Lenders to repay £149m over errors

Press Association
Businessman shaking money out of a piggy bank
Businessman shaking money out of a piggy bank

%VIRTUAL-SkimlinksPromo%Nearly half a million personal loan and credit card customers are in line for a windfall after a raft of lenders agreed to repay over £149 million in interest and charges following paperwork errors.

The Office of Fair Trading (OFT) said 17 banks and building societies would compensate around 497,000 customers after admitting documentation relating to store cards, credit cards, loans and hire purchase agreements failed to comply with the Consumer Credit Act (CCA).