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  • FIRST POST
    • Gazzafatcityboy
    • By Gazzafatcityboy 18th Sep 17, 4:31 PM
    • 96Posts
    • 90Thanks
    Gazzafatcityboy
    Refund for Natwest Loan
    • #1
    • 18th Sep 17, 4:31 PM
    Refund for Natwest Loan 18th Sep 17 at 4:31 PM
    All,


    A couple of months ago I got sent a letter from NatWest about an old loan I used to have with them.


    It stated:


    'Under the consumer credit act 1974 were required to send our customers regular loan statements. We must also send notice of sums in arrears (NOSIA) if customers fall behind on their loan payments. There are strict rules we must follow on the timing and content of these documents.'


    We did not fully meet these requirements because :


    We didn't send a NOSIA or statement when we should have or
    NOSIA statement contained errors.


    They then enclosed a cheque for around 1700 pounds which I have now cashed. It was my lucky day for sure. I also had another loan with them which had the same issues I believe. Does anyone think I should check with them also on that loan to get some money back in terms of interest as well?


    Has anyone done this themselves or had experience of this?


    Regards,


    Gazza
Page 1
    • DCFC79
    • By DCFC79 18th Sep 17, 4:37 PM
    • 31,896 Posts
    • 20,085 Thanks
    DCFC79
    • #2
    • 18th Sep 17, 4:37 PM
    • #2
    • 18th Sep 17, 4:37 PM
    No harm in sending a letter, maybe a letter is on its way to you.
    • McKneff
    • By McKneff 18th Sep 17, 4:40 PM
    • 36,033 Posts
    • 46,440 Thanks
    McKneff
    • #3
    • 18th Sep 17, 4:40 PM
    • #3
    • 18th Sep 17, 4:40 PM
    You have nothing to lose except the cost of a stamp
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
    • Gazzafatcityboy
    • By Gazzafatcityboy 18th Sep 17, 4:42 PM
    • 96 Posts
    • 90 Thanks
    Gazzafatcityboy
    • #4
    • 18th Sep 17, 4:42 PM
    • #4
    • 18th Sep 17, 4:42 PM
    thanks guys, I will send a letter. I was just wondering has anyone else heard of this before? On the back of the letter, it states that they refunded me all the interest of the loan since they failed on their part to send regular statements.
    • DCFC79
    • By DCFC79 18th Sep 17, 4:54 PM
    • 31,896 Posts
    • 20,085 Thanks
    DCFC79
    • #5
    • 18th Sep 17, 4:54 PM
    • #5
    • 18th Sep 17, 4:54 PM
    thanks guys, I will send a letter. I was just wondering has anyone else heard of this before? On the back of the letter, it states that they refunded me all the interest of the loan since they failed on their part to send regular statements.
    Originally posted by Gazzafatcityboy
    Yes Ive heard of it before purely from the forums, the banks/lenders didnt send out the statements they were meant too.
    • zx81
    • By zx81 18th Sep 17, 5:21 PM
    • 17,225 Posts
    • 18,307 Thanks
    zx81
    • #6
    • 18th Sep 17, 5:21 PM
    • #6
    • 18th Sep 17, 5:21 PM
    They'll contact you about the other loan if the same issue applies.

    Save the cost of the stamp and treat yourself to something nice.
    • Tryingtocleardebt
    • By Tryingtocleardebt 15th Jan 18, 12:56 PM
    • 9 Posts
    • 1 Thanks
    Tryingtocleardebt
    • #7
    • 15th Jan 18, 12:56 PM
    • #7
    • 15th Jan 18, 12:56 PM
    Sorry to jump on this as I know it's from Sept 2017, but it came up in a Google search I did, and I've just had a letter (and cheque) from MBNA for £6,3457!!!
    I was going to contact my other old credit card companies to see if I was due refunds, but after reading this might just leave it and see if anything else comes in the post.
    • tracyankids
    • By tracyankids 13th Mar 18, 9:50 PM
    • 4 Posts
    • 0 Thanks
    tracyankids
    • #8
    • 13th Mar 18, 9:50 PM
    • #8
    • 13th Mar 18, 9:50 PM
    Hi I!!!8217;ve just received same letter, however I!!!8217;m in a debt management plan with this loan and the letter states I!!!8217;ve suffered no financial loss and hasn!!!8217;t sent any compensation, which is fair enough, However I!!!8217;ve had loans prior to this with NatWest that were paid off, should I contact them reguarding the other loans or just wait. Has anyone else been in same situation and if so what was the outcome ?? Also the statements they have sent do not go all the way back to beginning of loan ?
    • zx81
    • By zx81 13th Mar 18, 9:53 PM
    • 17,225 Posts
    • 18,307 Thanks
    zx81
    • #9
    • 13th Mar 18, 9:53 PM
    • #9
    • 13th Mar 18, 9:53 PM
    They will let you know if any other loans were impacted.
    • sourcrates
    • By sourcrates 13th Mar 18, 11:34 PM
    • 14,310 Posts
    • 13,517 Thanks
    sourcrates
    Sec 77(A) subsection 6, consumer credit act 1974 states :

    6)Where this subsection applies in relation to a failure to give a statement under this section to the debtor

    (a)the creditor shall not be entitled to enforce the agreement during the period of non-compliance

    (b)the debtor shall have no liability to pay any sum of interest to the extent calculated by reference to the period of non-compliance or to any part of it; and
    (c)the debtor shall have no liability to pay any default sum which
    (i)would have become payable during the period of non-compliance; or
    (ii)would have become payable after the end of that period in connection with a breach of the agreement which occurs during that period (whether or not the breach continues after the end of that period).
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
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