Co-Operative Statement Error

waynelee115

Hi

Need some advise please. I took out a loan in 2011 with the Co-Operative and all has been fine. But for the last couple of years I have not had a yearly statement from them informing me of my payment process. Then in December this year I get a letter informing me that the bank have made an error in the wording of my statement.

So I phoned the Co-Op up to question what the error was and no one will give me an answer, I have then asked for a back log of my Statements for the couple of years which the bank did not send them out, and I have still not had any paper work send my way, and that was 2 months ago. Has anyone here got this letter, and can it effect the Loan in anyway?


i.imgur.com/2Mi4uFX.jpg

waynelee115

This is the letter I got from the Co-Operative


"As you may be aware we you periodic statements at least every 12 months to keep you updated..... in accordance with the Consumer credit act 1974...."

"since we produced your last statement we have noticed that some of the wording that is required in accordance with the act (Consumer credit act 1974) was omitted in error."

"We are currently looking through the detail of this omission to identify customer impacts and we will write to you again in due course once this review has been completed with further information about what this means for you. As part of this process we have notified the Office of Fair Trading....."

"No action is required by you at this time but if you have any questions in relation to the content of this letter....."

antrobus

See: - http://forums.moneysavingexpert.com/showpost.php?p=64531207&postcount=22

waynelee115

I see, thanks. Well I found a link from The Guardian site which explained the situation better for me. Anyone here on the site got any news from the Co-Op yet, as to what might be happening with this breach of the Consumer Credit Act

jonesMUFCforever

What does your copy of the agreement say?
You agreed to pay £x per month for y months.


Once you have completed these payments your loan will be repaid.


If there has been any error in the way CO-OP have applied your payments they will refund you and others in the same boat.
That is all you need worry about.

PeacefulWaters

NRAM ended up refunding interest charges to thousands of former Northern Rock customers.

Carry on paying as usual and wait for the next update. You might be in for a small windfall.