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AA Personal Finance/ BoS Loan Refund


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Hi all,

I forget when, but some time between 2005 and 2007 I took out a loan with AA Finance for £5000.

I was married with 3 kids and earning well at the time, owned a nice house etc.

 

In 2008, and in rapid succession,

my father died of lung cancer,

my wife petitioned for divorce,

I lost my job (and remained unemployed for nearly 2 years),

 

 

the divorce courts effectively stole my house from me, making me homeless, etc etc.

In other words, the whole house of cards came tumbling down.

 

 

I tried to keep up repayments but there was just too much happening,

and not enough money coming in.

 

 

Eventually I walked away from it all and resigned myself to waiting 6 years for it all to drop of my credit report.

 

Yesterday, out of the blue, I received the following letter from Bank of Scotland Customer Services:

 

"We are refunding some further charges to you

 

Dear MR J

 

We previously wrote to you to let you know about a charge of £50.00 which we applied to your AA PERSONAL FINANCE LTD borrowing account containing the numbers xxxx when we arranged a transfer of your debt from AA PERSONAL FINANCE LTD to J&J Collections.

 

Our letter to you also enclosed a cheque for £50.00 to compensate you for any distress and inconvenience and we also advised that we would contact COMPELLO GROUP to check the status of the account and arrange to credit the fee amount to the account.

 

Your payment is enclosed

 

We have contacted COMPELLO GROUP who have informed us that the account is closed

and we are now enclosing a further refund and a cheque for £75.60 is included below.

 

 

This payment includes the fee amount plus an interest payment of 8% for the period when we applied the fee up to the end of this year. I’ve included a table on the back that shows you how we worked out your refund.

 

This payment covers your refund of the fee plus interest, as we have already sent you a cheque for £50.00 to compensate for any distress and inconvenience the charging of these fees may have caused you.

 

We’re aware that some customers may have incurred other costs when the fees were charged, for example where you may have borrowed funds to cover the payments, or incurred charges, so please get in touch if you were also affected in this way.

 

How we worked out your refund

 

Original charge Amount: £50

 

Interest at 8% from 01/08/2009 to 31/12/16: £32.00

 

20% tax deducted from interest: £6.40

 

Total refund payable: £75.60

 

Check if you need to pay tax

 

Part of this refund includes 8% interest.

HM Revenue & Customs (HMRC) treat this as taxable income.

Requirements from HMRC mean the bank has deducted income tax at the basic rate (currently 20%) from this amount.

 

 

If you are a non-taxpayer, or pay tax at a lower rate,

it may be possible to reclaim all or some of the tax deducted from HMRC.

 

 

If you pay tax at rates higher than the basic rate any additional tax due on this should be discussed with HMRC.

 

 

Please refer to the advice section of the HMRC website for more information,

or call HMTC Tax Helpline: 0300 200 3300.

 

To contact us about this letter please call us on 0808 281 0224 or visit your Halifax or Bank of Scotland branch where a member of staff will be happy to help.

 

Yours sincerely

 

J Graham

 

Director of Collections and Recoveries"

 

Firstly, I have not received the initial distress and inconvenience cheque for £50.00,

and my surname has changed.

 

 

Apart from informing BoS of my name change and chasing up the first cheque,

should I take any other action (restitutional interest claim?) or just take the money and run?

Thanks in advance

247 Moneybox - balance written off, default removed

Cash Genie - bogus default removed

Peachy - interest refunded, default removed

1 Month Loan - interest refunded, data removed

Peachy - balance written off, default removed

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Hi

Don't do anything as yet. Can you confirm that it is more than 6 years since you last made any payments? Have you contacted them in any way over the last 6 years confirming that you owe them anything?

If you are asked to deal with any matter via private message, PLEASE report it.

Everything I say is opinion only. If you are unsure on any comment made, you should see a qualified solicitor

Please help CAG. Order this ebook. Now available on Amazon. Please click HERE

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It's more than 6 years since I made a payment or contacted them and the account has dropped off my record.

247 Moneybox - balance written off, default removed

Cash Genie - bogus default removed

Peachy - interest refunded, default removed

1 Month Loan - interest refunded, data removed

Peachy - balance written off, default removed

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As the debt is Statute Barred, you could contact them about the previous £50 but is it worth it?

 

Personally, I would take the money offered and run.

If you are asked to deal with any matter via private message, PLEASE report it.

Everything I say is opinion only. If you are unsure on any comment made, you should see a qualified solicitor

Please help CAG. Order this ebook. Now available on Amazon. Please click HERE

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Hi,

I'm inclined to agree with you - I have a mountain of PPI/CC/PDL stuff to wade through, so I think it's a case of picking my battles...

247 Moneybox - balance written off, default removed

Cash Genie - bogus default removed

Peachy - interest refunded, default removed

1 Month Loan - interest refunded, data removed

Peachy - balance written off, default removed

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