Settlement figure agreed but have not received money

Cazzatm

Hi I'm just looking to find out if anyone has had a problem getting the bank to pay their settlement figure? My figure was agreed on 21st sept 2015 but we have still not received the money and when I phone the bank they keep telling us it's being escalated but we still never get the money on the dates they say.

Is this common? Has anyone else had a problem getting their money?

Any help would be appreciated thanks

dunstonh

Answering the post on the assumption it is a complaint redress payment.

Is this common?

yes

8-12 weeks is not uncommon. After your complaint succeeds, it is then referred to the payments department who will make a number of checks before issuing the money. e.g. did you repay the loan early (so a PPI rebate would have included as part of the redemption figure) or if you were in arrears/defaults/amounts written off (they can offset the redress against those) or if you have been a bankrupt (you dont get the money).

magpiecottage

dunstonh wrote: »

8-12 weeks is not uncommon.

On a brighter note, you do continue to get interest on it until it is paid.