MSE News: Tesco starts refunding customers over paperwork blunder

Former_MSE_Paloma

Tesco Bank loan and credit card customers are receiving details of their share of £43m set aside due to paperwork errors ...

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Tesco starts refunding customers over paperwork blunder




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caveo

I got £192 last week , swear to god Halifax have never sent me one in 6 years

jamesd

Is Zopa going to do the same for the borrowers they overcharged interest and provided incorrect annual statements to?

Hyzenthlay

I have a Tesco Credit Card which i took out in December 2012. When do they start the annual statements? I havent received an annual statement at all yet for this card. I do get them for my Barclaycard card though. Just checked my file and i have had two from barclaycard but none from tescobank. Are you supposed to ask for them to be sent or click on something to say you want them? Thanks

MB101

The article states:

"it will be refunding the interest and charges to customers dating back to 2008"

I took out a loan in 2007 which I repaid early in 2011. As I took the loan out before 2008 but paid interest into 2008 and beyond, does anyone know if I should be expecting a cheque?

Hyzenthlay

From what i can gather so far, the new changes re annual statements and information they provide was brought in by the consumer credit act 2006. But it didnt come into force until april 2007 (some bits), then the rest in october 2008 (the bit about statements and info they contain). I could be completely wrong as its very confusing. I was looking it up as i too took put a fixed sum loan (not with tescobank but with hsbc) back in October 2007 for 5 years. Finished paying it off in 2012. I checked my agreement i signed and it just says covered by Consumer Credit Act 1974. I did have an annual statement but omitted original sum borrowed. I doubt an agreement signed 2007 is affected if that part of the 2006 changes didnt come into force til october 2008? Lol i am so confused :-)

edtheduck_2

I had posted regards this elsewhere on 27th October,
Hi
not sure if there's a thread started already but just wanted to share my great news...got in from work today - just one letter for me, but what a letter :-)
its a cheque from Tesco for £192 - its for a time when I had a loan with them in 2011 and when they weren't able to provide me with a statement.....something I don't recall even missing!
This was on MSE some time ago but I never thought anything more about it as it said that banks would contact customers themselves and the banks involved were not named.
I am sooooo pleased - what an unexpected pleasure.
Thank you universe et al ...

Giovanni88

I had my cheque for 28.80!!! I think these repayments are all for a 3 month period for towards the end of 2011 and nothing more. This is the common date that the rebate is for and its not something that re occured for years, I think.

MB101

I just called Tesco Finance to find out if I'm eligible for a refund.

The guy I spoke to just read out a pre-written message saying they could not give out any information over the phone. Sounds like they're getting a lot of calls about this.

Brown_Bear_2

Hi, I was very happy to return home and find that Tesco had cut me a cheque for £500 (interest paid) for not receiving the statement. What I find satisfactory is Tesco's commitment to go on the front foot and reach out. Must do needed wonders for their current PR image by boosting their Customer Satisfaction rating.

On the other hand could this be a PPI like bank issue part II?

I have missing statements from my student loan. This could be interesting.

Thank you Tesco for the honesty.
:T

zerog

I'd love to receive a refund, but since I always calculate my own statements and have only ever paid about £1 of interest to Santander due to their antiquated software (but which taught me a loophole for increasing the interest they pay me) I doubt I will be getting anything.