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Lloyds Bank - Refund on Closed Account
buffness
Posts: 233 Forumite
in Credit cards
Hi MSE Fans,
I received a letter from Lloyds Bank today out of the blue, stating that they owe me a refund on a closed credit card account.
The letter states:
'We have recently undertaken a review of our internal collections processes and have found that between 19 February 2013 and 2 July 2013, following an assessment of your financial circumstances, we did not always take the appropriate course of action when dealing with your account.'
'We are refunding the interest, fees and/or changes on your accound during the period(s) where we did not always take the appropriate course of action based upon our understanding of your circumstances at the time'.
The refund includes interest at 8% and is for a total of £190.82.
I called Lloyds Bank to get some further information as to why this has happened - the advisor explained that a new piece of legislation that was introduced on 01 April 2014 means that lenders are having to conduct a review of closed accounts.
Does anyone know what this is in relation to? He wouldn't go into any further detail. He did explain that when your account was subject to the Collections Department, it was deemed that we did not act appropriately. That's all he said.
If anyone can explain why this has happened, and/or what piece of legislation has been used, that'll be great.
Thanks all!
I received a letter from Lloyds Bank today out of the blue, stating that they owe me a refund on a closed credit card account.
The letter states:
'We have recently undertaken a review of our internal collections processes and have found that between 19 February 2013 and 2 July 2013, following an assessment of your financial circumstances, we did not always take the appropriate course of action when dealing with your account.'
'We are refunding the interest, fees and/or changes on your accound during the period(s) where we did not always take the appropriate course of action based upon our understanding of your circumstances at the time'.
The refund includes interest at 8% and is for a total of £190.82.
I called Lloyds Bank to get some further information as to why this has happened - the advisor explained that a new piece of legislation that was introduced on 01 April 2014 means that lenders are having to conduct a review of closed accounts.
Does anyone know what this is in relation to? He wouldn't go into any further detail. He did explain that when your account was subject to the Collections Department, it was deemed that we did not act appropriately. That's all he said.
If anyone can explain why this has happened, and/or what piece of legislation has been used, that'll be great.
Thanks all!
0
Comments
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It's just a review around treating customers fairly.0
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They recently did the same for mortgage arrears IIRC.
Good to see when they may have done something not quite right they are ready to go back and fix and notify customers, even if the account is closed.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
I just received one from bank of Scotland saying the same thing. Is this legit? I was very young and in debt and abandoned the account they are talking about in 2008/9 and time period they are stating is 2012/2013. Don't know how they got my new address either as I've moved 5/6 times since. Worried this is just a way to find me and reclaim the debt!0
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I just received one from bank of Scotland saying the same thing. Is this legit? I was very young and in debt and abandoned the account they are talking about in 2008/9 and time period they are stating is 2012/2013. Don't know how they got my new address either as I've moved 5/6 times since. Worried this is just a way to find me and reclaim the debt!
You wouldnt have to worry about that if you just paid what you owed
They would have traced you from your credit files most likely.0 -
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