barclays what to do?? help???

donmazzei

been helping my mate claim back his ppi on his loan as that it was missold and weve been successfull but were still not happy

he was told the loan was over 5 years not 7 but it was in fact done for 7 years loan was for 25k

so there should only be 2 years left as that been payin it for just over 3 years, there sending him a loan agreement out to redo the loan but for 4 years at the same amount of £550 a month and they said anymore letters to them will be disregarded and we should go stright to the fsa

what should he do? as that its not just the ppi they missold and willing to give him back the premiums but also the term as that he thought paying £30k over 5 years was reasonable

zppp

donmazzei wrote: »

been helping my mate claim back his ppi on his loan as that it was missold and weve been successfull but were still not happy

he was told the loan was over 5 years not 7 but it was in fact done for 7 years loan was for 25k

so there should only be 2 years left as that been payin it for just over 3 years, there sending him a loan agreement out to redo the loan but for 4 years at the same amount of £550 a month and they said anymore letters to them will be disregarded and we should go stright to the fsa

what should he do? as that its not just the ppi they missold and willing to give him back the premiums but also the term as that he thought paying £30k over 5 years was reasonable

Re the term of the loan, did he not read what he was signing. The agreement legally has to state the length of the loan. You may have a case for the PPI, but IMO not the term.

di3004

donmazzei wrote: »

been helping my mate claim back his ppi on his loan as that it was missold and weve been successfull but were still not happy

he was told the loan was over 5 years not 7 but it was in fact done for 7 years loan was for 25k

so there should only be 2 years left as that been payin it for just over 3 years, there sending him a loan agreement out to redo the loan but for 4 years at the same amount of £550 a month and they said anymore letters to them will be disregarded and we should go stright to the fsa

what should he do? as that its not just the ppi they missold and willing to give him back the premiums but also the term as that he thought paying £30k over 5 years was reasonable

Hello there

I am not sure on the term on the loan, but you can of course if your not happy with this matter is complain to the FOS.;)

donmazzei

unfortunetly his a bit too trusting he didnt read the paperwork nor did he get a copy of it, it was his 1st ever loan he had he only found out when he rang to get a settlement quote, if he signs the new loan can he still complain to the fsa?

di3004

donmazzei wrote: »

unfortunetly his a bit too trusting he didnt read the paperwork nor did he get a copy of it, it was his 1st ever loan he had he only found out when he rang to get a settlement quote, if he signs the new loan can he still complain to the fsa?

Again I am not sure, I have never dealt with a situation like this one before to be honest, you could though post about this on the loans thread, where some may know more of these issues - here:
http://forums.moneysavingexpert.com/forumdisplay.php?f=12

zppp

donmazzei wrote: »

unfortunetly his a bit too trusting he didnt read the paperwork nor did he get a copy of it, it was his 1st ever loan he had he only found out when he rang to get a settlement quote, if he signs the new loan can he still complain to the fsa?

He can complain to the Financial Ombudsman, however, they will simply look at the agreement that was signed. He has borrowed money, so he owes this to the bank. He can always settle his loan if he has the money now to stop it incurring additional interest. Apart from that there is nothing else he can do apart from put it down to experience.