Barclays confusing and suspicious!

liverpool1988

Hi,

I recently posted that i was refunded my barclays loan ppi now they are saying that they are only refunding me the payments ive paid.

and that a new loan agreement will be sent out, however i was in arrears and have also contacted a debt management company, barclays are saying that the money cannot be refunded till the new loan is passed through is this correct?

They are saying it can take upto 3 weeks to pay this into the account and thats not telling that the loan may be rejected as i am not a good candidate now for a loan.

Surely the money i have paid and that should be refunded to me should be paid into my account and the new loan agreement has nothing to do with that?

What i think they might be doing is stalling so that the money paid into my current account they then close as i was over my arranged overdraft if this ppi was paid in it would bring me into an agreed overdraft however this debt fixer company is working on this account and i have a very sneaky suspicion once this money is paid in they will close the account.

Any help would be brilliant!

di3004

liverpool1988 wrote: »

Hi,

I recently posted that i was refunded my barclays loan ppi now they are saying that they are only refunding me the payments ive paid.

and that a new loan agreement will be sent out, however i was in arrears and have also contacted a debt management company, barclays are saying that the money cannot be refunded till the new loan is passed through is this correct?

They are saying it can take upto 3 weeks to pay this into the account and thats not telling that the loan may be rejected as i am not a good candidate now for a loan.

Surely the money i have paid and that should be refunded to me should be paid into my account and the new loan agreement has nothing to do with that?

What i think they might be doing is stalling so that the money paid into my current account they then close as i was over my arranged overdraft if this ppi was paid in it would bring me into an agreed overdraft however this debt fixer company is working on this account and i have a very sneaky suspicion once this money is paid in they will close the account.

Any help would be brilliant!

Hi there.

So they have changed the way they supposed to have been dealing with it then?

Have you kept all letters?

I am stuck on this one - but hopefully someone will come along with some useful advice on this for you, good luck with this hun.;)

liverpool1988

Basically they gave me 2 options knock the full premium off the loan or give me a refund of payments made so far....

Now that i have told them that i want the payments they are informing me it will not go straight into my current account till the new loan papers are approved because they are knocking the PPI paid so far off the Loan amount and making a new loan agreement.

What is confusing is that if it would have just been the PPI Premium being taken off the new loan agreement would have been 6k but because they are only refunding the payments made on the account for PPI the new loan is 8k surely they are still including PPI in the new loan agreement?

di3004

liverpool1988 wrote: »

Basically they gave me 2 options knock the full premium off the loan or give me a refund of payments made so far....

Now that i have told them that i want the payments they are informing me it will not go straight into my current account till the new loan papers are approved because they are knocking the PPI paid so far off the Loan amount and making a new loan agreement.

What is confusing is that if it would have just been the PPI Premium being taken off the new loan agreement would have been 6k but because they are only refunding the payments made on the account for PPI the new loan is 8k surely they are still including PPI in the new loan agreement?

Hmm yes very confusing.
I would be inclined to contact them and ask them what is going on, tell them you are baffled about this, and of course if your not happy with the way they dealt with your complaint, you do have rights to complain and even to the FOS, if they do not resolve this for you.

liverpool1988

Surely shouldnt they just refund the money into my account though? straight away it has nothing to do with the new loan amounts that money is rightfully a refund to me... at no point in the letters did it say upon completion of new loan agreements.

liverpool1988

The only thing that i can see on the letter that may cover them is "pleae note these figures are indicative only, as they may be influenced by any delays in making the necessary repairs"

di3004

liverpool1988 wrote: »

Surely shouldnt they just refund the money into my account though? straight away it has nothing to do with the new loan amounts that money is rightfully a refund to me... at no point in the letters did it say upon completion of new loan agreements.

In my opinion yes I agree with you, if this were me I would ring them and ask them about this, you have been out of pocket due to this and have the right to request they do refund this directly to you, and if they were going to do this in the first place and they have not, then something is not right with this, and of course as you also said, its nothing to do with the new loan amounts, question this to them hun.
Even though they have only given an indication on the amounts, you do have rights to know what the amount will be.

liverpool1988

I have spoken to the FOS and they have said that barclays are well within their rights to hold the payment till the new agreements are made which can take upto 3 weeks and that they cant just cancel an account they have to giv 28 days notice before closing the account.

Touch wood this gets sorted.

marshallka

liverpool1988 wrote: »

Basically they gave me 2 options knock the full premium off the loan or give me a refund of payments made so far....

Now that i have told them that i want the payments they are informing me it will not go straight into my current account till the new loan papers are approved because they are knocking the PPI paid so far off the Loan amount and making a new loan agreement.

What is confusing is that if it would have just been the PPI Premium being taken off the new loan agreement would have been 6k but because they are only refunding the payments made on the account for PPI the new loan is 8k surely they are still including PPI in the new loan agreement?

So they are offering you what you have been out of pocket by in that the repayments you have made against the PPI are being refunded?? The rest is then going to used to reduce the loan and the new loan will reflect this.

Does the new loan agreement include any arrears? If there is arrears then perhaps this is what they have done. I understand what you are saying here but in a "Normal" redress you only get back in the form of "money" what it has actually cost you to date and the rest if used to reduce the loan.

I think if you are already struggling with loans with them they are being cautious and want to ensure they get their money. Even if its used to reduce your debts with them its still "in your pocket" as you would owe them less and get rid of them quicker. You have to think positive.;)

liverpool1988

If i explain it fully best way so no one gets confused:

The Amount that would have been paid over the period of 84 months would have come to just over 6k now minus the 3090 that i am getting back for the 39 payments that where paid on the account. Leaves you with 2922 left in ppi that should have been paid over the period of the loan.

What is convenient is that the new loan agreement comes to 5600 plus the 2922 surely this 2922 is the remaining unpaid PPI that shouldnt be added to the new loan agreement.

That is just my way of thinking there might be some legislation on this as when i spoke to the FOS they wernt really that clear on whether they were right... They did mention that if it was a single premium policy that i wouldnt have a case however if a ppi insurance deal was signed over the 7 years there may be a case.

What is confusing is that barclays have admitted fault and were willing to knock off the total amount of ppi that would have been paid including interest.

Now that i am asking for just the payments that i have paid back they are adding what hasnt been paid to the new loan!

I hope this makes sense.

liverpool1988

just trying to push this up so people can see