Lender has terminated my loan in error, where do I stand

Janie4Now

OP - I'm impressed and I seriously wish you well with this but I, too, would be tempted to take the money and run at this point. You've won the moral battle.....leave it at that!

Stormchaser_2

Does that mean this thread may actually come to an end now? :dance:

Seriously, it feels like it's gone on longer than the Leveson Enquiry. :wall:

magpiecottage

Conrad2 wrote: »

Received a message from the bank admitting their error, offering some compo, and offering to correct their errors regarding credit reporting. They also confirmed that my payments were correct and up to date to September. They seem to be holding out that I will reaffirm the contract.

No guarantee that this will go either way at the moment, but does seem to be swinging in my favour.

Have they told you (in writing) that you have six months to go the Financial Ombudsman Service if you are dissatisfied with their conclusions and offer?

You can, if you wish, now go to FOS (free) and ask it to make them write off the debt. If an Ombudsman makes that decision and you accept it then it is legally binding on the lender. A court will simply enforce it without considering the merits of your case.

Eonel

Stormchaser wrote: »

Does that mean this thread may actually come to an end now? :dance:

Seriously, it feels like it's gone on longer than the Leveson Enquiry. :wall:

This is the beginning, not the end :rotfl: I look forward to regular updates from OP as to whether he gets the loan re-stated under his terms or the banks.

Conrad2

There is one little problem, the offer of compo is only connected to the error that led to the default notice (it came from customer care, responding to my complaint on 16 Sept, before the collection notices - took them a month and a half to reply) and it doesn't mention the collection agency coming after me, which it still is. So they have admitted to the error, offered compo, but they are still attempting to collect!

I think that customer care haven't got a clue what collections have done. They really do seem pretty useless. I will update when I know more...

jonesMUFCforever

Do you still think you will get the debt written off??

Lets have a vote here now - I'm a big NO!

Conrad2

jonesMUFCforever wrote: »

Do you still think you will get the debt written off??

Lets have a vote here now - I'm a big NO!

I do know that I have done nothing wrong, and that the bank have acted incorrectly, which they have admitted to, but are still seeking to collect from me.

What would you expect if they did it to you?

There is no question that they have breached the contract according to my solicitor, so what options do they have to get it going again. There is no agreement in place because they terminated it. So what is their case in court?

I'm willing to be reasonable, but they are not doing themselves any favours by continuing to act unlawfully. My solicitor is adamant that this is at an end and just a matter of damages now.

Like you though, I will believe it when I see it.

So count me as a no too!

redpete

Conrad2 wrote: »

What would you expect if they did it to you?

Restoration to where things were before the original error (i.e. you owing them £x payable at £y per month by DD, no markers on your credit files, no-one chasing you for a non-existent default) and some compensation for inconvenience (i.e not for distress or other imaginary damage).

jonesMUFCforever

Conrad2 wrote: »

I do know that I have done nothing wrong, and that the bank have acted incorrectly, which they have admitted to, but are still seeking to collect from me.

What would you expect if they did it to you?

There is no question that they have breached the contract according to my solicitor, so what options do they have to get it going again. There is no agreement in place because they terminated it. So what is their case in court?

I'm willing to be reasonable, but they are not doing themselves any favours by continuing to act unlawfully. My solicitor is adamant that this is at an end and just a matter of damages now.

Like you though, I will believe it when I see it.

So count me as a no too!

I wouldn't screw my credit files up if I were you - where are you going to get the money to pay your solicitors fees?

Conrad2

jonesMUFCforever wrote: »

I wouldn't screw my credit files up if I were you - where are you going to get the money to pay your solicitors fees?

Yes, you have said that before. I'll go with my solicitors advice though if you don't mind.:)