Co-Op Bank personal loan - good news (for me)

rubble2

I have a personal loan with coop bank which was taken out in 2010 over 84 months.

I received a letter from them today which included statements for each year of the loan up to the current month, I have just studied the covering letter and found this statement :-

The bank is required to send you loan statements in accordance with the Consumer Credit Act 1974. These statements should cover a period of time that does not exceed one year. We have found that one or more of the statements sent to you exceeded this period of time.

As a consequence of this mistake we are unable to charge you interest and any default charges from 03/07/2011 and have calculated that this reduces the balance owing on your loan account by £5,501.46.

This will not change your monthly payment amount but will result in your loan being paid off sooner than originally agreed.

Result! I wonder if anyone else with a Co-op loan has received the same? I would have had no clue about this if they hadn't have come clean on this themselves so, well done to Co-op bank

[Deleted User]

Have a read of the various threads about this, on this board. It's very common at present and will probably stay that way while all lenders mop up the affected customers.

Marie2015

We got a similar letter last week. Over the moon as it means our loan will be paid off so much quicker