Refund of loan interest due to CCA breach...

MotheOfMany

Hello,

First time poster so please be gentle!
We've recently received a letter to inform us we're entitled to a refund of interest from an old loan (Picture) that we paid off last year.
We realise it's an unexpected windfall and it's come at a very handy time.
The problem is that the letter stated that the refund would be paid within 2 weeks. It's now been longer than that and no sign of the money.
I've rang the loan company to check if they had the right bank details today (they have) but they couldn't tell me when it'll be sorted.
Is this normal? Do the lenders have an obligation to refund in a specific timescale or is it as and when?

Wish I'd never had the bloody letter and it'd just been paid in!

MotheOfMany

Yep, just been reading about that.
I believe that the co-op have been keeping people hanging with no actual date though, I'm stumped as to why Picture have stipulated in their letter 'within 2 weeks' then haven't stuck to it.
Talking of the co-op: have all loan customers been contacted if they're affected by the CCA breach? I have a personal loan with them (since 2006) but have no idea if it includes me.

[Deleted User]

Yes. If you're affected you'll be contacted.

rob404uk

Co-op have paid me today so hopefully they are getting their act together

centurion_36

i received a letter about two years ago saying that my loan may have had a miss print on the paperwork. I never contacted them about it. today with no warning i received a cheque for £1658 which was all the interest from the loan i took out in 2011. A nice xmas suprise for me

copperjar

Out of the blue today I received a letter and a cheque for £898 from co-operative bank. If I had a prior letter telling me it might happen I didn't open it! I also knew nothing about the CCA issues. So this is a shock! They must be writing to another batch of people this week!

timehastoldme

Another cheque here today! Wasn't expecting it at all! £991