Natwest loan refund!

jimmy_teabags

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?

jimmy_teabags

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!

[Deleted User]

Yes, people have received refunds on this basis from various lenders over the last two or three years.

jimmy_teabags

Not really understanding what i have been paid for?

[Deleted User]

Interest that they were no legally allowed to charge you, due to a failure in the paperwork.

jimmy_teabags

What happenss if the interest is diffrent on every month? How can there add it all up?

[Deleted User]

With their calculators. Interest is charged on the outstanding balance each month.