First Direct Loan Settlement figure

VineysMrs

Hi
Can anyone please give me some advice? I have just received a personal loan settlement figure from my bank via a secure messaging service. It was clearly addressed to me directly and quoted me my redemption figure plus the rebates etc and quoted all of the CCA regs.
However on calling up to make payment of this loan, I was advised that this was an error and wasn't even for my personal loan.
Is the settlement legally binding as it was issued to me directly?
Any help appreciated......

Tixy

If it is for an incorrect amount and not for your account then no it is not legally binding.

Presumably it doesn't quote the correct account number anyway?

Had you actually asked them for a settlement figure for your loan?

VineysMrs

Hi
I did ask for a early settlement and it was addressed to me by name.

[Deleted User]

1. You have a loan you would like to settle
2. You sent a request to your bank for a settlement figure
3. You were sent a settlement figure (via secure messages) addressed to you for £x
4. You made a phone call to the bank to pay the settlement figure £x
5. You were told by the representative that the figure of £x was issued in error and was not for your loan

Does that match the situation? If so, what's the problem you're experiencing? Did they tell you to request another settlement figure? Was the settlement figure far below what you expected it to be, so you'd like to force them to honour the figure given?

dealer_wins

Let me guess, the settlement amount quoted was higher than you expected? NOT!!

DevCoder

No the incorrect settlement offer isn't legally binding.

VineysMrs

Hi Basically yes
I wondered if they have to honour it as it's been supplied in writing?
A

citricsquid wrote: »

1. You have a loan you would like to settle
2. You sent a request to your bank for a settlement figure
3. You were sent a settlement figure (via secure messages) addressed to you for £x
4. You made a phone call to the bank to pay the settlement figure £x
5. You were told by the representative that the figure of £x was issued in error and was not for your loan

Does that match the situation? If so, what's the problem you're experiencing? Did they tell you to request another settlement figure? Was the settlement figure far below what you expected it to be, so you'd like to force them to honour the figure given?

VineysMrs

dealer_wins wrote: »

Let me guess, the settlement amount quoted was higher than you expected? NOT!!

How is that helpful????

PeacefulWaters

VineysMrs wrote: »

How is that helpful????

I don't think it was intended to be.

Pixie5740

VineysMrs wrote: »

Hi Basically yes
I wondered if they have to honour it as it's been supplied in writing?
A

No you have to honour the original loan agreement. Being supplied with an incorrect settlement figure is an administrative error and does not overrule your original agreement.