Want to pay off barclayloan quicker

captiva

I just tested this with a £5 online transfer from a different bank account. Sure enough, the outstanding Barclayloan has reduced with no apparent side effects. I'll let you know if any penalties are incurred as a result.

JulesJones

Andy, sorry to hyjack your Barclayscard thread but I have noticed on another thread that you are a plasterer in Lincs, do you happen to do jobs in the Peterborough area at all?

thanks
Jules
(First ever post on site) wipes brow!

captiva

Hi crawley girl.

Well I followed your advice and have just made the last payment on my barclayloan through overpayments. Do you remember how long it was before they refunded you the extra money you'd paid? Also did they then cancel your direct debit or did you just do it?

Thanks!

crawley_girl

Hiya... sorry for the delay in responding. I didn't cancel the direct debit but cos no monies were owing, no money was taken by them after the loan was cleared.

If I remember correctly, the money Barclaycard then owed me was paid back to me within 2 weeks and it went straight back into my Barclays current account - the one from which the direct debit was paid from.

Hope that help

:heartpuls CG :heartpuls

crawley_girl

Oh and well done for clearing the loan!

captiva

Hi - thank you so much for the reply. It worked! My overpayment was credited back to my main account and the loan is gone! It took eight months, but I'm delighted. Thank you again for all your help.

crawley_girl

Welcome!

:heartpuls CG :heartpuls

mazkram

can this still be done???

jundy

Apologies in advance for reincarnation of an old thread.

Reason being, i followed this tread and tried to make an overpayment on my barclays loan using my RBS account. Well i first made the payment to my barclays current account on friday night and the transfer was instantaneous. I could view the payment online.

Then i got the number form under where it says 'Barclayloan unprotected' and used the first 6 as sort code and and other 8 as the account no. Like a pure numpty i made a large payment when i should have tested with a small one first.

It was done on friday night and its tuesday today (dont know if that has any impact just thought id mention that it was a weekend). My question is, how long should it take for the payment to come across? Also, if i have made it wrong what is the likelihood of me recoup-ing my monies?

ANY help would be appreciated, thanks in advance.

jundy

Crap, after a little more research (before i'm told, i know i should have done this first) i've just come across another post...

Extant wrote: »

For the above link - no, you cannot do that anymore. You used to be able to do it with old style Barclayloans, which were all on 20- sort codes. They were, effectively, current accounts that the Bank just forced overdrawn - that's how the loan used to be created.

However, since the Consumer Credit Act 2006 came in to force, all Barclays loans are now on a 23- sort code under a separate system. Although you can theoretically over-pay on these accounts now, it won't make any difference - your loan agreement is for X amount per month for Y years. We'll continue to ask for that amount, and there's no provision in your loan agreement for an overpayment.

If you want to do anything, your two options are 1) repay the loan in full and end the agreement; 2) take out a new loan for a lower amount using existing funds to cover part re-payment.

My question now is, how do i get that money back??

Hope this helps/stops anyone from blindly making a payment like i did.