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Loan breached under CCA by bank
a1260
Posts: 3 Newbie
Question on a loan I have with Sainsburys. They recently sent me a letter stating that they hadn't issued me statements for my loan for the period between Sept 2011 and Sept 2013 as they should as per the Consumer Credit Act regulations.
My question is, should I be compensated for this and in what way should I be as they have breached the act??
My question is, should I be compensated for this and in what way should I be as they have breached the act??
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Comments
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What financial loss have you suffered?0
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None as such, but the act has been breached them, if a consumer does something likewise they aren't slow in claiming it back!?
I have been informed in some quarters I am due a rebate of interest from the loan however can get no confirmed answers anywhere........0 -
If you have suffered no financial loss then you are 'due' nothing.
Claim culture much?We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com0 -
None as such, but the act has been breached them, if a consumer does something likewise they aren't slow in claiming it back!?
I have been informed in some quarters I am due a rebate of interest from the loan however can get no confirmed answers anywhere........
You may receive something for the inconvenience. That's all.0 -
Question on a loan I have with Sainsburys. They recently sent me a letter stating that they hadn't issued me statements for my loan for the period between Sept 2011 and Sept 2013 as they should as per the Consumer Credit Act regulations.
My question is, should I be compensated for this and in what way should I be as they have breached the act??
This is a reasonably widespread issue that has arisen as a result of an OFT probe. See: http://www.thisismoney.co.uk/money/cardsloans/article-2499955/More-loan-customers-refunds-50-banks-probed.html
Apparently the consequence is that "interest may not be recoverable for any periods of non-compliance". I have no idea as to whether you'll get anything. Presumably Sainsbury's Bank are discussing the issue with the FCA.0 -
They have to refund interest for the period when the statement was not issued.0
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