OFT/Banks to make Refunds of over £149 million

[daisy]

Re: OFT/Banks to make Refunds of over £149 million

Thanks Battendown for that information, I'm keeping everything crossed :-)

[daisy]

Re: OFT/Banks to make Refunds of over £149 million

I have just dug the paperwork out and the loan was taken out in July 2011.
the letter from Barclays was dated November 2013 and states that : Due to an error, we charged you interest on your loan account that we weren't entitled to. This is due to changes of the CCA in Oct 2008, we inadvertently sent a number of customers incorrect information about their loan.
It's quite possible the latest news is different to the Barclays refund that I received, I certainly hope so, as I would so enjoy a payout from Barclaycard :-)

[Battendown]

Re: OFT/Banks to make Refunds of over £149 million

I am not sure if this is the same ruling, however, Barclays refunded all interest paid on a loan that I had taken out, as the wording was incorrect and they were not entitled to charge interest until that had been corrected. The refund amounted to just under £5000, but that was at the end of last year.

Hi, yes it is the same thing.

Barclays discovered some of its paperwork was faulty, when in October 2008 the banks were supposed to issue certain wording in their default sums notices and statements and similar and they did not amend their templates. Apparently they were not allowed to charge interest and charges until this was corrected. Barclays admitted that they had discovered that they had made mistakes with their loans and started refunding customers. They hadn't checked their Barclaycard paperwork at that time.

I've been hoping that there are issues with their Barclaycard as we have 4 between myself and hubbie.

Due to the issues of Barclays. The OFT has written to around 50 banks for them to check to see if the same has happened and 17 have confirmed that it has.

I've got my fingers crossed that it will apply to us.

[di30]

Re: OFT/Banks to make Refunds of over £149 million

I am not sure if this is the same ruling, however, Barclays refunded all interest paid on a loan that I had taken out, as the wording was incorrect and they were not entitled to charge interest until that had been corrected. The refund amounted to just under £5000, but that was at the end of last year.

That's interesting Dibsfbd, was this recently they refunded you on this?
And for what year did this apply to when you taken out the loan?

[daisy]

Re: OFT/Banks to make Refunds of over £149 million

I am not sure if this is the same ruling, however, Barclays refunded all interest paid on a loan that I had taken out, as the wording was incorrect and they were not entitled to charge interest until that had been corrected. The refund amounted to just under £5000, but that was at the end of last year.

[di30]

Re: OFT/Banks to make Refunds of over £149 million

a litle cropped sorry lol......but are these details notices what they should be back in 2009 does anyone know please? thanks.

[di30]

Re: OFT/Banks to make Refunds of over £149 million

Tried to add my attachments and accidentally applied the wrong one lol, so deleted it :-)

[di30]

Re: OFT/Banks to make Refunds of over £149 million

No it will not affect the ombudsman as this is a different type of reclaim, plus it's not relevant or linked to your argument at all.....

Goody! cheers Niddy!

[Never-In-Doubt]

Re: OFT/Banks to make Refunds of over £149 million

No it will not affect the ombudsman as this is a different type of reclaim, plus it's not relevant or linked to your argument at all.....

[di30]

Re: OFT/Banks to make Refunds of over £149 million

Thanks Niddy my issue now is though that's its with the Ombudsman "as you know" LOL will this issue have any affect on this matter? (thats if Lloyds are involved)? I think they are to be honest! lol.....

[Never-In-Doubt]

Re: OFT/Banks to make Refunds of over £149 million

Bank accounts fall under s.74 so yes they should be.... (Unauthorised overdrafts)..

[di30]

Re: OFT/Banks to make Refunds of over £149 million

Sorry if already answered but basically typical refund rules apply so there are 3 scenarios

1. Account settled/closed /£0 owed = Cheque should be sent to the customer
2. Account in debt, still in house/not sold by absolute assignment = Money will be refunded to the account or in exceptional cases it may be sent via cheque
3. Account defaulted and sold by absolute assignment = Cheque should be sent to the customer

thank you Niddy, mine are here and there lol one of mine sold to Cabot "Absolute" not in house, this is the bank account, so not sure if this is included. :-/

[Never-In-Doubt]

Re: OFT/Banks to make Refunds of over £149 million

The banks will be making proactive refunds based on their own records. There is no need to make a claim.

Does anyone know whether the banks will simply credit the sum due to your account, or send you a cheque like PPI refunds?

What concerns me is what happens when the account has been sold on. Will the banks pay the money to the debt purchasers or direct to the original customer?

Sorry if already answered but basically typical refund rules apply so there are 3 scenarios

1. Account settled/closed /£0 owed = Cheque should be sent to the customer
2. Account in debt, still in house/not sold by absolute assignment = Money will be refunded to the account or in exceptional cases it may be sent via cheque
3. Account defaulted and sold by absolute assignment = Cheque should be sent to the customer

[di30]

Re: OFT/Banks to make Refunds of over £149 million

Just double checked now and its "Regulated" agreements £25K or less......

[di30]

Re: OFT/Banks to make Refunds of over £149 million

"Amount that was meant to be not "about" lol x