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

Kryzstofer

speed_ie wrote: »

I have received redress on this issue.


I had to make a complaint, wait 8 weeks for them to tell me nothing, and then complain to the Financial Ombudsman.


They then paid out within a few weeks.

Nice one!:j

Presume they paid you your interest back?

Gusboll

speed_ie wrote: »

I have received redress on this issue.

I had to make a complaint, wait 8 weeks for them to tell me nothing, and then complain to the Financial Ombudsman.


They then paid out within a few weeks.

Yes I've written to the Ombudsman (to complain about the lack of communication, Dunstonh).

dunstonh

Gusboll wrote: »

Yes I've written to the Ombudsman (to complain about the lack of communication, Dunstonh).

what a waste of everyones time. I feel sorry for those with genuine complaints that get held up by you.

magpiecottage

This sort of timescale is not unprecedented. When the old PIA decided pension transfers and opt outs needed to be reviewed it took a couple of years to decide how the redress should be calculated. It was eight years before firms were supposed to resolve them. Even then, there were some stragglers.

My last pension review calculation was about seven years after the deadline when some other cases came out of the woodwork.

I would expect this to take a considerable time and, unlike those with pension transfers, nobody is currently out of pocket compared to what they expected to be.

As with the Pension Review, though, until the regulator has agreed with the firm what must be done and how any payment must be calculated, there is nothing to report. T

hey will also be expected to pay interest on to borrowers - or to knock the money off the loan which would be equivalent to getting savings at an interest rate at the rate they pay which will be considerably more than they could achieve on the open market and will also be tax free.

So it may be in borrowers' interest (no pun intended) to be patient anyway.

Gusboll

dunstonh wrote: »

what a waste of everyones time. I feel sorry for those with genuine complaints that get held up by you.

You are in no position to judge what may or may not be a genuine complaint; that's why we have the Ombudsman system.

dunstonh

Gusboll wrote: »

You are in no position to judge what may or may not be a genuine complaint; that's why we have the Ombudsman system.

And the ombudsman system is taking close to 12-24 months to get complaints reviewed as it is swamped.

Having people complain about a lucky windfall payment taking a while to be sorted whilst the OFT, FCA and the firm discuss the implications doesnt help those suffering hardship due to real problems.

duck_egg_2

Nemo finance did exactly the same thing as this. A few months ago I got refunded £2800, well I never got refunded as such, they offset it against the loan and even refused to offset it against the arrears on my account.

It is now with the ombudsman.

speed_ie

dunstonh wrote: »

And the ombudsman system is taking close to 12-24 months to get complaints reviewed as it is swamped.

Having people complain about a lucky windfall payment taking a while to be sorted whilst the OFT, FCA and the firm discuss the implications doesnt help those suffering hardship due to real problems.

I was suffering hardship, due to this real problem.


I know it was real, because Co-op paid me £3000 because of it.


The ombudsman system wouldn't be swamped, if companies like Co-op, didn't force people to use it, before rapidly paying up.

Nasqueron

speed_ie wrote: »

I was suffering hardship, due to this real problem.


I know it was real, because Co-op paid me £3000 because of it.


The ombudsman system wouldn't be swamped, if companies like Co-op, didn't force people to use it, before rapidly paying up.

You are mixing up the issue.

The problem was that they didn't issue the right documentation meaning they weren't allowed to charge interest on the loan for that period.

The loan and the interest payments were perfectly valid - you being in hardship is nothing to do with this issue

dunstonh

I was suffering hardship, due to this real problem.

You were suffering no hardship due to this and there was no problem. You were paying exactly what you agreed. This is a windfall for those getting payments due to a clerical error by Co-op.

If you are in hardship, then it is because of other reasons. Not this.