Refund from co op bank

mitch123

Can anyone give me some advise have received a refund from the bank for nearly 1700 stating that when reviewing my account they state that they did not comply with the CCA regs between 2012 and 2015 I am still paying off the loan which has been a struggle.
I want to call them for more info but thought someone could possible advise...

magpiecottage

Look here for details but in essence, there was a period where they did not issue statements which complied with the Consumer Credit Act and as a result were not entitled to charge interest for a time. As they charged it anyway, they are now having to refund it. This is a bit of a windfall for you.

If you are struggling to meet repayments using it to reduce your debt may be wise.

27col

Why would you want more info. When the money arrives use it immediately to pay down your loan. Why would you even consider doing anything else. Especially as you say you are having a struggle maintaining the repayments.

mitch123

Thanks that make sense ... I don't think I have ever had a statement for this loan... I do now as the bank included them with the letter.


And I was very surprise ... And the money has been taken of what I owe so the debt is a lot smaller