Moorgate loan servicing

Ozpom1

My partner and I have both had egg loans which were transfered to Moorgate. His loan finished in April and we asked for a complete statement of the account. The final payment taken by moorgate was exactly the same as the other payments i.e. £171.44, but it shows that there is a balance of £117.29CR. We rang Moorgate and were told that their staff are not allowed to alter a direct debit payment which was why they had taken the standard payment. When we asked when we would get the balance back they said it had to have a 10 day clearance prior to any refunding. They would then issue a cheque - another 3 1/2 days to clear that !! They gave the impression that it was a banking standard. We phoned LLoyds TSB to check, and found out that there was no such requirement. We called Moorgate back again and were then told it was an internal policy to allow the direct debit reversal period to pass. I suggest to anybody out there who has a Moorgate loan that you cancel the direct debit before the last payment and then pay them the balance, to prevent them from holding a credit on your account. I just feel that it is outrageous that they have taken extra money on top of the balance. I am also not sure if I would ever have known about the credit if we hadn't of asked for a statement.

emweaver

If they're refunding you then whats the problem?