Loan settlement - time taken to close agreement

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I recently took out a PCP Loan from VWFS for a new car to take advantage of the deposit contribution. I decided to settle the loan and received a settlement figure saving me loads of interest. I called VWFS the same day to confirm they had received the payment which they had. My monthly payment was due out of my bank on June 28th so they had 10 days to close my agreement and cancel the DD. They told me it would take up to 14 days for their 'system' to close the agreement down and flag they had no financial interest in the car. This means they would probably take another monthly payment from me when in fact I have paid off the whole loan.

My question is, is this normal for finance companies to work so slowly to acknowledge a loan has been paid off ???!!! Is 10-14 days a bit excessive on their part?? I know they will refund me the DD if it is taken but that's not the point.

Thanks

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  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    First Anniversary Name Dropper First Post
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    Yes quite normal due to the payment systems, but you could of asked for the settlement figure that would take into account the 28th June payment so you wouldn't of had to pay it twice and then get a refund.
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