Barclays Personal Loans

hsj2011

My other half has just applied for a £5k loan via her online banking with Barclays. She's not the brightest button in the box and I'm worried she'll have agreed to the payment protection insurance (the repayments are £146 over 5 years totalling £8760 :eek:) so what I'm wondering is will we have chance to cancel the payment protection insurance but keep the loan?

Daxx

Yes, PPI now has to have a 30 day cancellation policy. Where any payments made can be refunded. Obviously if you claim then this voids the cancellation period.

hsj2011

Thanks. She just emailed me the confirmation letter and it doesnt look like she's agreed to PPI. The loan's got an interest rate of 26.9% :eek:

KingElvis

hsj2011 wrote: »

Thanks. She just emailed me the confirmation letter and it doesnt look like she's agreed to PPI. The loan's got an interest rate of 26.9% :eek:

The obviously see her as a very high risk borrower.

paulmcerlean

Not the brightest button in the box? What a nice way to think of your other half.

PNPSUKNET

Think barclays these days offer around 20% apr on loans

hsj2011

Yeah it seems the apr is high, probably due to her age. Out of interest, how long should it take for the loan to hit her account? She applied around 11am yesterday and the letter said the money should be in her account within 3 hours but she's still not had it. Is it worth ringing up to chase it?

PNPSUKNET

When ever we have had one, by close of business that day

hsj2011

Thanks for all the responses. My fiancee phoned Barclayloan yesterday who told her she needed to take proof of ID into the bank. So we went to the bank today and because my fiancee doesn't have a passport or a driving license (and the bank won't accept a citizen card), they said we need to take in a benefit letter for her Disability Living Allowance that must be dated within the last 3 months.

They also said that because the system hadn't been updated, and still showed her as a student living with parents, there's a chance the loan may be declined as it will need re-scoring when we take her ID in and as she doesn't work and only has her disability benefits (which is 100% disposable income), she may not qualify.

To be fair, I know Barclays are trying to be responsible lenders but to accept someone for a loan (we even got a letter through the post today saying the money has been trasnferred to her account although it hadn't), then say it may be rejected is absolute rubbish.

soul619

technically they will see it as she commited fraud by trying to obtain money by deception as she knew her circumstances were not as stated on the application. They are well within their rights to withdraw the loan except

hsj2011

soul619 wrote: »

technically they will see it as she commited fraud by trying to obtain money by deception as she knew her circumstances were not as stated on the application. They are well within their rights to withdraw the loan except

The application didn't ask for any details of her income and she didn't know the details they had on their system were incorrect. I don't see how they can palm the blame off onto her.