Barclays Loan

in-trouble_3

hello all,

I got a loan from barclays 5th November 2003 for £4000 at 20.9% ( i know bad) over 60 months with payment protection, which is no use to me, cant claim on it, when i got the loan i wasnt working either,

so far i have paid £957.24 on the payment protection and have another £638.16 to pay on the payment protection, i want this stopped and money paid back to me, this policy is useless to me, was told i cant cancel the protection on it

can anyone advise?

thanks

in-trouble_3

i was told that i had to have the protection on it

mrcow

in-trouble wrote:

when i got the loan i wasnt working either,

Did Barclays know this when they sold you the protection?

If so, contact them again stating that you believe that you were misold the PPI as they knew that you didn't have a job anyway at the time the agreement was signed.

in-trouble_3

yes barclays knew i wasnt working, and i was getting an allowance from my hubby every month, to pay for bills, they give me the loan because i was always over my over draft.

should i just phone barclays again

in-trouble_3

do i tell them i want it cancelled the payment protection and also claim back what i have paid?

mrcow

I would. It's useless selling PPI to someone who doesn't have a job in the first place! It's like selling car insurance to someone who doesn't have a car.

Call them again and tell them that you believe that you have been misold the insurance and that you want a full refund and the PPI cancelled.

If you don't get anywhere, then put it in writing and insist that they investigate.

in-trouble_3

thank you thank you, will phone them up when i get back from picking daughter up, it will be great if they did give me the money back, but hey its barclays so probably no, but will also mention that about the car has well, lol

in-trouble_3

thank you again for your advice, i have phoned barclays up, and they have agreed that i have been mis sold the insurance, i have lodged a complaint on the phone, and they have given me the reference number of the complaint and the complaint office telephone number, it will take 5-10 days for them to get back to me, the lady on the phone said that i should be entitled to a full refund and also my loan reduced, which has from this month they owe me £957.24

Lets hope that it all goes well and i get the money back

thank you to these forums for all the advice or i wouldnt of known anything.

mrcow

That's great news (although I'm still not happy about the 20.9% apr )

in-trouble_3

thats what they said that i could only have, but i was told if i kept up my payments they could reduce it, i have kept up my payments and they will not reduce it.

so what do you think of the chances of getting my money back and the policy cancelled?

she did say i should hear from them 5-10 days, is it worth me calling them next week say friday 22nd December (6th working day) and asking them how its all going?

mrcow

Chase them by all mens next week. You should get a refund and the PPI cancelled if they decide it was misold. If this happens, then get get a settlement figure on the loan and look at using the PPI refund towards paying it off early.



wrt to the 20.9% just so you are aware (I'm doing this just in case you've not completed the maths yourself?):

£4000 over 60 months at 20.9% apr should be costing you £104 per month and the total payable is over £6200 over that period.


If (and it's a big if!) your husband for example had a better credit rating and could take a loan out for say 8% apr (which is a reasonable rate) then the payments would be £80 per month, total payable over the 5 years being £4800 saving a whopping £1400 overall!

Food for thought perhaps.......? I know it's a bit late in the day as the loan only has 2 years left to run, but these things are worth considering before you sign up.