Co-Operative Bank Loan problem

petecrossman

Hi all, I am completely new to this site and looking for some advice on a loan account I have with Co-Op Bank. I took out a £13000 loan in 2011 and I have never missed a payment on the loan and all was fine until I received a letter on May 27th telling me that they had made errors in the statements that they had sent me. They informed me that the statements they have previously sent me were not to exceed the period of one year and that one or more of the statements they had sent exceeded this time period and as a consequence of this they would be unable to charge me interest or default charges from 02/02/2013 till 27/05/15.
This totalled up to £2260.61. They included a whole load of new statements for me that where to replace any statement I had had previously received from them. Result! or so I thought...

Fast forward to Saturday morning 08/07/2015, a full 42 days later, I receive another letter (this one only one page) informing me that they had made a mistake and sorry for any inconvenience caused. Is this for real? Am I supposed to just suck that up as an excuse? They haven't sent me any new statements or explained anything to me. I have called them and I am awaiting a response as there was nobody there to deal with my questions about this. I have asked them to provide me with a full written explanation as to what has gone on here.

My question is do I have any recourse for this type of situation?

Now I know I borrowed the money in the first place and as previously mentioned I have never missed a payment on the loan but something just doesn't sit well with me in this situation. How can they be allowed to get away with doing that to customers? They have lulled me in to a false sense of security by telling me they messed up the statements, reducing the loan amount and then they have decided 42 days later that someone has made a mistake and just expect me to live with it!

Anyone got any ideas as to how to deal with this?

Many thanks

antrobus

See this thread
https://forums.moneysavingexpert.com/discussion/4869515

petecrossman

Thank you for the link Antrobus. Im not looking to get the loan written off at all but my specific query is that they have identified a mistake on the statements and the only question is should I still be liable for the interest charges in that time period? I still had £3700 left to pay on the loan account after the subtraction of interest charges.

Would you suggest going through the ombudsmen to deal with this if they don't give me a satisfactory explanation?

[Deleted User]

You may be able to get £50 goodwill out of them for the confusion. But you're not actually worse off than you expected to be.

Fortunately they seem to have resolved it quite quickly.

petecrossman

Thanks for your reply zx81.

I will see what they say when they call me back today but as for your comment that I'm not worse off than i expected to be, well after 42 days of assuming as the letter had stated that i was £2260.61 better off on my loan account I have been informed that actually I am not better off at all. So at this moment in time I am actually worse off than I was on Friday! albeit in my own mind!

andyfromotley

Hi pete,

man that really sucks. To be told you are over £2k better off then have that rescinded would really make me cross! However i don't think that the second error should cost the Co-Op £2260!!

I would absolutely make sure that i really wasn't in the group that is entitled to compensation. However if you are not i think you are just going to accept that. If you are harbouring thoughts that the ombudsman may make them stick to their error i think that is extremely unlikely.