Settlement Figure - Sainsburys Bank

Just_caring

Hoping someone can help me - We have a loan with Sainsburys Bank which we have been trying to pay off for around 6 weeks but are unable to get them to give us a settlement figure which is very annoying as we are paying interest when we don’t need too. I’ve spoken to someone at Sainsburys this morning and they suggest paying off the outstanding balance and they would then have to refund the overpayment of interest. Does anyone know if they have a legal obligation to supply us with a settlement figure within a specific period of time and do you think the above is a good idea? 

[Deleted User]

Pay off as much as you can calculate you owe, put in a complaint to them as well and give them 8 weeks to respond before you can consider going to the FOS - they may chuck you some go away compo £25-£100 which would be a bonus

foxy-stoat

You should be able to log in and see how much you owe online, add 2 months worth of interest and that will be your settlement figure, or thereabouts.

You wont get a refund of interest already paid.

bradders1983

Just_caring said:

Hoping someone can help me - We have a loan with Sainsburys Bank which we have been trying to pay off for around 6 weeks but are unable to get them to give us a settlement figure which is very annoying as we are paying interest when we don’t need too. I’ve spoken to someone at Sainsburys this morning and they suggest paying off the outstanding balance and they would then have to refund the overpayment of interest. Does anyone know if they have a legal obligation to supply us with a settlement figure within a specific period of time and do you think the above is a good idea? 

Bloody hell, even the staff dont know how loans work. Shambles. Ring back and speak to someone else who hopefully knows what they are doing.