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Interest Free Loan Closed but Not
SarkyKeshy
Posts: 1 Newbie
in Loans
We took out an interest free loan for a year and paid it back well over a month before the expiry of the interest free period.
Fortunately we kept the initial agreement letter (with clear statement of the repayment date) and the letter informing us of the closure of the loan due to early repayment.
Because a month after what was the interest free period expiry date we received a statement, as if we had not repaid the loan, and obviously all the interest that would have been accrued during the interest free period has been added on.
The bank should not have a leg to stand on but we shall see how it goes. However, if we had not kept these letters what would have been our situation? and I wonder how often banks make these little mistakes? Has this happened to other people?
Fortunately we kept the initial agreement letter (with clear statement of the repayment date) and the letter informing us of the closure of the loan due to early repayment.
Because a month after what was the interest free period expiry date we received a statement, as if we had not repaid the loan, and obviously all the interest that would have been accrued during the interest free period has been added on.
The bank should not have a leg to stand on but we shall see how it goes. However, if we had not kept these letters what would have been our situation? and I wonder how often banks make these little mistakes? Has this happened to other people?
0
Comments
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You'd be in the same situation of having paid off the loan.
It's a relatively rare mistake, but it will have happened to other people. There are very few unique customer experiences.1
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