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Thread: tesco loan payments

  1. #1
    Regular Member chris1804's Avatar
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    Default tesco loan payments

    i have a personal loan with tesco, i contacted them in january about my hours at work and needed to cut the payments down, they were fine about this and we agreed that i pay £120 a month , so febuarys payment would be £120 not the £253 i was pay, i had a letteroff tesco to confirm, come febuarys payment day they took £253 i was like so i contacted them and they said sorry and refunded me the difference, they said well make sure march this dont happen, i get a letter off tesco to confirm that for 6 months from march only £120 will be taken out, i checked my bank account online just and they have taken £253, going to give them a call tomorrow first thing becaus its ****ing me off, just want to know if theres anythink else i could get them to do,

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    Regular Member simmo3187's Avatar
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    you could complain to them? if you write in they have to respond within a certain time, if you're not haooy with the response then you can take them to the financial ombudsmen

    as you can tell i work for a large financial institution lol

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    Full Member gibbon7000's Avatar
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    Why not ask them to send out a new direct debit form for you to sign, with the new amount on. Then cancel your old one.

    My other car. 1972 1641cc slammed beetle. On the road finally!!

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    Regular Member macdad's Avatar
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    If you bank online Chris you can vary the amount manually,at your leisure,get them to agrree to the payment reduction in writing just in case you have issues with your credit score. hth

  5. #5
    Regular Member chris1804's Avatar
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    Quote Originally Posted by macdad View Post
    If you bank online Chris you can vary the amount manually,at your leisure,get them to agrree to the payment reduction in writing just in case you have issues with your credit score. hth

    i have mate ive got the letters infront of me they have agreed to take £120 it just ****es me off because if we miss a payment thats it there soon on peoples back but if they dont keep to there agreement and over charge people they think its alright ,

    how about i ad £50 each time they over charge me lol

  6. #6
    Regular Member m8internet's Avatar
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    For each telephone conversation, always ask them to confirm the request in writing to be received within 14 days
    If the payments are to be reduced more than once then a new agreement would probably be required (with higher interest and probably an arrangement fee)

  7. #7
    Regular Member m8internet's Avatar
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    Quote Originally Posted by macdad View Post
    If you bank online Chris you can vary the amount manually,at your leisure
    This is not possible on a Direct Debit, the payment is instructed from the merchant to the bank, and the bank execute their order
    Varying the payment amount is possible on a Standing Order, plus you can make these on any date

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    Regular Member mspvxr's Avatar
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    Im with tesco. Was told reducing the amount affects your credit as its not what you originally agreed to. They nearly.took me to.court when i was out of work and the ****** payment protection were messing me about so now my credit is awful all because the insurance wouldnt pay out. Wouldnt go with tesco again thats for sure. Cant even buy a laptop on credit because of it.

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    Regular Member Kev_G's Avatar
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    Quote Originally Posted by simmo3187 View Post
    you could complain to them? if you write in they have to respond within a certain time, if you're not haooy with the response then you can take them to the financial ombudsmen

    as you can tell i work for a large financial institution lol
    MBNA (bank of america) by any chance?

  10. #10
    Regular Member macdad's Avatar
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    Quote Originally Posted by m8internet View Post
    This is not possible on a Direct Debit, the payment is instructed from the merchant to the bank, and the bank execute their order
    Varying the payment amount is possible on a Standing Order, plus you can make these on any date
    No but you can cancel the DD at any time,and he needs to tell Tesco he will do so if they don't amend the 2 payments ,but as i said earlier he needs to get the agreement in writing,as there are implications regarding his future credit score.

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