ohsoconfused
New Member
I'll try to keep this brief until someone says they may be able to help. More details can be given if neccesary.
Bank called us and asked us in to review our bank a/c, they noticed we had a credit card with them also and offered to pay off the card and exsisting loan with a new loan, which would supposedly save on the interest in the long run which we were being charged on the credit card.
We went ahead with it, and the loan was processed and transferred over to the card whilst we were there. Well, 5 days later we recieved a stmt from our card which still had a partial balance on it and asking for minimum pymt, with this I rang the bank and spoke to the lady who done our loan, I got the stmt up to the bank, and left it in their hands to sort out. That was about 8 weeks go!.
To keep the rest brief for now, there had been a mistake and some items that were pending on the card had not yet been added at the time of the loan although there were 5 days clear of the loan date and any transactions made by us on the card.(loan was processed on 23/03/07 last transaction spent on card to date 18/03/07, card not used since.)
Banks only solution at that time was to offer to open another a/c in my husbands name as he is the main holder and make it an interest free over draft a/c for us to pay the extra that was not put on the loan at £15 per mth (for 3 yrs), thus as a 'gesture of goodwill' we would not incur further interest on that ammount.......'Easiest solution for them me thinks'. The problem we had with this idea was that only helped the bank and not us, as we had agreed the new loan based on what we were originally paying for the exsisting loan and the card, infact we went a little over after including the insurance. Due to this we could not afford to financiallly commit to another bill of £15 per mth.
So the only solution my husband and I could come up with was to cancel the loan insurance, and pay the full £30 that that would have cost us per mth off the excess ammount thus getting rid of it in one and a half years. Gambling his health for 1 and half years I know, but we were'nt sure about taking it out in the first place and it was and is the only financial option we have to clear this mess up.
Now, lets not forget that we recieved card stmt within 5 days of the loan being done and it was put straight into the hands of the bank who assured us they would sort it out and for us not to worry. We now find out that due to the 30 day cancelation period on the insurance policy being over we will incur a shortfall in the rebate. But we did'nt cancel within 30 days as bank assured us they would sort it out.
To add to this loss in the shortfall on rabate we have since been charged for late payments on 2 stmts to date since the loan and interest has also been added on that remaining exsess balance (interest only has been taken off after visit to bank last week). Obviously we did'nt pay any of the stmts as it was their mistake.
So to keep this as short as possible for now, although its looking very long.
Should we be out of pocket because of their mistake??? They have already messed up our credt rating, which they raved was great on the day they offered us the new loan.
We think not, and have strongly protested this to the bank whilst contacting them since the whole mess up.
Need any more info ask away....theres plenty of it, the only solutions they re coming up with always wind up with us losing money, surely that is not right when it ws no fault of our own.
I really hope someone can help, I've told them I will get a solicitor onto it if they can't fix it without incurring us any extra charges than we would have had, had the loan been done properly in the first place.
Whos being unreasonable me or them??
Bank called us and asked us in to review our bank a/c, they noticed we had a credit card with them also and offered to pay off the card and exsisting loan with a new loan, which would supposedly save on the interest in the long run which we were being charged on the credit card.
We went ahead with it, and the loan was processed and transferred over to the card whilst we were there. Well, 5 days later we recieved a stmt from our card which still had a partial balance on it and asking for minimum pymt, with this I rang the bank and spoke to the lady who done our loan, I got the stmt up to the bank, and left it in their hands to sort out. That was about 8 weeks go!.
To keep the rest brief for now, there had been a mistake and some items that were pending on the card had not yet been added at the time of the loan although there were 5 days clear of the loan date and any transactions made by us on the card.(loan was processed on 23/03/07 last transaction spent on card to date 18/03/07, card not used since.)
Banks only solution at that time was to offer to open another a/c in my husbands name as he is the main holder and make it an interest free over draft a/c for us to pay the extra that was not put on the loan at £15 per mth (for 3 yrs), thus as a 'gesture of goodwill' we would not incur further interest on that ammount.......'Easiest solution for them me thinks'. The problem we had with this idea was that only helped the bank and not us, as we had agreed the new loan based on what we were originally paying for the exsisting loan and the card, infact we went a little over after including the insurance. Due to this we could not afford to financiallly commit to another bill of £15 per mth.
So the only solution my husband and I could come up with was to cancel the loan insurance, and pay the full £30 that that would have cost us per mth off the excess ammount thus getting rid of it in one and a half years. Gambling his health for 1 and half years I know, but we were'nt sure about taking it out in the first place and it was and is the only financial option we have to clear this mess up.
Now, lets not forget that we recieved card stmt within 5 days of the loan being done and it was put straight into the hands of the bank who assured us they would sort it out and for us not to worry. We now find out that due to the 30 day cancelation period on the insurance policy being over we will incur a shortfall in the rebate. But we did'nt cancel within 30 days as bank assured us they would sort it out.
To add to this loss in the shortfall on rabate we have since been charged for late payments on 2 stmts to date since the loan and interest has also been added on that remaining exsess balance (interest only has been taken off after visit to bank last week). Obviously we did'nt pay any of the stmts as it was their mistake.
So to keep this as short as possible for now, although its looking very long.
Should we be out of pocket because of their mistake??? They have already messed up our credt rating, which they raved was great on the day they offered us the new loan.
We think not, and have strongly protested this to the bank whilst contacting them since the whole mess up.
Need any more info ask away....theres plenty of it, the only solutions they re coming up with always wind up with us losing money, surely that is not right when it ws no fault of our own.
I really hope someone can help, I've told them I will get a solicitor onto it if they can't fix it without incurring us any extra charges than we would have had, had the loan been done properly in the first place.
Whos being unreasonable me or them??
