Barclays Personal Loan - END OF TERM HELP!

Jen_82

Hi all,

Hoping for some advice! I am finally coming to the end of my 5 year personal loan with Barclays, I called a couple of months ago to confirm the last payment would be taken out on 2nd Nov 09 and would be for £171.01 (the agreed amount I have paid every month of the loan) and it was confirmed that was correct.
Yesterday I came home to a letter from the lovely people at Barclays telling me the on the 2nd Nov my direct debit would be taken out for - wait for it £407.68!!!! Apparently as a consequence of the way the total interest owed is charged over the lifetime of the loan (exact words of the letter). When I called them they said this was probably because I moved my payment date from the 6th of the month to the 2nd.
Obviously I cant afford to pay more than double I was expecting in less than 2 weeks so there goes my excitement at finishing my loan!
Has anyone else had this experience or has any advice please? Im thinking of contacting the Ombudsman.

Thanks,
Jen

CLAPTON

I don't understand what you mean by moving the date from the 6th to the 2nd
can you explain this a little clearer.. did you miss one month whilst doing this?

Jen_82

Of course - sorry.

When the loan was approved the direct debit was set up to be taken out of my bank on the 6th of every month - I then pulled it forward to the 2nd of every month.
I have never had notification from either my current account bank (Nationwide) or Barclays to say that I have missed a payment in the 5 years of the loan.

Hope that makes it clearer.

Rafter

If you pulled the payment forward, there is no way you can earn more than your original agreement, if instead your payment was pushed back, then barclays sums could be right.

Not sure anyone can help here really and you need to follow up with barclays to get a full statement of your account to see how much you have paid and compare this to your original agreement.

Good luck

R.