OFT/Banks to make Refunds of over £149 million

[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

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?

[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.

[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 :-)

[daisy]

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

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

[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.

Niddy do you remember our posts over at MSE when i said we were issued with a default notice? Check out the threads, the notice i mention is the one i posted up yesterday, and that is a default notice isnt it? I was shocked to have received this notice within one month of missing just one payment.
http://forums.moneysavingexpert.com/....php?t=2559453

[di30]

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

.......to add the repayment was 229 a month, as shown as owed on the above notice posted, that is just one months repayment, so it didnt go into another month to make it £458, you know what I mean lol...

[Loopyloo]

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

Anyone received any correspondence on this yet or know when the banks will start contacting people?

[di30]

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

I do know that this is being passed on to the FCA from the OFT on the 1st April.

No official lists enclosed yet and not sure on a timescale.....

[Loopyloo]

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

I would just hate to miss mine in the post

[di30]

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

Me too LOL!!

[Loopyloo]

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

Today we received letter from Chelsea advising we will be receiving a refund of arrears administration fees as they were incorrectly charged to some customers since Jan 2009, the refund will be credited to the mortgage account. Not sure if this is connected to the recent press article or if it is something else.

[di30]

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

Interesting thank you.
I used to have my mortgage with them but did not have arrears then,and we re-mortgaged to chelt and glos from them in 2007.

Not sure who are involved though, but maybe this is to do with the same thing loo x well done on your refund x

[di30]

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

I take it the banks are not in a great hurry to send our more cheques lol!

[pompeyfaith]

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

Do the banks have a duty to check past closed loan accounts?

What is the actual wording that should have been on post-contractual information, statements and arrears notices?