Hitachi Capital

wensleydaleuk

Had an unexpected letter from Hitachi Capital this morning regarding car finance I had from them a number of years ago. In the letter they say that they were obliged to send me annual statements as required by the Consumer Credit Act and after an 'internal review' they have found that they didn't. As a consequence of this they say I was not liable to pay any interest and therefore they want to refund me! Very unexpected, has anyone else had anything similar? Are they obliged simply to refund the interest or should they be paying interest per year on top like with PPI?

[Deleted User]

You are getting lucky due to a paperwork error and have never been be out-of-pocket in any way.

The refund is of interest that you should have paid, but now don't have to.

No additional compensation is therefore payable to you.

wensleydaleuk

Thanks for your response. Like I say this was completely out of the blue and I haven't heard of anything like this before so it is nice to have the facts before they contact me again.

[Deleted User]

wensleydaleuk wrote: »

it is nice to have the facts before they contact me again.

Yes, but do note that you aren't entitled to a refund of interest because you were in any way over-charged. This was a legitimate financial arrangement which only the Bank's failure to send you regular statements has made partially invalid.

Accept the refund in good faith and don't respond to them with demands that you should be paid interest on the interest or simply that you be paid more.

I'm surprised they haven't just sent you a cheque.