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Natwest loan refund!
jimmy_teabags
Posts: 270 Forumite
in Loans
Hi
Got a letter though the post today.
Got a refund of £233.91 due to under the consumer credit act 1974, were required to send our customers regular loan statements. We must also send a notice of sum in arreras if customers fall behide on their loan payments. There are strict rules we must follow on the timing and content of these documents.
Weve recently taken a look at the loan and we’ve that we didnt fully meet these requirements. This might have been because :
We didnt send a nosia or statement
A nosia or statement we sent contained errors
This means we werent entitled to charge interest or fees on the loan during any period we didnt meet the requirements.
We’re refunding interest and fees, £233.91 from 6th july 2018 to 05 december 2018
Anyone else had this?
Got a letter though the post today.
Got a refund of £233.91 due to under the consumer credit act 1974, were required to send our customers regular loan statements. We must also send a notice of sum in arreras if customers fall behide on their loan payments. There are strict rules we must follow on the timing and content of these documents.
Weve recently taken a look at the loan and we’ve that we didnt fully meet these requirements. This might have been because :
We didnt send a nosia or statement
A nosia or statement we sent contained errors
This means we werent entitled to charge interest or fees on the loan during any period we didnt meet the requirements.
We’re refunding interest and fees, £233.91 from 6th july 2018 to 05 december 2018
Anyone else had this?
You be lucky:T
0
Comments
-
Just been looking at my loan account and monthly interest of £45 or £39 a month
These go out before my loan is taken out.
Something seems odd about this as i have been paid the £233.91 in my account too!You be lucky:T0 -
Yes, people have received refunds on this basis from various lenders over the last two or three years.0
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Not really understanding what i have been paid for?You be lucky:T0
-
Interest that they were no legally allowed to charge you, due to a failure in the paperwork.0
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What happenss if the interest is diffrent on every month? How can there add it all up?You be lucky:T0
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With their calculators. Interest is charged on the outstanding balance each month.0
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