trouble with early loan settlement
Discussion
This story starts over a month ago now,
I have a personal loan with alliance and lesicter which had been transferred to Abby (now part of Sandanter) which I wanted to pay off early.
I called up to ask for a redemption settlement and was given a figure of 2480 which was posted out to me and I also asked them how I would pay this off. . To which they replied as you have an A&L account we take via a one off Direct Debit payment.
3 Days later the quote came through the post. Another 3 weeks I had transferred the cash out of my savings into my current account. I then call up and am transferred through to the department that takes redemption payments. This offer runs out on the 17th Nov and I call them up on the 15th Nov.
The lady on the end of the phone then tells me that I can’t pay via a DD (not what it tells me on this redemption statement) but I have to go into a branch to pay (closet branch is quite far away). I inform them that this is what is on the statement and that’s what I was informed by the previous advisor. . Can I speak to a supervisor? None are available at that point so they call me back 24 hours later.
The supervisor says we don’t usually but can make a special case in this respect but as i would then be liable for another months interest etc. He then asks me how much the redemption is i say 2400 to which he replies that’s fine, ill check the amount and sort that out. . it will be 5 working days, ensure you have the cash in your bank. I am also told that don’t close DD as they need it open to deposit cash then they will close.
5 working days later £2780 is taken from my account NOT 2480 pushing me into overdraft etc. I notice this as i check my internet banking every day. I then call up to ask why they lady said oh yes i see that it looks like a mistake on our part ill get that refunded,
How long I ask . . .. . 5 working days (which I’m not happy about), so I raise a complaint as it i will be paying for overdraft etc and 5 days to clear cash into same banking group is crazy!
2 days later I receive a letter saying that I confirmed several times this figure of 2780 and that I should have had enough cash in my account etc to accommodate this, basically calling me a liar. And they also have offered me £25 "goodwill" to which I need to sign a statement basically saying i agree with this letter then I get my cash (I have not done this).
Within this few days another £138 has come out of my account for the loan payment.
I call up the bank again to complain about this letter and the fact that another payment has come out. which they said they will raise the complaint higher, but it can take 6 - 8 weeks for the cash to come back now as it needs investigating higher.
Stuck I’m limbo now 438 quid down close to Christmas (not massive issue but it’s my cash)
i think i have included everything .
Does anyone have any advice on what I can do?
I have a personal loan with alliance and lesicter which had been transferred to Abby (now part of Sandanter) which I wanted to pay off early.
I called up to ask for a redemption settlement and was given a figure of 2480 which was posted out to me and I also asked them how I would pay this off. . To which they replied as you have an A&L account we take via a one off Direct Debit payment.
3 Days later the quote came through the post. Another 3 weeks I had transferred the cash out of my savings into my current account. I then call up and am transferred through to the department that takes redemption payments. This offer runs out on the 17th Nov and I call them up on the 15th Nov.
The lady on the end of the phone then tells me that I can’t pay via a DD (not what it tells me on this redemption statement) but I have to go into a branch to pay (closet branch is quite far away). I inform them that this is what is on the statement and that’s what I was informed by the previous advisor. . Can I speak to a supervisor? None are available at that point so they call me back 24 hours later.
The supervisor says we don’t usually but can make a special case in this respect but as i would then be liable for another months interest etc. He then asks me how much the redemption is i say 2400 to which he replies that’s fine, ill check the amount and sort that out. . it will be 5 working days, ensure you have the cash in your bank. I am also told that don’t close DD as they need it open to deposit cash then they will close.
5 working days later £2780 is taken from my account NOT 2480 pushing me into overdraft etc. I notice this as i check my internet banking every day. I then call up to ask why they lady said oh yes i see that it looks like a mistake on our part ill get that refunded,
How long I ask . . .. . 5 working days (which I’m not happy about), so I raise a complaint as it i will be paying for overdraft etc and 5 days to clear cash into same banking group is crazy!
2 days later I receive a letter saying that I confirmed several times this figure of 2780 and that I should have had enough cash in my account etc to accommodate this, basically calling me a liar. And they also have offered me £25 "goodwill" to which I need to sign a statement basically saying i agree with this letter then I get my cash (I have not done this).
Within this few days another £138 has come out of my account for the loan payment.
I call up the bank again to complain about this letter and the fact that another payment has come out. which they said they will raise the complaint higher, but it can take 6 - 8 weeks for the cash to come back now as it needs investigating higher.
