Overpaid loan settlement , help!!

sthomasj10

Hi all,

I used my Nationwide banking app today to send money from my current account to my personal loan, in order to settle the loan.

Instead of sending £3,281, like an idiot I sent £3,821 and overpaid by £536!

Nationwide are now closed but I just wondered if anyone else has experienced something like this and what the process is to get your money back? Fortunately not in urgent need of it , but would be nice sooner rather than later.

Thanks

DCFC79

Just phone them tomorrow and ask them what would happen.


I suspect the money will be returned.

Ben8282

Assuming the loan was with Nationwide and not some sort of dodgy lender, I would expect them to refund it without undue difficulty.

MrSilver

The money should be returned as that would look incorrect into their company balance sheet

T-G-C

If the loan is with a third-party provider, you will need to inform them of the mistake and they will need to repay the over-spill through bank transfer or cheque. All above-board lenders will need to do this with minimal hassle, so there is no concern about getting it refunded.

If the loan is with Nationwide, then simply contact them and they should be able to credit the over-spill back into the originating account, as in-house facilities should allow for.

Terence_Burrows

From what i understand, it might be a bit slow but the bank would usually refund you the amount overpaid in a cheque unless you go in branch - correct me if im wrong on the latter.