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Have Barclays charged me the right amount of APR?

Posts: 11 Forumite
Ninth Anniversary Combo Breaker
Hi there,

I’m new to posting on forums, but have started the ball rolling with claiming back PPI. I have been looking at all my old accounts and need advice with a Barclays loan account.

I took out a Professional Studies loan in 2001. I only have two documents from the bank to confirm details for my loan; these were a copy of my original application and my credit agreement. On the agreement it states:

My amount of loan was £10,000
APR stated at 7.7%
Amount of monthly repayment: £222.96
Number of Payments - 60


There is nothing about PPI. I started paying the loan in 2003 and loan ended in 2008. I have been using APR calculators to try and work out if the total amount paid £13.377.60 is at the correct APR of 7.7%? however they is too many methods available and I am calculating different figures. Most online calculators suggest the total amount payable should have been £12,079.00

Does anyone know if I have paid the correct amount considering my APR? any advice greatly appreciated.

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Comments

  • Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    when exactly was the loan taken out
    when exactly did you make the first repayment
  • Posts: 11 Forumite
    Ninth Anniversary Combo Breaker
    The first loan payment of £222.96 came out on the 03/03/03 and the loan matured on 01/02/08 - paid in full
  • Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    what happened to the interest between the commencement of the loan in 2001 and the date you started repayments in 2003?
  • Posts: 11 Forumite
    Ninth Anniversary Combo Breaker
    The professioanl studies loan gave students a period of 9 months after the borrowers course ended before repayments. I have just checked and I did incur interest over this period - glad there seems to be no hidden PPI charge - thanks Clapton
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