Professional studies loan - Barclays

deaner2

Hi,

Just wondering if anyone else out there has previously taken out a professional studies loan with Barclays?:mad:

I took one out with the bank in 2004..... When the time came for me to start making the repayments, I heard nothing from the bank at all. A few months later I realised the repayments should have started so I went to the bank to see what was going on and arrange to start repaying. To my astonishment no one could discuss this with me as they did not deal with these loans anymore and that they 'would have to look into their archives' for details. Basically, no one had a clue about these loans and there was no one I could speak to about this - either on the phone or in the branch...???!!!!:mad: Eventually after much frustration, a personal banker managed to set up monthly payments from my current account with another bank, to the loan account so, since early 2008 I have been paying back monthly instalments.

I am now facing severe financial difficulties and will find it impossible to to make anything towards these payments for a few months, so today I decided to go to the bank to see if there was anyway I could take a payment holiday or at least try to discuss the repayments.... (as they are always very keen on stating that you can always contact them if you are suffering financial difficulty/having trouble making payments etc blah blah)
Once again I was met with 'we don't deal with this loan anymore'.. 'all we can do for you is to give you the full balance that you will need to pay to pay off the loan in full, or you can just keep the repayments the same'!!!!!!!!!! I felt like hitting my head against a brick wall.

The whole thing all seems pretty strange to me, even the original credit agreement which was on a flimsy sheet of paper doesn't even state on it the whole amount I would have to pay back. The interest rate is 7.5. which also seems quite high to me.

I don't really know how I stand with any of this so just wondered if anyone can give me advice or let me know your own experiences involving this type of loan..there must be a lot of people in the same situation as me, yet I can't find much on this topic anywhere on the net.

Surely if you take out a loan with a bank they have a duty to at least be able to discuss it with you????!!!!!!!:mad::mad::mad::mad::mad::mad::mad::mad:

hur575

Hi,
I took that loan when I started my phd in 2001 payments does not start until you finish your degree but interests does !!!
Anyway I understand what you going through, as I have been paying for 5yrs now mine was for 9yrs, I do not remember that I signed for that long anyway I could not afford to make it shorter now.
The loan was taken off from the system so I understand what you are saying, every time you ask them about it, the query goes to more than 3 people before they say we do not know.

It is night mare to get anyone who knows about it, anyway to answer your query I had a 9months payment holiday at the start if I wish to take it which I did not, I did approach the bank if i can take the holiday now as I am struggling, they insisted if you start paying you lose that option, i tried twice with different branch just to make sure, the answer was the same.