We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Settlement figure agreed but have not received money

Options
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

Comments

  • dunstonh
    dunstonh Posts: 119,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    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).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • dunstonh wrote: »
    8-12 weeks is not uncommon.
    On a brighter note, you do continue to get interest on it until it is paid.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.