Stuck I’m limbo now 438 quid down close to Christmas (not massive issue but it’s my cash)
i think i have included everything .
Does anyone have any advice on what I can do?
From what you've said it sounds like it's already in their complaints system which means they are well within their rights to take 6-8wks as this is with in FSA guidelines so you need to take this to the top.
In short, get yourself onto google and find out the cheif executives name and email address. Most are listed somewhere on google. Email them full details of your complaint in an extremely polite and factual manner and finish by bullet pointing the exact points that need to be dealt with and what you would consider a resolution. Also, detail when you expect a response.
This may seem a little extreme but it has worked for me with sky, virgin, first capital connect and British gas. They will want rid of your complaint asap and it's surprising how quickly you shoot to the top of the pile when someone with real power is dragged into it
In short, get yourself onto google and find out the cheif executives name and email address. Most are listed somewhere on google. Email them full details of your complaint in an extremely polite and factual manner and finish by bullet pointing the exact points that need to be dealt with and what you would consider a resolution. Also, detail when you expect a response.
This may seem a little extreme but it has worked for me with sky, virgin, first capital connect and British gas. They will want rid of your complaint asap and it's surprising how quickly you shoot to the top of the pile when someone with real power is dragged into it
Hi eightyseventhree
Try this to get your money back a lot quicker, possibly 48-72 hours. You should end up with all the money back in your account except the monthly repayment amount which you need to keep paying until the issue is resolved so that you can't be accused of missing a payment.
Whilst Abbey and A&L may be part of the same group, they are still separate entities in terms of operations, Abbey has taken a direct debit from your account that will be covered by the Direct Debit Guarantee scheme. In essence, Abbey have taken the amount in error, A&L is obliged to return the full amount to you if YOU say it was taken in error and reclaim it from Abbey themselves-it isn't up to you to prove that Abbey made a mistake. You can be very firm with A@L on this, it really is their obligation to refund the money into your account. PM me if I havn't really explained this clearly.
Try this to get your money back a lot quicker, possibly 48-72 hours. You should end up with all the money back in your account except the monthly repayment amount which you need to keep paying until the issue is resolved so that you can't be accused of missing a payment.
Whilst Abbey and A&L may be part of the same group, they are still separate entities in terms of operations, Abbey has taken a direct debit from your account that will be covered by the Direct Debit Guarantee scheme. In essence, Abbey have taken the amount in error, A&L is obliged to return the full amount to you if YOU say it was taken in error and reclaim it from Abbey themselves-it isn't up to you to prove that Abbey made a mistake. You can be very firm with A@L on this, it really is their obligation to refund the money into your account. PM me if I havn't really explained this clearly.
TVR1 said:
Hi eightyseventhree
Try this to get your money back a lot quicker, possibly 48-72 hours. You should end up with all the money back in your account except the monthly repayment amount which you need to keep paying until the issue is resolved so that you can't be accused of missing a payment.
Whilst Abbey and A&L may be part of the same group, they are still separate entities in terms of operations, Abbey has taken a direct debit from your account that will be covered by the Direct Debit Guarantee scheme. In essence, Abbey have taken the amount in error, A&L is obliged to return the full amount to you if YOU say it was taken in error and reclaim it from Abbey themselves-it isn't up to you to prove that Abbey made a mistake. You can be very firm with A@L on this, it really is their obligation to refund the money into your account. PM me if I havn't really explained this clearly.
This.Try this to get your money back a lot quicker, possibly 48-72 hours. You should end up with all the money back in your account except the monthly repayment amount which you need to keep paying until the issue is resolved so that you can't be accused of missing a payment.
Whilst Abbey and A&L may be part of the same group, they are still separate entities in terms of operations, Abbey has taken a direct debit from your account that will be covered by the Direct Debit Guarantee scheme. In essence, Abbey have taken the amount in error, A&L is obliged to return the full amount to you if YOU say it was taken in error and reclaim it from Abbey themselves-it isn't up to you to prove that Abbey made a mistake. You can be very firm with A@L on this, it really is their obligation to refund the money into your account. PM me if I havn't really explained this clearly.
Call them and insist on an immediate refund of both amounts. For either of the following reasons:
You dispute having given authority
No prior notice received (for the larger amount)
A&L are obliged to give you an instant refund and pursue Abbey themselves by means of the bank to bank indemnity process.
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