Moneybarn have got my balance wrong!!

[mysolomon]

I have made a number of partial early settlements to moneybarn for an agreement I took out last year. They have repeatedly failed to apply the correct (and previously advised) amount of interest rebate. As a result my balance is completely wrong and despite raising a complaint and calling them so many times I am no closer to getting my balance corrected. 

 

To add insult to injury, despite paying over £6k in over payments and having never missed a payment they are showing my account as in arrears by an amount which was actually a partial early settlement! When I called last they were warning me of the consequences of being in arrears such as credit file markers and repossession but could not say when I missed a payment... Because I haven't!!! 

 

I'm an accountant and have prepared a full reconciliation of my account so I know what my balance should be if the interest rebates they've calculated are correct. I can't confirm if they are as no one I speak to can tell me how they are calculated. If I assume them to have been calculated correctly the balance is completely wrong. 

 

I originally wanted to make more partial settlements but I've been unable to do so as my balance is wrong and they can't calculate a rebate based on an incorrect balance. I have now just had enough and want to settle the balance in full but I can't get a settlement figure as my balance is wrong. 

 

All the while I'm paying interest when I have the money available to pay off the balance but I just need it to be correct. This has been going on since February. I raised a complaint in March which I referred to the ombudsman last week as moneybarn haven't replied. 

 

I'm promised call backs that never materialise and my emails and online messages aren't responded to. I just dont know what to do so can anyone offer any advice? 

 

I've been trying so hard to rebuild my credit rating and now I have a missed payment on my file. I am paying interest when I shouldn't have to and I have spent at least 10 hours on the phone trying to resolve this. 

 

What can I do??? 

[dx100uk]

You keep using the phone and email or chat.

 

stop using those and stick to royal mail letters with free proof of posting.

 

Have you sent them an sar!

 

Dx

[mysolomon]

I haven't sent an SAR. To be honest I had hoped they'd just correct their error and it would be resolved but that's not the case it seems. 

 

I'll read the link about sending an SAR and send by Royal Mail. Would you say this is preferable over email? 

[dx100uk]

You should never use phone email text nor chat on any matters relating to finance or debt matters.

 

you need a valid papertrail.

 

you of all people should know this.

[mysolomon]

What I do know is that we are in an age where a valid trail isn't always on paper.

 

In my line of work simply everything is digital.

There is no physical paper trail so I'm unsure why I of all people would be aware of anything?!

 

15 years ago, yes, you'd certainly keep physical records but I wondered if there was a specific reason why you wouldn't use email in dealings with a finance company as this is in writing, can be signed and secured and provides a verifiable trail. 

 

 

[dx100uk]

because its moneybarn!

 

you quite correct in your role its not important, but with these fleecers and with any debt collection agency etc, they WILL LIE, alter emails, claim they never got them or do anything to scam people.

 

you found the moneybarn forum as you start your topic here

just go read a few 10's of threads...you'll soon get the idea why...

 

esp if things are to ever escalate to the FOS or to a court room, you must have a papertrail.

[theoldrouge]

Not surprised moneybarns computer has blown a fuse

HP agreements are simply not set up to deal with “partial settlements “

A SAR is an absolute must 

as is all correspondence by post only 

Request their early settlement figure by post