I had got in touch with the bank to explain that a payday loan company had a policy of no refunds. I stated that a transaction went through twice instead of once by accident, so my query generally speaking is, would there be any legal implications on myself due to the companies policy.
The bank then reversed the payment and have got my money back - would it be ideal for me to let the company know?
They won’t need you to tell them, they will already know.
What impact that has on your credit file, you’ll have to ask them.
But will there be any legal implications for me or anything with their stance on a no refund policy, or was I was well within my right to do the chargeback.
As I’m quite concerned that I’ve done something wrong.
What you’ve said doesn’t really make sense.
If they paid you twice, you got double the money. So not sure how it got “refunded” when really you’d need to refund them.
Or did you make two payments to pay off the loan?
Speak to the loan company. That’s all you can do. If the chargeback worked then it can’t be a big deal.
Sorry what I meant was, when I made a loan repayment, I was meant to have paid £150 the one time instead of twice.
Edit: Yes, I made two payments to pay off the loan by accident.
So the “no refunds” part should mean that was tough luck.
Somehow the chargeback worked. Don’t worry yourself about it, they aren’t going to do much as you paid what you need to.
Okay thanks. That’s on the advisor for not asking me to provide further evidence.
If the company has some morals somewhere (LOL), generally speaking, a refund of an overpayment should be fine, provided you’ve met the minimum payment amount due for that said month.
The refund policy might apply to your monthly payments in general as per the loan agreement, but payments in error may be considered otherwise.
Mind you the company hasn’t updated the amount owed because of the reversal, so they could ask me to pay extra if that makes sense.