HELP- Quoted incorrect early loan repayment- now they want £500 back!!??

[baileyboo81]

Hi all,

writing on behalf of my brother.

He had a graduate loan that they allowed him to defer 2 months repayments until he started working in his current employment.

This is all fine until he came to apply for a credit card and was declined. He was advised to get his credit file and it transpired that he was showing 2 months in arrears as a result of the deferred payments.

The local branch sorted this out and everything seemed fine and dandy.

He has a pretty good job and soon had enough money to repay this. He rang their telephone banking and asked to repay the loan in full, did so with his card and in his mind the loan was finished with.

He recently got a letter inviting him in as there had been a mistake. They now claim that the local branch paid 2 months worth of loan payments- how kind!- out of their miscellaneous account which is now flagging up on a report that he owes them this amount of money. The local branch seem to know about this little 'arrangement' but in the eyes of big HSBC, he is still in 2 months arrears.

Any advice...surely they have to honour whatever amount they quoted as an early repayment amount??? :-|

[Guest NATTIE]

I would tend to agree with you. Does he have a figure and a date when he rang them?

[baileyboo81]

he does....see paolo71 on front page. Interesting that you are a natwest staff member. I am also a bank worker! This site is vvv interesting!

[Guest NATTIE]

He has a case, no doubt about it. The bank will have to repay loan at the amount quoted and any interest aditional to that will have to be written off.

baileyboo81- if you are bank worker hope you have pm'd Bankfodder as it is one of the rules, Good luck

 

Additional edit. This site is great and always worth checking out the bank survey results because it has doubled since I first came on the site.

[dogz111]

Did he receive any documentation stating what the final repayment amount was ?

 

Did he receive anything from the bank stating that the loan was now repaid in full ?

 

If either of the above 2 happened then I think he will be OK.

 

Call centres record all calls so they will be able to see exactly what happened on the day in question. If they have quoted a figure for final settlement and he has paid the full amount then its HSBC's look-out that they have not quoted the correct figure.

 

One other point - welcome peoples views on my thinking.

 

If the HSBC branch has made repayments onto the loan then you should not have to repay that back unless you have made a prior agreement with them ?