Barclayloan (Personal) will not provide statement.

Forris

I took out a Barclayloan around 3 years ago (loan period 5yrs). Until recently, Barclays online banking showed this as a seperate account that could be viewed as normal. They stopped this at the beginning of the year and now all you can see is the balance remaining.

OH and I have been thinking recently that it doesn't seem to be going down as quickly as we would have expected. I went into the branch on Friday to ask if I could get a statement and was told that they did not provide these for fixed-rate loans. I stood my ground and said that I did not accept that and said that I thought that this would be against the Banking Code (bluffing a bit here!). They eventually said that they may be able to get something from the loans department, but that it would just be a record of payments and balances (like a statement, then!).

Well, I received it this morning and it is obvious that it was not designed to be viewed by a customer. Now, I'm not thick, but it is confusing the heck out of me! Although it is a fixed rate loan (and so is 'front-loaded') the balance that they show does not reflect the payments that I have made. It looks like the 'Balance' is just the primary loan amount.

I really have 2 questions (ok, who just said 'About time!'?)

1, Is it true that banks are not obliged to provide you with a statement for fixed-rate loans;

2, Does anyone know how to read these printouts? If so, I could scan and post them up in the hope that someone would be able to translate them to English for me!

Thanks

snapdogs

I have spoken to the halifax today as I have had a loan with them for the past four years and just had a statement this year - for this year when I asked why I have only received a statement this year and not for all the other years I was told that by law they had to now provide statements for loans... it set out all payments and the frightening interest we had been paying too.... So yes they should give you a statement!

ylesia

Hi Forris

If you post the following then I could post how I would expect the capital will be repaid over the 5 years, this may be what you have calculated yourself already but no harm!

APR%
Monthly Repayment
Initial Loan amount (including any PPI)

I'm not entirely convinced on the term "front loaded" - I think it is just a term used to explain how the calculations work but may be wrong?

If you decide to settle early then the settlement figure should be the capital outstanding plus maybe a couple of months interest.

Extant

We are now legally obliged to provide you with at least one statement per year - this is, coincidentally, part of the reason your loan was moved from a 20- sort code on to a 23- sort code - it's a new system.

If you scan them (and make sure to remove anything personal) I will explain what's going on for you.

Forris

Thanks for the replies. I will post up the scanned docs this weekend.

I was pretty sure that I was correct about them being required to provide a statement, as I remember a letter from Barclaycard Motor Loans that stated that a change in the law meant that they were now required to provide an annual statement.