Last Payment increased Just before end of Loan

robegee

Hi there
my wife's 3 year BarclaysLoan final payment was due in January but 7 days before they took the final £257 we received a letter from them saying the final ammount payable was £406

after about 10 phone calls finally they are saying that because my wife changed payments from 22nd of each month to the end of the month (as her employer was bought out and the new wage scheme was introduced by the new company owners) - the interest for those missed days pay have built up over the policy which has increased the final payment by £149

Is this legal?

cheers

CLAPTON

interest is usually calculated on a daily basis so delaying payments would lead to to higher interest charge
this should have been explained to you however
you could try complaining

robegee

Yes that's what we're doing now - sadly Barclays didn't feel the need to explain at the time or when they sent the final letter ;-)

nomoneytoday

The other option is for them to charge you £149 + one month's interest on the balance?

robegee

nomoneytoday wrote: »

The other option is for them to charge you £149 + one month's interest on the balance?

either way they should have told us before hand i think!

now we're looking at requesting this ammount deducted as we weren't advised, moving banks & reclaiming PPI's on all 4 of her previous loans.

They're a greedy bank who don't care about my wifes previous 20years custom........................... hold on i forgot ............... that's what banks are like