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Have been given a loan i havent signed for! Help!
danclarkio
Posts: 11 Forumite
in Loans
Apologies for the length of this post!
I applied for a 'top up' on my existing Santander loan to £15,000, my existing balance was £6448. This was accepted but i wasnt happy with the apr rate offered (13.9%) and wanted to lower the amount to £13,000 and was told this wasnt possible. I was told by Santander to ignore all paperwork as i phoned them and told them i didnt want the loan. The following day the paperwork arrived so ignored it like i was told. Two days later another letter arrived stating the funds would be in my bank within 4 days. Again i phoned and was told it was just an error. THe next day the balance of the £15,000 loan after settling my existing one was paid into my current account! (£8551). Again i phoned them and was told that a one off direct debit would come out of my bank on the 7th March to repay the loan and my original existing loan would continue as normal. No transaction was carried out. When i AGAIN phoned them i was told my 'complaint' was now a stage two complaint and someone would contact me within 2-4 weeks. Well 6 weeks later ive not heard a thing and i still have the money. Im sick of ringing them and being told someone will contact me-i havent received one call from them during this whole debacle. Initially they sent me a £25 when they realised their mistake which i havent cashed as i think thats an insulting amount to offer. I havent signed a single thing for this loan. I should have made a payment on my original loan two days ago which i cant do as they have settled it! The paperwork says they will start payments on this £15,000 on the 17th april so im guessing thats when i will start to hear from them.
Where do i stand legally with all of this? What can i demand as compensation for this huge mess? I have a 7week old baby and have been very stressed out by this, thankfully hsbc have been fantastic and cannot believe the inadequacy of santander and gave me the loan i wanted at 7.5% even though on paper i have the loan still from Santander. Santander have admitted all responsibility in a written letter that i requested when applying for the hsbc loan.
How long do they have to recall the funds? My original loan should be finished next november, now that it is at least one payment behind (although settled at the moment im sure they will reactivate it when they finally decide to chase me for it)-i dont see why i should have to extend the term by at least a month due to their complete screw up.
Someone please tell me where i stand legally, im being told many different things from 'they can recall at any time' to 'if you havent signed for a loan they cant reclaim it'. I currently have £15,000 that i have told them at least 8-12 times to take back from me yet they are failing to do so!!
Ive contacted the financial ombusdsman, citizens advice, hsbc,even Watchdog and Martin Lewis at Daybreak for a bit of help but am getting nowhere fast!
Thankyou for any assistance you can give.
Danielle
I applied for a 'top up' on my existing Santander loan to £15,000, my existing balance was £6448. This was accepted but i wasnt happy with the apr rate offered (13.9%) and wanted to lower the amount to £13,000 and was told this wasnt possible. I was told by Santander to ignore all paperwork as i phoned them and told them i didnt want the loan. The following day the paperwork arrived so ignored it like i was told. Two days later another letter arrived stating the funds would be in my bank within 4 days. Again i phoned and was told it was just an error. THe next day the balance of the £15,000 loan after settling my existing one was paid into my current account! (£8551). Again i phoned them and was told that a one off direct debit would come out of my bank on the 7th March to repay the loan and my original existing loan would continue as normal. No transaction was carried out. When i AGAIN phoned them i was told my 'complaint' was now a stage two complaint and someone would contact me within 2-4 weeks. Well 6 weeks later ive not heard a thing and i still have the money. Im sick of ringing them and being told someone will contact me-i havent received one call from them during this whole debacle. Initially they sent me a £25 when they realised their mistake which i havent cashed as i think thats an insulting amount to offer. I havent signed a single thing for this loan. I should have made a payment on my original loan two days ago which i cant do as they have settled it! The paperwork says they will start payments on this £15,000 on the 17th april so im guessing thats when i will start to hear from them.
Where do i stand legally with all of this? What can i demand as compensation for this huge mess? I have a 7week old baby and have been very stressed out by this, thankfully hsbc have been fantastic and cannot believe the inadequacy of santander and gave me the loan i wanted at 7.5% even though on paper i have the loan still from Santander. Santander have admitted all responsibility in a written letter that i requested when applying for the hsbc loan.
How long do they have to recall the funds? My original loan should be finished next november, now that it is at least one payment behind (although settled at the moment im sure they will reactivate it when they finally decide to chase me for it)-i dont see why i should have to extend the term by at least a month due to their complete screw up.
Someone please tell me where i stand legally, im being told many different things from 'they can recall at any time' to 'if you havent signed for a loan they cant reclaim it'. I currently have £15,000 that i have told them at least 8-12 times to take back from me yet they are failing to do so!!
Ive contacted the financial ombusdsman, citizens advice, hsbc,even Watchdog and Martin Lewis at Daybreak for a bit of help but am getting nowhere fast!
Thankyou for any assistance you can give.
Danielle
0
Comments
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Sounds like a Santander classic!
Sorry I cannot offer you any advice - except - ignore this bitdanclarkio wrote: »'if you havent signed for a loan they cant reclaim it'.
Don't be tempted - it's not yours unless you are prepared to pay it back.
0 -
any idea on how long they have to take it back? or how i stand compo for inconvenience etc? im sick of phoning them!0
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Just keep the money somewhere safe until they figure it out. They will eventually come asking for the money back when they realise there error.There's no sense crying over every mistake.
You just keep on trying till you run out of cake.0
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