Have I been overcharged interest on a Barclays loan

manduck

Hi there,

I took out a £1700 loan through Barclays, which was interest free for a year. I forgot when the interest free period was ending and as a result the loan was paid off a month late. However, instead of charging me for just one month's interest I was charged for the whole year. I wrote a letter of complaint to Barclays and they said: -

"Where you have entered into a Buy Now Pay Later account, this is an optional for you to settle your account interest free. However where you go over your Buy Now Pay Later period the account the interest has been signed for as a up front lump sum on your account..."

Sounds unfair to me, but I suspect the small print won't be on my side. Does anybody think I have a chance of getting any money back?

The agreement I signed: -
http /i47.tinypic.com/2eydv68.jpg

manduck

Bump bump bump!

lawrie28

wouldn't have thought so TBH

CLAPTON

It's normal (which doesn't make it fair) that these types of deal actually add the interest from the beginning of the loan but if you pay in full and within special period then the interest isn't charged

However if you are 1 day late then the full amount become due.

Basically if a deal seems very good then read and obey the small print exactly otherwise just pay in full at the time of purchase.

CHR15

These offers RELY on people forgetting such an important date.

Similarly, they rely on people leaving it until the very last day of the interest free period to try to pay it. Once the 3-5 have elapsed for the money to clear, the deadline has passed and voila! stuck in the ridiculous apr agreement.

Expensive lesson about forgetfulness.

manduck

Ah well, I thought that might be the case. Cheers for the help anyway guys.