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  • FIRST POST
    • Gibz1984
    • By Gibz1984 15th Mar 16, 9:21 AM
    • 2Posts
    • 0Thanks
    Gibz1984
    Career Development Loan: Co-Op Refund
    • #1
    • 15th Mar 16, 9:21 AM
    Career Development Loan: Co-Op Refund 15th Mar 16 at 9:21 AM
    Hi,

    This is my first post. I'm sorry if this has already been posted elsewhere but I didn't see it in a quick search.

    My husband took out a Career Development Loan with the Co-Operative Bank in January 2010. He paid it off early in November 2015 when we applied for a mortgage.

    Last week a friend who also had a CDL with the Co-Op (albeit a couple of years later) received a letter to say that the terms and conditions of the interest payable on his loan were incorrect and that ~1800 was to be wiped off his loan.

    Does anyone know which loans the refunds are applicable to (ie from which years) and if it's possible to claim the interest back on a loan already paid off?

    Any comments would be greatly appreciated.

    Many thanks,

    Sarah
Page 1
    • Gaz83
    • By Gaz83 15th Mar 16, 9:22 AM
    • 3,534 Posts
    • 6,739 Thanks
    Gaz83
    • #2
    • 15th Mar 16, 9:22 AM
    • #2
    • 15th Mar 16, 9:22 AM
    They will contact you if yours is one of the loans affected.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
    • CLAPTON
    • By CLAPTON 15th Mar 16, 10:03 AM
    • 41,651 Posts
    • 30,691 Thanks
    CLAPTON
    • #3
    • 15th Mar 16, 10:03 AM
    • #3
    • 15th Mar 16, 10:03 AM
    Hi,

    This is my first post. I'm sorry if this has already been posted elsewhere but I didn't see it in a quick search.

    My husband took out a Career Development Loan with the Co-Operative Bank in January 2010. He paid it off early in November 2015 when we applied for a mortgage.

    Last week a friend who also had a CDL with the Co-Op (albeit a couple of years later) received a letter to say that the terms and conditions of the interest payable on his loan were incorrect and that ~1800 was to be wiped off his loan.

    Does anyone know which loans the refunds are applicable to (ie from which years) and if it's possible to claim the interest back on a loan already paid off?

    Any comments would be greatly appreciated.

    Many thanks,

    Sarah
    Originally posted by Gibz1984

    have you checked your loan to see if it was OK?
    • redpete
    • By redpete 15th Mar 16, 9:48 PM
    • 4,257 Posts
    • 3,785 Thanks
    redpete
    • #4
    • 15th Mar 16, 9:48 PM
    • #4
    • 15th Mar 16, 9:48 PM
    I think one of the problems with some loans is that they didn't use the right words to explain that you could save money by paying it off early. Maybe they realise that you understood this as you did pay it off early and so don't qualify for a refund.
    loose does not rhyme with choose but lose does and is the word you meant to write.
    • tiger eyes
    • By tiger eyes 2nd Apr 16, 5:02 PM
    • 925 Posts
    • 2,335 Thanks
    tiger eyes
    • #5
    • 2nd Apr 16, 5:02 PM
    • #5
    • 2nd Apr 16, 5:02 PM
    I think one of the problems with some loans is that they didn't use the right words to explain that you could save money by paying it off early. Maybe they realise that you understood this as you did pay it off early and so don't qualify for a refund.
    Originally posted by redpete
    Not necessarily. I settled my 2010 career development loan early (two years into a five-year term) and the Co-op just sent me a 1500+ cheque. Hope the letter is in the post for the OP.
    • jhinks37
    • By jhinks37 7th May 16, 6:23 PM
    • 18 Posts
    • 2 Thanks
    jhinks37
    • #6
    • 7th May 16, 6:23 PM
    • #6
    • 7th May 16, 6:23 PM
    I paid my CDL off in the full 5 year term.

    Just got a cheque last week for 650 for the same reason as the OP.

