CO-OP Bank Letter Not Acting in accordance with Credit Act (compensation?)

StirlingDave

I've finally had this sorted out by the Co-op, who I left to sort it themselves. I suspected they would have to refund me a year's worth of interest (when the balance was at its highest) and rather than doing that earlier (when it wiped money off their balances) or later (when they'd have to pay interest on any money refunded to my bank account) it was magically resolved at the exact point the money withstanding on the loan was the same as the amount they needed to refund.

For those of you who want numbers, I took out a 5-year £9k loan and it was settled whilst the account was still showing £1,350(ish) - this meant it ended six or seven months earlier than was originally agreed.

I haven't had any communication from the Co-op about this at all - just a statement with some weird refund codes (in an order which makes no sense) and a balance of nil, and the removal of the loan and standing order from my online banking.

I'm posting this for information for anyone who is still confused by all this and the silence from the Co-op about this. Naturally, the fact that this is how things were resolved in my case doesn't mean it will be same for anyone else.

rob404uk

Received a nice cheque in the post for this today:)

Hope everyone gets theirs soon!

loopdaloop

Finally was paid off today.

Bank Error was in my favour.

I think people can review this threat & see who lacks credibility in helping people.

dunstonh

loopdaloop wrote: »

Finally was paid off today.

Bank Error was in my favour.

I think people can review this threat & see who lacks credibility in helping people.

Indeed, it looks like all the posters that said early on that it will be dealt with by a process with the FCA being involved and you just need to wait were correct.

Thank you for acknowledging that their responses were credible.