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

sourcrates

No personal experiance no, the reason they are refunding you interest is because they are oblighed to send you regular statements of your loan account, and many banks failed to comply with this requirement.
They are not allowed to charge interest or charges for any period a statement is not supplied, hence your refund.

At the same time, your loan would also of been unenforcable in court, so they could not of taken legal action against you, should you have defaulted on it, nice piece of legislation the consumer credit act.