    Very happy
    • Thecatspyjamas
    • By Thecatspyjamas 25th May 16, 12:19 PM
    • 1 Posts
    • 0 Thanks
    Thecatspyjamas
    • #7
    • 25th May 16, 12:19 PM
    • #7
    • 25th May 16, 12:19 PM
    Hi Sarah,

    Did you get any further with this? My partner took out a loan in 2010 and he heard that he had a refund last week. We had changed address so it was just by chance as he only remembered to change it and requested a statement which had an odd refund amount on it so queried it. It turns out they had sent a cheque out to our old address.

    I also had a loan which I took out in 2009. Again I was worried that they may have sent a cheque to my old address but having just called them apparently there's nothing noted on my account just yet but there's a team apparently still working on it. There's hope yet!

    Thanks,

    Heather
    • Katie87
    • By Katie87 14th Jul 16, 9:51 AM
    • 11 Posts
    • 9 Thanks
    Katie87
    • #8
    • 14th Jul 16, 9:51 AM
    • #8
    • 14th Jul 16, 9:51 AM
    I just received a cheque completely out of the blue from Coop for 2202.89!!


    Doesn't really say much save for what others have said above.


    Just bought a new house so this couldn't have come at a better time
    • hexenduction
    • By hexenduction 23rd Aug 17, 5:22 PM
    • 1 Posts
    • 0 Thanks
    hexenduction
    • #9
    • 23rd Aug 17, 5:22 PM
    • #9
    • 23rd Aug 17, 5:22 PM
    Hi, I took out a CDL with Co-op in 2009. I settled early. I just got a payment of ~600 to cover a breach of the Consumer Credit Act 1974.

    Basically the information they gave about APRs was incorrect and the refund I received covers the interest paid during the period when they were in breach of CCA. I got the refund from doing a PPI check actually, whereupon they "discovered" the separate error.

    I'm assuming this is a quite a wide issue with CDLs so worth looking into.
    • jamesb1980
    • By jamesb1980 6th Dec 17, 5:41 PM
    • 1 Posts
    • 0 Thanks
    jamesb1980
    contact details to initiate claim
    I had a CDL from the coop. Anyone have the contact details of who to speak to re a refund that others seem to have successfully achieved. thank you!
    • marty2be2000
    • By marty2be2000 8th Dec 17, 7:31 AM
    • 202 Posts
    • 111 Thanks
    marty2be2000
    As mentioned earlier in the thread, if your loan was one affected by the breach then they will write to you as they have in all the above (except the OP as there has been no reply to say that they have or have not since had a payment).

    It will take time for them to go through all the accounts, it's taken more than 12 months so far based on the above posts.
    • DCFC79
    • By DCFC79 8th Dec 17, 7:38 AM
    • 31,912 Posts
    • 20,097 Thanks
    DCFC79
    I had a CDL from the coop. Anyone have the contact details of who to speak to re a refund that others seem to have successfully achieved. thank you!
    Originally posted by jamesb1980
    Ring them if you like.
    • E&G
    • By E&G 4th Jan 18, 10:07 AM
    • 33 Posts
    • 12 Thanks
    E&G
    I had a career development loan with the Co-Op which I think I took out around Dec 2007/Jan 2008 and repaid by Dec 2010/Jan 2011. The Co-Op wrote to me about 18 months ago asking to confirm my address, which I did, but I have heard nothing since then (and the girl on the phone didn't seem to know why they'd asked - so not sure if it's connected to a CDL or just updating their records, though my account has been dormant for 5+ years).

    A pal of mine who had a loan at around the same time, and my partner who got a loan several years later, have both been refunded. From scanning some reports it seems the refunds are for a breach of rules which came in in 2008. If I took out the loan just before these were introduced will the new rules still cover my loan? And has anyone tracked down a number to contact them on?
    • E&G
    • By E&G 5th Jan 18, 2:13 PM
    • 33 Posts
    • 12 Thanks
    E&G
    I called them up at lunchtime and they had issued a cheque to an old address so that may be the case for the original poster too. Number is 0345 602 3863 (Option 2).
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