Personal loan interest

Rosie_D

Hi there

Just looking for a bit of advice really, today me & my husband received a cheque for over £1100 from the coop bank. They have said that this is refund of interest on our personal loan between November 2012 & November 2014, (the loan has been paid off for some time now) they said that they did not comply with the CCA & could not charge us interest on our loan for this period, hence the refund. I'm not complaining about this lol, but I was just wondering if anyone else has experienced this from any other banks please?

We had a personal loan with Royal Bank of Scotland which was paid off in July this year, & I have contacted them to see if this loan is affected the same way as the news said that over 17 banks are affected, apparently there has been billions put away for this like the PPI scandal. The bloke at RBS said he hadn't ever heard of anything like this & I wasn't sure if he was trying to fob me off, he said he will log my query & we will hear from them with any refund they may owe us. Has anyone had a refund for this from RBS please?

Thanks

[Deleted User]

I don't recall them being affected but they will write to you if it applies to you.

McKneff

They don't 'fob you off' they get into even more trouble if they do and get found out.


They will contact you as they have said if appropriate.

argonaut1

Hi Rosie

We received a similar letter from First Direct regarding a loan we took out in 2010.

The letter stated we would receive a refund of interest paid of just under £400 and a couple of days later this amount was credited to our account.

debtfreehorizon

A colleague received similar from VW finance a couple of years ago. Apparently because it was a financial agreement where interest was charged, the firm must send out an annual interest payment summary. VW didn't and therefore had to refund interest for the missing statement years

Diana87

I don't have any experience like this. As for personal loans, I have only took one from Personal Money Service and I had no surprises repaying it. That's why I don't like banks - there's always a trouble with them! All the time they confuse something and make you a head ache! I think that it's better choosing alternative loan providers and financial services, when it's possible.

[Deleted User]

Diana87 wrote: »

All the time they confuse something and make you a head ache!

I'd imagine that tying your own shoelaces is enough to 'make you a head ache'.

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