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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 25358
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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husband has taken a loan from tesco bank he put this into my

Customer Question

husband has taken a loan from tesco bank he put this into my think money bank account. It has been in my account since 27th November 2014. Bank is stating that they needed the loans agreement which we scanned and mailed to them on monday. They texted me on monday stating that the money was in my card account meaning that should have been able to with draw these funds. I have called daily to be told that it is sitting with the process department and they cannot give me a date or time when these funds will be released. what legally can i do
Submitted: 2 years ago.
Category: Law
Expert:  Joshua replied 2 years ago.
Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

May I clarify with you whether you actually have funds in your account or whether you are still waiting for them to clear please? I note from your question that you say the funds have been in your account since 27 Nov but later you refer to not being able to draw on them?

JACUSTOMER-pjczfh2i- :

funds are sitting within my billing account they are stating that they need to manually transfer to my card account before i can actually withdraw these funds.

Joshua :

Thanks. Do I assume correctly that you cannot transfer them yourself using internet banking for example? Do I also understand that they will not transfer funds until they receive the credit agreement they claim has not been received?

JACUSTOMER-pjczfh2i- :

internet banking i cannot get into which i have complained about and due to amount i would not be able to transfer £15k loan. credit agreement i have issued to them and they have stated that they have received it.

Joshua :

Thanks. Finally from what you say do I understand that you are keen to be able to draw on these funds as soon as possible?

Joshua :

i.e. you do not want to cancel the loan.

JACUSTOMER-pjczfh2i- :

i want to draw on these funds. my husband works away reason why funds were put into my account.

Joshua :

Thanks. in the first instance, unfortunately you are largely reliant upon Tesco's administration Department. If they are not performing, you can escalate the matter to a line manager and then their complaints department. Of course if time is pressing this approach will not necessarily result in a very quick outcome.

Joshua :

However one would hope that by escalating to a more senior individual or claims handler the matter could be resolved swiftly but this is not guaranteed.

JACUSTOMER-pjczfh2i- :

issue is not with tesco bank i have called them they released the funds and cannot do anything about getting them back. issue is with think money account not processing the funds to my card account. i have spoke twice to line managers put in a complaint and spoke to manager of customer service. i cannot understand why the funds cannot be released

Joshua :

My apologies - I had not heard of "Think". I had thought this was a name of a Tesco account. This being the case the position is slightly simpler in that here you have from what you say your bank not allowing you access to money in your account deliberately or by systems failure. A bank cannot deny you access to money held in your account and this is clear grounds for a complaint. The process is much the same in the immediate short term whereby you escalate to a manager and then a complaints handler.

Joshua :

There is no immediate way to force the bank to comply other than by issuing court proceedings or referring to the Financial Ombudsman - either of which is entirely possible if the bank is refusing you access to funds but will take months rather than days or weeks to resolve themselves

JACUSTOMER-pjczfh2i- :

stating that it is sitting with process department who are struggling to transact this into my card account. not sure if this is deliberate or system failure. stating they need to do a manually transaction into my card account

Joshua :

As you say this is not an acceptable reason. ultimately their internal systems processes and failures are not your problem and as a bank customer, you are entitled to access to your funds in accordance with the banks terms and conditions. Most banks would provide for 24-hour a day access to funds in one form or another - be it ATMs and so on.

Joshua :

Accordingly your response would presumably be that you are not concerned with problems they may or may not be having internally and expect a commitment from them to have the money available to you within ?? hours. You may wish to consider following up in writing by email so there is a record of what is discussed and agreed. If the inability to access funds causes you financial loss, as above, you can seek compensation for their losses from the bank - ensure you keep a record of any losses you incur

Joshua :

Going forward if the bank is giving you so many problems you may wish to consider changing to another but that is another matter.

Joshua :

If you speak to them again try to be transferred to a line manager and record their name and details of what is agreed and ask for email contact address so you can confirm the conversation in writing when you put the phone down. Try to see a time based commitment from them as to when they expect to resolve the matter and if you expect to incur any losses as a result of delay, take care so as to point this out and mention it in any follow-up written confirmation

Joshua :

this gives you a solid basis to escalate the matter to a formal complaint in the hopefully unlikely event the issue remains unresolved.

Joshua :

Is there anything above I can clarify for you?

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