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CO-OP Bank Letter Not Acting in accordance with Credit Act (compensation?)
Comments
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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
It was due to this issue.
I was quoted a settlement figure, which was knowingly overstated.
I paid this settlement, as I was told by Co-op that the redress would be sorted several months ago.
Co-op then delayed the redress, for no reason, thus causing me a hardship.0 -
It was due to this issue.
I was quoted a settlement figure, which was knowingly overstated.
I paid this settlement, as I was told by Co-op that the redress would be sorted several months ago.
Co-op then delayed the redress, for no reason, thus causing me a hardship.
This particular issue is very specific
People took out a loan (fine)
They are paying back the loan (fine)
Co-Op made a mistake which meant they could not charge interest during a period of a few months which they have noticed and corrected as the annual statement missed off some wording.
This is not about settlement or anything, the payments taken were perfectly legal and if no-one noticed the interest issue, no-one would have been any worse off as you would still have to pay back the loan and associated interest.
The only "redress" is a refund of interest paid during the period where they were not allowed to charge it - the loan payments would still have had to be made - if your hardship is down to you not getting a refund of interest that you would not have been entitled to had this typo not been noticed then an obvious question is what situation would you be in had you not had this potential extra money as a bonus? Did you "spend" the £3000 refund before you had received it and that is why you are in hardship?Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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This particular issue is very specific
People took out a loan (fine)
They are paying back the loan (fine)
Co-Op made a mistake which meant they could not charge interest during a period of a few months which they have noticed and corrected as the annual statement missed off some wording.
This is not about settlement or anything, the payments taken were perfectly legal and if no-one noticed the interest issue, no-one would have been any worse off as you would still have to pay back the loan and associated interest.
The only "redress" is a refund of interest paid during the period where they were not allowed to charge it - the loan payments would still have had to be made - if your hardship is down to you not getting a refund of interest that you would not have been entitled to had this typo not been noticed then an obvious question is what situation would you be in had you not had this potential extra money as a bonus? Did you "spend" the £3000 refund before you had received it and that is why you are in hardship?
Do you work for Co-op or something?
It was more than a 'few months'.
Im not getting into personal circumtances, but I acted on information told to me by Co-op, on a dealing with Co-op.
Co-op then changed the goal posts, by several months, with no end date in sight, that was causing me a severe financial hardship.
After going through the ombudsman, Co-op settled in a matter of 2 weeks.0 -
Do you work for Co-op or something?
It was more than a 'few months'.
Im not getting into personal circumtances, but I acted on information told to me by Co-op, on a dealing with Co-op.
Co-op then changed the goal posts, by several months, with no end date in sight, that was causing me a severe financial hardship.
After going through the ombudsman, Co-op settled in a matter of 2 weeks.
That is not what this thread is about.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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That is not what this thread is about.
It is.
Co-op know what they have to do to redress the loan interest issue.
They are choosing to delay this, almost indefinitely.
I would suggest, if you are owed anything because of this, complain to Co-op, wait 8 weeks for a non-response, and then complain to Financial Ombudsman.
They will pay up within a fortnight.0 -
It is.
Co-op know what they have to do to redress the loan interest issue.
They are choosing to delay this, almost indefinitely.
I would suggest, if you are owed anything because of this, complain to Co-op, wait 8 weeks for a non-response, and then complain to Financial Ombudsman.
They will pay up within a fortnight.
This thread is about an error in the Co-op documentation which means that they may not be able to charge interest for an amount/period.
Nobody has paid anything extra than they agreed. The error is one where people are getting lucky and will get a windfall payment because of it. Nobody is worse off because of this.
The scenario you described was about you being quoted an incorrect redemption figure and therefore paying too much.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I received a response to my complaint the other day.
The jist was/is:
-Still looking into the issue as it is more complicated than they thought and more far-reaching.
-Ask for my patience as investigations continue.
-Promise to keep me updated and apologise that it has been over a year since the original letter.
-Gave me £100 as a goodwill gesture to apologise for delays.
-Explain that they would rather take their time and get things right than rush an investigation to the detriment of their customers and reputation.
Any thoughts from anyone? Should i continue my complaint to the Ombudsman for delays or is that that?0 -
Any thoughts from anyone? Should i continue my complaint to the Ombudsman for delays or is that that?
The FOS cannot speed up the OFT or FCA.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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