When we bought our house in Norfolk in July we purposely chose a mortgage where we wouldn’t receive penalties if we paid off part of it earlier than planned. So on Tuesday I felt very pleased with myself as I went into Lloyds to pay in a cheque to pay off a small part of the mortgage. For some reason they don’t allow you to do it online. Bearing in mind the mortgage is also with Lloyds I assumed the transaction would be show up instantaneously on my account. It did on my current account. But four days later the mortgage account still hasn’t been updated despite it saying “As of 29 November”. I just called Lloyds to query why this would be. “There’s no transaction pending. Because it is a large sum it may take a while to process,” said the man from Lloyds call centre.

I retorted that “it didn’t take a long time to process coming out of my account, why should it take a long time to go into an account?” Answer came there none. I was advised to call back next week. I asked whether the interest that I continue to pay on the full sum would be credited back. Again, answer came there none. All i can say, is that it had damn well better be!

Can anyone in the banking world explain why Lloyds should have the use of that money for several days while I still have to pay interest on it? Or will they, as a matter of policy, credit the interest I have been paying since Tuesday on that sum?

Answers on a postcard…