Interest refund on a closed loan

mira666

Hi all

I have recently received two letters from my previous bank advising that I have been refunded 2 lots of interest on a previously held loans from them. My query is that I am almost certain that I never finished off paying the loans and am pretty certain that if this was the case then they would now be statute barred. However I have not had any correspondence from this bank in almost 4 years but the money has been paid into an account that I held with them.

Part of me wants to go into my local branch and ask for the money to be transferred to an account that I now use but the other part of me doesn't want to in case the loans are still outstanding and querying the refund will start the clock ticking on the statute barred limit once again.

The paperwork I have received does state that the loan accounts are closed and if it was only a matter of a few quid I would say forget it but its close to a 4 figure sum and I don't want to just abandon that money.

Thanks in advance.

foxy-stoat

The only way it will start the "clock" again is if you make a payment.

When was the last time you made a payment to the loan?

You can just withdraw the money at the cashier, they wont ask where its from.

mira666

has to be over 6 years ago since I last made a payment to the loan

foxy-stoat

mira666 wrote: »

has to be over 6 years ago since I last made a payment to the loan

If it IS over 6 years then its barred.

JuicyJesus

I'm amazed they didn't offset the refund against the loan debt. You should count yourself incredibly lucky!

mira666

I will be honest, I am surprised they haven't done this as well, now to try and find some details relating to the bank account they are saying they have paid the money into, either that or pop down to my local branch with the letters, some ID and see if they will cash it or transfer it.

dieselv2

If they were classed as closed would they not send out a cheque?

mira666

dieselv2 wrote: »

If they were classed as closed would they not send out a cheque?

apparently they did but I didn't cash it (as I never received it) so its been transferred into a bank account that I held with this bank, but as I haven't been near the bank in over 4 years I don't have any account details etc

Shakin_Steve

I don't like this. Something doesn't ring true.

dieselv2

mira666 wrote: »

apparently they did but I didn't cash it (as I never received it) so its been transferred into a bank account that I held with this bank, but as I haven't been near the bank in over 4 years I don't have any account details etc

Did you have online banking for it? Maybe click forgot username and password and log in and then transfer it to your new bank>?

foxy-stoat

Shakin_Steve wrote: »

I don't like this. Something doesn't ring true.

Sounds like a scam, if you get a letter asking for 999.99 GBP for them to transfer 10 million dollars your astranged uncle left for you in his will, then please dont !