Ikano loan

Martinalan86

Hi I was hoping for some advice. We purchased a hot tub last year for £5000. Initially we placed a £2500 payment down. The outstanding balance could then be paid at any time over the next 12 months interest free. It then accrued interest after this period. The 12 months ended on the 12th March and I paid the balance on the 11th March via the bank transfer option provided. They are now saying this payment was not received until the 14th March and have taken the first instalment of the interest. I’m aware card payments can take up to 5 working days but thought bank transfers were instant and can see this on my bank statement.

[Deleted User]

How many days do they say to allow for payment to be credited?

You'd normally want to allow two or three days to ensure it's applied to the right account. 

Martinalan86

Ikano have said 3-5 working days when I have called them. I can’t see on Ikano’s payment page where it specifies this for a  bank transfer payment though. I will check with my bank, when this payment was cleared. I’d imagine it could take this long for a card payment but direct bank transfer I’m not so sure.

After googling it online bank transfers can take up to 2 hours or longer for an overseas account. 

[Deleted User]

That's for it to arrive at their end, rather than being applied to your account, depending on how they manage payments.

impoverishedtraveller

Copied directly from their payment options page:

https://ikano.co.uk/help-and-advice/ways-to-pay

"We are not a ‘faster payments’ institution, so please allow up to 5 working days for the payment to clear on your account."