Loan Overpayment do I get interest?

miss_miggins

I had a loan with BOS- finished in 2009, but didn't cancel standing order, found out yesterday monthly payments have been made this whole time. BOS still trying to locate funds- can I caim interest?
I know I should have cancelled standing order, but surely payments should have bounced back after loan account was closed?

[Deleted User]

I'm surprised that they weren't returned to you, but I don't think you'd have any case for interest. The funds would have been held in a pending account, so it's not as if they would have been able to lend the money out to other customers.

Hopefully you'll get it back shortly - should be a nice windfall!

miss_miggins

The funds haven't been located, they are still investigating- but I only found out about the overpayment yesterday.
Wasn't sure about the interest, but you are right having the unexpected windfall will be nice.

DevCoder

Deleted_User wrote: »

I'm surprised that they weren't returned to you, but I don't think you'd have any case for interest. The funds would have been held in a pending account, so it's not as if they would have been able to lend the money out to other customers.

Hopefully you'll get it back shortly - should be a nice windfall!

Actually funds held in a suspense account on balance sheet is normally swept into a banks "sight" (i.e. 0 day or overnight) positions so the bank could use the funds to clear its short positions.

miss_miggins

I guess I could ask for interest- once they actually find the funds!!

DevCoder

I wouldn't hold out for much though, they will probably be getting something in the order of 0.1% themselves on clearing positions.

27col

Someone must a have a pretty casual attitude to finance, to not notice that they had been paying for something for 4 years after they should have stopped paying. No wonder people get into financial trouble.

miss_miggins

We are not all perfect though. Nice for those that are.

PeacefulWaters

miss_miggins wrote: »

We are not all perfect though. Nice for those that are.

Even the rather imperfect notice a loan payment going out 48+ times after the loan has ended.

Very lax.

Sparx

Curious how much was the payment per month?

miss_miggins

Thanks for the help- those that gave it.
As to the comments about being lax- perhaps if we all had a perfectly rigorous approach to money then these boards need not exist.
There are all sorts of reasons why many of us have varying attitudes to finance. We may have other difficulties in our lives, illness, marital or family problems, divorce, mental health problems, depression, anxiety or other factors which can impact on our abilities to manage our finances well.

I am not saying if any or none of those things apply to me, but to those who criticise I would suggest that sometimes life and finance are not so clear cut as you may suggest.

The reasons for my apparent lax are not clear cut either- the loan was not mine, it was part of a failed business- again not mine- there were deaths of other involved parties, the period of the loan was long and the premiums were small. The circumstances are complex.

I was looking for advice not judgement.