LloydsTSB success (sort of)....

Lolapola

I've been waiting since 16 September for my refund to come through. They listed the two separate payments, refund of premiums and interest at 8%. I was informed that I would be paid by cheque.

Yesterday, having received no further communication (other than my phoning them to complain that I was still paying the full repayments on my still-existing loan and being told I would be reimbursed for this) they reduced my loan by the refund of premiums and paid the interest directly into my bank account.

This is precisely what I didn't want to happen, I believed that I would receive the money as a sum, either by cheque or by bank transfer into my current account.

I know I'm lucky to have received anything at all, but I don't like the way they've done it. I was happy enough paying my repayments as usual for another year; I was hoping to take that lump of money and use it for other things. Also, the loan account never shows a detailed statement and I can't see exactly how much they've paid into it (just that it's a big chunk). I'm concerned it might not be quite enough.

Is it worth me complaining about this method, it being very different to what they told me, or should I just consider myself lucky to have received anything at all?

BEN0601

I was under the impression the loan people were going to receive all refunds to enable them to rework the loan and then transfer the refunded amount into our current accounts.

natsel

Lolapola wrote: »

I've been waiting since 16 September for my refund to come through. They listed the two separate payments, refund of premiums and interest at 8%. I was informed that I would be paid by cheque.

Yesterday, having received no further communication (other than my phoning them to complain that I was still paying the full repayments on my still-existing loan and being told I would be reimbursed for this) they reduced my loan by the refund of premiums and paid the interest directly into my bank account.

This is precisely what I didn't want to happen, I believed that I would receive the money as a sum, either by cheque or by bank transfer into my current account.

I know I'm lucky to have received anything at all, but I don't like the way they've done it. I was happy enough paying my repayments as usual for another year; I was hoping to take that lump of money and use it for other things. Also, the loan account never shows a detailed statement and I can't see exactly how much they've paid into it (just that it's a big chunk). I'm concerned it might not be quite enough.

Is it worth me complaining about this method, it being very different to what they told me, or should I just consider myself lucky to have received anything at all?

same here ive was offered nearly £5,500 but there is only £1800 my loan hasnt been restructered yet and is still open

Ive read somewhere on here about the way they do it but I cant find it

but still theyve done something at last

my leter was from september the 22nd

milkyshake68

Most people have had their interest paid separate, then the premiums are paid onto the loan, the loan is then restructured and then the premiums are paid back to you. I had my interest paid by bacs 3 weeks ago but loan still hasnt been restructured. I am missing £4331 but was told that part would be refunded when my loan was recalculated. They only keep the premiums if the payments are in arrears.