24% interest rate with Barclays!!!

stubarru

Back in April 2010 my partner got a loan from Barclays. Wishing to now re assess her finances we have been going through the documentation and paperwork states that her interest rate is a massive 24.19%, this being based on an personal loan of £8000 over 5 years. What disturbs me most is the amount that she has been allowed to borrow is nearly half her annual wage! Having been to see her local Barclays branch, I have made a complaint on her behalf but is there anything more I can do? I feel angry as it seems that as my partner is not from this country, she has been taken advantage of. Even the representative at Barclays was staggered as to the amount of interest she is paying !
What is also frustrating is the loan rates currently advertised are nowhere near what they are stating
Any advise would be very grateful
Many thanks

Lokolo

Although I can see why you are annoyed at Barclays offering it. They didn't put a gun to your friends head and make her sign.

Half a dozen of one and 6 of the other imo.

stubarru

Totally fair point there but when English is not your first language, it puts you at a disadvantage and for the fact as I stated, the Barclays emplyee to question it, it would suggest there is an issue to persue

Tixy

If she is not a UK citizen this could be one of the reasons she was deemed higher risk and given that APR. If she is a UK citizen then it could be all sorts of other reasons that deemed her a higher risk). It is quite high for a loan of that amount but not exceptional, plenty of people get offered similar loans - the other alternative might have been that they would have declined her altogether, which at the time she presumably would not have been very happy with either.

Nothing you can do aboutthis loan. Remember the loan rates they advertise are only the rate that 51% of successful applicants will get, most people will get a higher rate or get declined.

She could consider seeing if she could get a cheaper loan elsewhere and then pay off this loan but she may not be able to get another loan.

stubarru

Star fire

If you cannot be courteous about a genuine question then please do not respond at all. I am trying to help someone out that has got them selves into a fix and thought that this forum would be the best place to get some advise even if the answer was there was nothing that could be done.

Obviously I was wrong. I would suggest you choose your words carefully as they may be deemed as racist.... She pays her taxes just like anyone else

I will be reporting this to the moderator

stubarru

Tixy

Thank you for your answer

stubarru

Blitz01

when English is not your first language, it puts you at a disadvantage and for the fact as I stated, the Barclays emplyee to question it, it would suggest there is an issue to persue

What utter tripe!

I would suggest you choose your words carefully as they may be deemed as racist....

I'm suprised it took 6 posts for that ole chestnut to appear!
If you look at your opening post carefully, it is infact you that 'suggests' the bank have acted in some racially motivated way by speaking in English....weird situation considering you are in the United Kingdom! Who would've thought it?:whistle:

May i suggest next time your partner needs to make a financial decision, they either:
a). Take someone that can interpret
or
b). Make it in their country of origin.
Or would you prefer someone to interpret in banks now aswell?

BugsyBrowne

stubarru wrote: »

Star fire

If you cannot be courteous about a genuine question then please do not respond at all. I am trying to help someone out that has got them selves into a fix and thought that this forum would be the best place to get some advise even if the answer was there was nothing that could be done.

Obviously I was wrong. I would suggest you choose your words carefully as they may be deemed as racist.... She pays her taxes just like anyone else

I will be reporting this to the moderator

Don't make me laugh stubarro what's racist about my post, I detest people like you bringing out the race card on any giving opportunity:mad:

dantheman2010

stubarru wrote: »

What disturbs me most is the amount that she has been allowed to borrow is nearly half her annual wage!

Maybe a little irresponsible lending on the part of the bank, but then on the other hand a little irresponsible on your partners behalf.

Why does it disturb you? I (unfortunately) have a loan nearly the rate of my annual pay - my fault - my problem. I dont blame the banks for allowing me to take out this loan. I blame me for getting in this mess. But I deal with it.

opinions4u

stubarru wrote: »

If you cannot be courteous about a genuine question then please do not respond at all. I am trying to help someone out that has got them selves into a fix and thought that this forum would be the best place to get some advise even if the answer was there was nothing that could be done.

There is nothing that can be done. She signed the form, took the money. It's a legally binding agreement.

I would suggest you choose your words carefully as they may be deemed as racist.... She pays her taxes just like anyone else

What?

I will be reporting this to the moderator

Grow up.

fozmcfc

Did you not know that she was going for a loan and therefore check the loan details.