Bank taken too much, help with DD guarantee

beckylivesey

Hello,

I have a loan with lloyds which we paid off all but £13, however this month they took out the full payment of £358 even though it stated on online that there was only £13 left.

After speaking to them they have refused to return the money until the 11th, so will take 10 days to return it, my understanding is that the DD guarantee requires them to give it back immediately. Anyone give us any information on where we go now? We are really going to be short until the money comes back to us as I got underpaid this money too. We spoke to the loans department do we need to speak to the bank instead?

Any help gratefully appreciated

Tixy

Is your bank and loan with the same company?

Contact your bank and ask for a return of the DD under the DD guarantee.

Had you made very recent overpayments to the loan? was the balance more than the £358 within 3days of the DD being taken? If so then I am not sure if it would be covered under the DD guarantee scheme. But it would be worth contacting them again to see if they can speed up the return of the additional money, explain it will put you in to financial difficulties if they can't return it sooner.

beckylivesey

Thanks for your quick reply, no the overpayment was made the month before, we had enough to pay it off but they would of charged us more to end it early so we left the £13 left to pay. The loan is with Lloyds so technically the same although we have been speaking to the loans department, we'll try the bank side instead

dealer_wins

Its only 8 days, not 8 years!!

somethingcorporate

If you reverse the payment then you may end up being late in the payment and having a late payment marker put on your credit file. Not great for the sake of being a little bit patient.

It's a virtue don't you know?

vassa

dealer_wins wrote: »

Its only 8 days, not 8 years!!

I run a business, the same as the bank does, i'm sure you'd have something to say if you owed me £13 and i took over £300 and told you tough. It's not their money.

somethingcorporate

vassa wrote: »

I run a business, the same as the bank does, i'm sure you'd have something to say if you owed me £13 and i took over £300 and told you tough. It's not their money.

Read the OP, they haven't said tough, they have said they have to wait a week - hardly the same.

vassa

somethingcorporate wrote: »

Read the OP, they haven't said tough, they have said they have to wait a week - hardly the same.

That's just being pedantic.

They've taken money that isn't theirs and have refused to give it back. Waiting a week isn't reasonable at all when one is a multi billion pound corporate entity and one is a flesh and blood human being with which this will have real-world implications.

I did read the OP, but it appears you think it's ok for a business to do this and i don't.

What's the difference between a week and a month? Is it ok if they get it back 'eventually' or is the specific time frame a factor in your opinion?

I could understand if they initiated the transfer back right away but were restricted by bank processing times, but transfers can be done instantly.

somethingcorporate

There is nothing pedantic about my point. If they refused to give it back point blank it may require complaints, escalation to the ombudsman or court action to recover it taking many months. Waiting a week is hardly the same as what you have suggested!

Under DSRs (not a remotely similar issue but the only one I know a timeframe is involved for the return of customers money) retailers are allowed up to 30 days to return money to customers. I don't think anyone would suggest a week is unreasonable.

If you run your own business what are payment terms you are used to? my company pays on 60 day terms to suppliers. Is that fair and reasonable? again not a direct analogy but just a point to indicate when waiting for your money that a week is not much to wait.

dealer_wins

vassa wrote: »

I run a business, the same as the bank does, i'm sure you'd have something to say if you owed me £13 and i took over £300 and told you tough. It's not their money.

It wouldnt be a problem, I understand mistakes can occur, and I have a few quid put aside for emergency situations like this.

Now if it was £30000 I might have to break out the credit card for a week of takeaway dinners until it got sorted!!

vassa

somethingcorporate wrote: »

There is nothing pedantic about my point. If they refused to give it back point blank it may require complaints, escalation to the ombudsman or court action to recover it taking many months. Waiting a week is hardly the same as what you have suggested!

Under DSRs (not a remotely similar issue but the only one I know a timeframe is involved for the return of customers money) retailers are allowed up to 30 days to return money to customers. I don't think anyone would suggest a week is unreasonable.

If you run your own business what are payment terms you are used to? my company pays on 60 day terms to suppliers. Is that fair and reasonable? again not a direct analogy but just a point to indicate when waiting for your money that a week is not much to wait.

Nothing you've said there has any relevance. Legislation, guidelines etc mean squat when this has real world implications to a persons well being.

Comparing business transactions has nothing to do with people dealing with corporations.

Taking someone's money, when you shouldn't have, and then telling them to wait whatever number of days you tell them before getting it back, is fundamentally wrong. Doesn't matter whether it's backed by law, legislation, guidelines, parliament, the government, business....there's a basic common sense that tells you it's wrong. The sad part is that people are so indoctrinated that they've taken to siding with registered VAT numbers instead of living breathing people.