Natwest business loan overcharged interest rates

Aw2006

I have been refunded  the 35 grand and they offered me 1000 which I as turned down 

[Deleted User]

Then it's all good. The 35k is the compensation.

If you don't want the additional 1k goodwill offer, you don't need to take it and can just leave it there.  FOS won't tell them to increase it as they've already sorted the redress.

Aw2006

They but it on my loan not to me 

[Deleted User]

That's correct as the balance should be lower.

dunstonh

The correction should be made to the balance of the loan with the exception of any part cover by the monthly payments already made and any goodwill gesture.  That smaller bit should come back to you.   So, with £35k correcting the balance and £1k coming to you, that seems to be in line with the expectation.

If the monthly payments were at the correct level but it was just the interest that was wrong, then no money would come directly to you apart from the goodwill gesture.

Aw2006

Thank you dunstone  now I fully understand so except  the 1000 compensation 

dunstonh

Aw2006 said:

Thank you dunstone  now I fully understand so except  the 1000 compensation 

Where there are mistakes made you are usually paid an extra amount for the inconvenience and by way of apology.    That would come to you directly.
Is the figure exactly £1000 or have you rounded it?   These goodwill/apology payments are usually round figures.

Aw2006

Yes they offered  exactly 1000 I am now looking into a settlement figure  as have 80 grand outstanding on my mortgage 

[Deleted User]

The settlement figure will be 80k, plus any early settlement fee.

Aw2006

Thank you for your advice