Loan declined but money received.

Arleen

TrustyOven wrote: »

Do not chastise the OP because of the highlighted bit!

What the OP did was very logical.

What they should have done is to phone / email / write to / visit the creditor and verify the situation and handle accordingly.

No, it's not logical at all. The logical bit would be if they did as you've suggested, but when you ignore this situation you slip away from the realm of logic because he knew that the loan was declined, and yet he got the money meaning that something went wrong.

Sncjw

I don't get it ethier. Get loads of money you shouldn't have got and when they asked for it back you thought the people were dodgy yet you pay them monthly.

Doesn't make sense at all

TrustyOven

Arleen wrote: »

No, it's not logical at all. The logical bit would be if they did as you've suggested, but when you ignore this situation you slip away from the realm of logic because he knew that the loan was declined, and yet he got the money meaning that something went wrong.

Please re-read my post and the context in which it was written.

I was complaining about a poster chiding the OP for not believing a random phone call claiming that they need to pay it back.

I was saying that OP not believing a random phone call was logical.

Me: "Arleen, I am Mr Pretend. We see that you owe us money. Pay up, here's the accont to transfer to...."
Arleen: "Ok."

The poster was saying that it would be quite ok to believe the phone call at face value. Shouln't we verify using out of band communication?

Granted, sounds like the OP didnt, and that was very foolish. So on that part of the problem I don't have sympathy for.

Ben8282

I am slightly confused about a few things here.
Firstly, the OP says that he made the monthly repayments every month. How could he make monthly repayments without the necessary details such as loan account number etc which he would not have if there was no loan and the money was paid into his account in error,
If he was paying each month, then how did the loan default?
2011 is 6 years ago. What was the term of this loan? How much has already been repaid? How has he arrived at the figures in the OP if there was no loan therefore no statements?

redpete

TrustyOven wrote: »

Please re-read my post and the context in which it was written.

I was complaining about a poster chiding the OP for not believing a random phone call claiming that they need to pay it back.

I was saying that OP not believing a random phone call was logical.

But it wasn't a 'random phone call', the OP knew they had received money they were not due and received a call the same day about this money. Maybe it would have made sense to insist on calling the lender themselves to verify the details but to refuse to transfer the money back, spend it and continue to make repayments is not logical.

AndyPix

Gareth29 wrote: »

I would like the loan completely gone and my credit file restored to normal with the default gone. .

I bet you would !!

Gareth29

Let's clear a few things up here they made it clear to me the loan was legit and used the pre agreement application I made online to use the monthly payments and interest etc. The phone call I had was a random person posing to be a Tesco bank employee asking for the money to be transferred in to an account he gave over the phone call. I declined as anyone else would not knowing if it was a scam. Later the same day he rang saying the I was accepted and the monthly payments will start the following month. 6 years I have been told the contract was legal and in force. The matter of the fact is that the contract wasn't legal and they still carried on making me believe that it was until I found them out 2 weeks ago.

Puddylove

Have some morals/dignity/honesty and just repay what you owe.

Gareth29

Puddylove I have been paying it back for the past 6 years. I came on here for advise on the situation of the loan not being under contract and what I can do about it not get abuse off people.

Caz3121

What was the original duration and APR of the loan and how many payments were made before defaulting?
I would have guessed 10 years @ 9% but after 6 years there would be under £13k remaining and you would have made payments totalling £22.8k so if it were to turn out that they cannot charge you more than the original £25k there would only be £2.2k left outstanding