Am I right to Complain?

Tron1969

I recently got a Consolidation loan to Consolidate another loan and some other debt. On 9th October I was given a settlement figure of £13833 but my Consolidated loan sent me a cheque for £14000. I called and confirmed what I should do so I got the procedures right and was told to send my cheque to redeem the loan and I would be sent a refund of the overpayment. I didn't hear anything so called the bank today and they said the loan was settled on 2nd November (almost a month after receiving the cheque) They have now told me the settlement figure on 9th October was in fact £13999.97 and not £13833 and I am not due a refund. They have obviously waited until accrued interest on my loan reached a settlement of £14000 meaning they have cost me £167. Is this right that they have held onto my cheque without cashing it so they don't have to send me a refund of should I complain and expect a refund? Advice please fro those who know?

takman

You can make a compaint to the bank but considering that you sent a cheque which then had to be delivered then processed and then they have to wait for it to clear it would have taken a couple of weeks minimum.

Is there any reason that you didn't just get the money paid into your bank then pay the loan off by debit card then it would have been more instant.