Annual statements

padster72

I'm hearing a lot about incorrect content being included on annual statements for credit, and am interested in finding out what the prescribed content should be.

Can't seem to find anything on internet other than reference to "prescribed content".

Does anyone know what I should be seeing on my statements?

thanks

SpiceIsland

Many people now claiming. Banks not listed as " owning" up will not contact you - you must write to them. Do not take no for an answer!

Under the rules, banks must explain to loan customers that they can make overpayments or partial overpayments on top of their regular repayments.

Most Banks included this in the initial paperwork when customers took out a loan.

But some banks have admitted that when it sent annual statements, reviewing the latest status of loans, these details were omitted. These mistakes mean that, effectively, the interest payments were legally unenforceable for a period.
In some cases, statements didn't include the original amount borrowed. Under the act, they have to contain the sum borrowed, plus the opening and closing balance. Other statements failed to include the necessary reminders about people's rights when it comes to paying off the loan.

SEARCH " Loan interest refund" on web........ a good few reads!
Good luck

Hyzenthlay

My fixed sum loan statements from HSBC never included the original amount borrowed. It just stated on the second page that the statement didnt contain all the information i was entitled to and to get in touch if i wanted it lol. It said there were three things missing: amount of credit, date account opened and duration of agreement. From what i can gather from the internet it should definitely had three amounts on it, total amount of credit, opening balance and closing balance. The missing info should have been included in my statement from october 2008 onwards. Why didnt they just put it in if they knew it should have been?

SpiceIsland

That is a winning Raffle ticket right there!

Interest was not entitled to be claimed while those items were not included on your statement. :T

Hyzenthlay

Do you think the fact that it has listed whats missing every year and that i can get in touch if i want those details and they will provide within 15 days would cover them though? They dont seem to be mentioning this on news details ive read, just the fact that they didnt put the details in about overpayments.

SpiceIsland

The statement MUST include the details on the statement, not referring the reader to another source. Paperwork did not comply with the Consumer Credit Act.

SpiceIsland

This is my current battle
https://forums.moneysavingexpert.com/discussion/5134625

Hyzenthlay

Thanks SpiceIsland. Hope they come clean and admit this error too then :-)

Yes i have been following your Black Horse thread. Hope you hear from them soon and well done for taking them on. I wouldnt have a clue where to start :-)