Loan Settlement HELP!!

am3x

Hi all,

My question is really advice and if anyone has experienced what I have and could point me in the right direction.

In September of last year I came into some money and decided to pay my car loan off. I transferred the money to my wifes account to pay the provider.

The settlement was £3000, she phoned the company and payed it off.
We received a letter saying " thank you for settling your loan in the sum of £3000. Your account will be closed and you will hear no further correspondence" - Or words to that effect.

During the time this was happening I went to Africa for 3 months and came back just before Christmas. So today just over 4 months since we paid the loan off ( or so we thought) we had a phone call from the provider stating that there has been a error and that they had taken £2000 not £3000 out of the account!!

Well im still waiting on my wife to check her bank but surely. there must be some legal ground I can stand on??? I have letter stating I PAID it off?? its been 4 months you just cant call someone and say sorry my bad can I have £1000 please surely.

Any advice would be grateful

Thanks

Alex

McKneff

No, a simple error has been made, you still owe the money so stop trying to take the high ground and just pay it.


They can do this, and they can chase you for it for up to 6 years.
They can sue you and they will win....


Personally, I wouldn't risk trashing my credit......

Gaz83

If you were due to receive £3,000 and received £2,000 by accident, and didn't notice for 4 months, what would you do? Write it off?

Someone's made a mistake - it happens. If it transpires that they only took £2,000 instead of £3,000 (surely your wife would have noticed?) then you owe them £1,000. Do the decent thing and pay up.

am3x

well we don't even know its an error yet until the bank statement has been checked! you seem very eager to get give up your money I bet you would off paid it without even checking! the bank must love you!

Anyway, IF it is confirmed that they have only taken what they have stated which seems very likely but not certain. Then surely due to THERE error some sort of good will gesture.

thanks for reply but im not standing on any "high" ground just a bit P***ed off that they find this error this far down the road.

Alex

am3x

I wouldnt NOT notice for 4 months

suicidebob

am3x wrote: »

thanks for reply but im not standing on any "high" ground just a bit P***ed off that they find this error this far down the road.

Alex

Far down the road?

It's 4 months. 4 Months is not a long time. You probably had the loan a number of years.

Don't you have online banking?

am3x

yes I do have online banking. its not my account that needs to be checked. Look im not refusing to pay if an error has been made, thats not what im trying to say. I suppose im more angry in the way it had been done rather than the predicament it self, and perhaps that has came through when im typing. In my eyes £3000 has left my account for certain! but obviously hasn't arrived in theirs! Ive had some number from the company phone me demanding I pay £1000 due to there error! no apology, no letter and has left me angry at the professionalism displayed that is all. so look it at my point of view, in total that will be £4000 leaving my bank! because god knows the £1000 wont be in hers.

Gaz83

am3x wrote: »

well we don't even know its an error yet until the bank statement has been checked! you seem very eager to get give up your money I bet you would off paid it without even checking! the bank must love you!

Anyway, IF it is confirmed that they have only taken what they have stated which seems very likely but not certain. Then surely due to THERE error some sort of good will gesture.

thanks for reply but im not standing on any "high" ground just a bit P***ed off that they find this error this far down the road.

Alex

Four months is not far down the road in grand scheme of things.

Absolutely no point in getting uppity at me, champ. I certainly wouldn't have paid it without checking. But then I wouldn't not know if they had taken an incorrect sum, as I would have checked my account and my wife's immediately after the payment was taken - especially for such a large sum of money. Your post heavily insinuates that you shouldn't be forced to pay the £1,000 regardless of whether or not they've made an error, as you've received a letter confirming the loan was settled.

am3x wrote: »

I wouldnt NOT notice for 4 months

I find it hugely unbelievable that your wife cannot recall if there is, or wasn't, an extra £1,000 in her account after the balance was settled, only four months after the event. You need to be taking that up with your wife.

If you can prove that £3,000 left your wife's account, then it's an error, and the loan has been settled. But if your wife only had £2,000 leave, then she's either not noticed (unlikely), or she has noticed and tried to get away with a £1,000 shopping spree, and now it's come back to you. Either way, it is to your wife you should be asking questions.

Gaz83

I see we've had another "post and run". What's the betting that his wife is answering some pretty awkward questions right now :rotfl:

jonesMUFCforever

I only have 1 question - if OP has internet banking why bother to transfer money to his wife's account to repay - surely the loan company would not have given her a settlement figure unless she was party to the loan?

Alfred1985

The letter they sent you is critical. If you have a statement saying the account is closed they would have to go to court, pay costs etc. and hope the court finds in there favour.

I OBTAINED A SETTLEMENT FIGURE AND PAID THE CREDITOR. THEY HAVE NOW CONTACTED ME AND SAID THE FIGURE WAS WRONG AND I OWE THEM MORE MONEY - WHAT ARE MY RIGHTS?
The Consumer Credit Act 1974 binds the creditor to any statement they provide to the borrower. This means that if they charge you less than they are entitled to, and you pay in good faith, the creditor must apply to a court for the extra money. The court will decide if you have to pay the money that the creditor is claiming. If you receive such a request for extra payments, contact the Citizens Advice consumer service for further information

You dont get much help on this forum, it's full of people defending the banks and credit companies. Moneycostingexpert forum would be more appropriate.