what becomes of it too.