Tesco loan-WARNING

kavics17

Hi Guys,

Just wanted to share my experience with Tesco so all of you who are overpaying their loans won't experience the same.
I took a loan out last August for £14999. Made overpayments from month 5 onwards than asked for settlement figure which seemed too high. Thread here:
https://forums.moneysavingexpert.com/discussion/3447573=

After Tesco failing to send me confirmations about the overpayments, I submitted a complaint (I paid off the loan meanwhile) . Thread here:

https://forums.moneysavingexpert.com/discussion/3531155

Last week I got an answer for my complaint which had a minimum of 8 errors (including the amount of overpayments, original loan amount, how much the remaining balance was, when the payments were made, etc). I got really upset and sent the 3rd complaint letter stating these errors and expressing how disappointed I was with their response and this has caused so much worry.

Fast forward this Wednesday, I got a call from one of the members of the complaint team and promised me to look into it. As it turned out they have not credited one of my overpayments to the loan in June and calculated wrong interest in August. I overpayed the loan by over a £1100. I received this money on Friday with compensation so all is good at the end. But, the complaint team realized that the problem with my account happened because:

• they had technical issues when they migrated their customer accounts from their previous system to the new banking system,
• they calculated 8 interest rebate on the same day in August, only 1 is allowed per day and this caused the following problem:
• the interest amounts were incorrect because the computer system generated interest rebate on interest rebate
• incorrect partial letters were sent, technical teams are aware of it now and working to fix it for other costumer's account This is a worry because it means that other costumers might have the same issues
• complaint team sent out letters which were incorrect meaning they did not look into the complaint properly

So please, if you have a loan account with Tesco and you make overpayments, make sure that you receive confirmation letters and check everything on them. Many things went wrong on my account. I do not wish the worry to anyone and I'm glad that my issue has been solved.

Thanks for all your support on previous threads.