Finance Company Misappropriation of funds.

[A.C.]

Hi can anybody give me some advice please. I had taken out a finance package on goods ( the interest free within set time scale type). The direct debit kicked in after the interest free period was up. At the time I was puzzled as I was sure I had paid of the loan within that period. Due to my pesonal situation at the time I didn't have access to my bank statements. On contacting the loan company I was told I hadn't made the last payment in time. I dutifully made all repayments (even though at times I was strapped for cash). Then the month after I had made the last payment (which I had confirmed with them by phone) a £15:00 debit was shown on my statement.
This prompted me to not only question the company as to why but check back through my bank records. I found positive proof that I had made the final "interest free" payment prior to the cut off date. I contacted the loan firm and cc'ed in the onbudsman wanting my money and any interest that may have accrued on it, plus an explaination. After sending them proof of payment they gave me back the repayments I had made and nothing more,with no explanation. Effectively saying "Oop's sorry here's your money".
Is that IT? Is there no recompense for the time I was making payments that I could ill afford and hadn't made arrangements for in my budget (as I had alway's intended to settle within the interest free period) ? Are they able to just hand back the "overpayment" and walk away? With no explanation as to how this happened, they could be trying it on with others in the hope that they won't notice/realise.

[Shadowcat]

Re: Finance Company Misappropriation of funds.

There are bodies put in place to complain to although they're inundated in this current climate.
I would suggest the OFT (as this was not a fair trade) and your local Trading Standards Office would be good ones to start.

Do you have it in writing that the loan is satisfied? If not, I'd get that. You may find that the company have put something against your credit score because of this 'anomoly', meaning that like an ever increasing amount of the population, you will be asked to pay higher and higher credit if you take out loans in the future due to your credit score being played with.

As for compensation, I always think it never hurts to as it will be the only way these companies start to educate themselves to behave. I'm not a compensation expert so I'm sure another member will have advice on that.