A Year Later....

[LARACROFT]

Hi

My problem in a nutshell.....

I called lloyds phonebank for a settlement balance on my loan, i was put through to the loans department and they gave me a balance, which i confirmed on more that one occassions that this was a settlement balance and would clear my debt if i paid it.

I posted a cheque the next day only to have it sent back with another figure. I paid the cheque in and received another letter with another figure.

Anyway a few calls and letters later i was told they couldnt find the recording of the call. I wrote to the ombudsman who sided with lloyds. The balance remaining is about 2k which i have been paid interest on for the past year even though the money is in query.

What can i do? Do i have a chance? All i want is for them to stand by what i was told ie what my settlement balance was to clear the debt!!!!

Many thanks
Lara

[Movingon]

I would quickly write to them placing the amount owed "in dispute" - there are any number of examples of such letters all around the forum - I suggest a search for "in dispute" will reveal some that you could tailor to your requirements. Your grounds for dispute is that they gave you a settlement figure which you sent them a cheque for. They have very little room for manouvre here; the onus is on them to prove that you did not receive that settlement figure. Did the figure seem reasonable at the time? Did they (as they should always do) confirm the figure in writing?

[LARACROFT]

Hiya

Yip, i have written to them advising them the debt is in dispute and not to charge interest. They wrote back saying they would continue to charge interest.

I think the mistake was made in that the figure that was given to me was the actual balance. The person i spoke to said nothing about sending me anything in writing.....i had said i would be posting the cheque the next day. When the cheque was returned i was given a settlement balance in the letter , i then received another letter with yet another settlement balance.

I was happy to pay whatever settlement balance they gave me. I just think it is wrong to give me a settlement balance and then say oops no recording oops balance wrong you cant prove the balance you were give so oops you owe us more.

As i have already gone to the ombudsman what is my next option????

many thanks
lara

[chrismc]

Lara

I think I am correct in saying there is a difference between a 'settlement figure' and an 'account balance' the two amounts may be a lot different. You need to check this with someone who knows and it depends which one you asked for.

As far as I am aware an 'account balance' will always be lower than a 'settlement figure' as it does not include fees, charges etc

Just look into it and find out, also what type of loan was it?? if it was a capitilised repayment loan, I think you can save money by paying it off another way, but you would need to check on the type of loan etc and be sure before attempting to pay it off.

Just check things out and post the finding back here.

Chris

[LARACROFT]

Hi Chris

I definitely asked for a settlement balance advising them i was about to post a cheque in order to settle and close the account. This is the recording they conveniently cant find.

It was a personal loan and the only balance is the disputed amount where they are saying i never paid the settlement amount and i am saying i paid the settlement amount i was given over the phone.

Cheers
lara

[chrismc]

Originally Posted by LARACROFT

Hi Chris

I definitely asked for a settlement balance advising them i was about to post a cheque in order to settle and close the account. This is the recording they conveniently cant find.

It was a personal loan and the only balance is the disputed amount where they are saying i never paid the settlement amount and i am saying i paid the settlement amount i was given over the phone.

Cheers
lara

Lara

Did they cash your cheque? did you send a letter in stating it was for full and final settlement of the loan account? Did you get the name of the person who gave you the 'settlement figure'?

Personally I would have asked for a settlement figure in writing, before paying anything.

Do you have any paperwork that you signed for the loan? if so read the terms and conditions and see what it says about early settlement. If you haven't ask if they could send you a copy of the loan agreement, if they won't then submit a Data Protection Act request and get one.

Lara, ....it is a bit hard to advise without all the facts, but these are the things I would start to look at first before any decisions can be made.

Chris

[HD]

Did you put in your Data Protection Act disclosure request that you wanted a recording of the telephone conversation? They might have said they can't find a copy of the recording in response to a norm,al letter and find it when it is the subject access request. Long shot, but worth a try. Good luck

[Mal]

Originally Posted by LARACROFT

I posted a cheque the next day only to have it sent back with another figure. I paid the cheque in and received another letter with another figure.

Sounds like you have two letters with different figures on them... Surely that just proves they don't know what they are talking about! (Phone them up and ask which one is wrong) Plus if they sold you any insurance with your loan you should also receive a refund on that as it is all rolled into the debt and the insurance is no longer needed as you settled early.


I would but a Data Protection Act request in for all comunications they have and all phone records.

Once you have that see what Ammo you have

Mal

PS Welcome to our happy family !

[breadline]

Hi Lara
im in teh same boat with the phone call, it was before i came here and read about recording devices.

I have just requested a converstion that contained 3 lies, OOps it wasnt recorded as recordings are ad hock for training.

But they did find another conversation I had requested, i was sent a typed transcript (that i belive has details ommited) but to my surprise the letter enclosed advised that the telephone recording is not covered by A Data Protection Act request and a typed transcript is all they have to send.

So any info on these probs would be brilliant to inforce these recordings to be sent to us.

So if i get any updates on this i will pop back in and post

As for the 2 letters does one state balance and one state settlement figure? If so they are correct, and as for the convo, i think LLoyds Loans and collection centre truly have no training and no ideal what they are doing, the lies are endless, and i belive they should be taken to task for them.

Good Luck
BL

[LARACROFT]

Thanks all for your reponses

What exactly is a Data Protection Act????

no they didnt bank the cheque, they sent it back then i paid it in. i did send it with a full and final settlement letter.

[Janet-M]

Data Protection Act = DATA PROTECTION ACT

For your own benefit you need to spend a few days reading around the forum and especially the FAQ's so you get a clear understanding of what you are taking on.Also there are letter templates in the libary.

[chrismc]

Originally Posted by LARACROFT

Thanks all for your reponses

What exactly is a Data Protection Act????

no they didnt bank the cheque, they sent it back then i paid it in. i did send it with a full and final settlement letter.

Lara

I would start again with this, do as I said in my last post:

Do you have any paperwork that you signed for the loan? if so read the terms and conditions and see what it says about early settlement. If you haven't ask if they could send you a copy of the loan agreement, if they won't then submit a Data Protection Act request and get one.

Then when you have ther facts you can act accordingly, but at the moment it is not clear what your position is.

Chris