Can a Loan company retract there Goodwill Gesture after I accepted?

Jordanwill94

Hello,

I had a loan several years ago which I did repay eventually and recently I put a complaint in as I thought maybe they should of never accepted me.

I got this reply :
From our investigation, we have found no evidence that you have suffered financial hardship as a result of your loan and that you have indeed repaid the loan in full. We are therefore not upholding your complaint for irresponsible lending. However, we have noted that despite you having paid off your loan in full, the affordability criteria that we would apply today would not have approved your loan application. We would therefore like to offer you £760.00 as a goodwill gesture.



I then replied and accepted the goodwill gesture.
They are now replying saying they have re-investigated and will refund interest instead which is a lot less then the goodwill gesture I originally accepted.


Is there goodwill gesture legally binding considering I accepted it? I have since replied saying I've already accepted the first offer 


Not sure where I stand? Any help would he greatly appreciated.

Thank you,
Jordan

KatrinaWaves

As it is goodwill, then yes. 

Jordanwill94

KatrinaWaves said:

As it is goodwill, then yes. 

Is it not still an agreed contract between 2 parties?

[Deleted User]

Jordanwill94 said:

Is there goodwill gesture legally binding considering I accepted it? I have since replied saying I've already accepted the first offer 

As it was a goodwill gesture which they've subsequently found to be incorrectly offered, you cannot demand they honour their mistake I'm afraid. 

Jordanwill94

Thanks guys!

steampowered

A refund of the interest sounds very generous to me. I'd be happy with that, even though it is less than the goodwill gesture.

Surely you are a grown adult and can make your own decisions as to whether to take out a loan or not !!!

[Deleted User]

steampowered said:

Surely you are a grown adult and can make your own decisions as to whether to take out a loan or not !!!

Nevertheless, there are now rules in place about "responsible lending"