Lloyds Bank – Refund on Closed Account

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Hi MSE Fans,

I received a letter from Lloyds Bank today out of the blue, stating that they owe me a refund on a closed credit card account.

The letter states:

‘We have recently undertaken a review of our internal collections processes and have found that between 19 February 2013 and 2 July 2013, following an assessment of your financial circumstances, we did not always take the appropriate course of action when dealing with your account.’

‘We are refunding the interest, fees and/or changes on your accound during the period(s) where we did not always take the appropriate course of action based upon our understanding of your circumstances at the time’.

The refund includes interest at 8% and is for a total of £190.82.

I called Lloyds Bank to get some further information as to why this has happened – the advisor explained that a new piece of legislation that was introduced on 01 April 2014 means that lenders are having to conduct a review of closed accounts.

Does anyone know what this is in relation to? He wouldn’t go into any further detail. He did explain that when your account was subject to the Collections Department, it was deemed that we did not act appropriately. That’s all he said.

If anyone can explain why this has happened, and/or what piece of legislation has been used, that’ll be great.

Thanks all!

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