barclayloan

rae1202

i got a barclay loan just over 5 years ago with a six year term. Looked on banking today and realised the payments i am due to make would not cover what they have as my balance never mind the interest yet to be added.....rang bank and they confirmed i have only got 11 payments left till term ends they also confirmed that i have never missed a payment....what do i do as now it looks like i owe them more money than i thought and than my payment schedule on loan agreement says....would be grateful for any advice

rae1202

i just want to add that i am not wanting to not pay i just think its not adding up and i am scared it will spiral

~Beanie~

Didn't you ask them this when you phoned them? If not, I would ring again and ask.

How much did you borrow, what was the interest rate and what are you paying each month? Did you take out PPI?

rae1202

right phoned them and they sent me paper work copy of agreement etc....
they are now looking into it

i borrowed 12300 over 6 years @13.9% apr (ok i know high but just had 3rd baby needed a bigger car and moved to be near family) 72 monthly payments of 248.33 11 payments left...i owe 2886 and some pence plus interest to be added

they have confirmed that i have never missed a payment and to quote them they cant understand what has happened and will have to get a team to investigate....in limbo getting worried what can i do

~Beanie~

Are you sure that you owe £2886 PLUS interest? Interest is usually added at the beginning and would be included in any o/s balance. I've got a loan with Egg and when I log in to look at my balance, it includes the interest, there is no more to be added.

£248.33 x 11 = £2731.63 so not far different so I reckon everthing is as it should be.

Wait for Barclays to investigate and see what they say.

rae1202

no the interest is added monthly and is on statements and it is a fixed rate agreement

rae1202

on agreement total to be paid is 17879.76 i have paid 15148.33 difference is 2731 to term but showing more than that and 10 interest payments to be added on

rocketeer125

rae1202 wrote: »

no the interest is added monthly and is on statements and it is a fixed rate agreement

Sorry rae, not wanting to be too pernickerty but strictly speaking thats not entirely true...

Interest accrues in a seperate pot, and is only capitalized to the main balance once a month.

The only time when this is visible to the customer however is when you do a pay-off quote of the account. It will add this interest pot to your total outstanding balance.