Barclays update advice

Rebecca01

Well after reading on here people were getting responses from the CEO, I emailed him again an hour ago.

I got a prompt phone call, it turns out that as we have moved ( we did change address with Barclays) they hadnt updated it and they have sent a cheque for £1800 to our old address.

Well shocked because, I though it was maybe a bit more. Barclays then emailed me a copy of the letter.

It states that, as the loan was over six years ago, (it was from Woolich ,(for some reason I thought was barclays ,but it was just converted to barclays when they bought them out( oh got it wrong:rotfl:) that there is no record of the loan so they will offer us £1800 as a goodwill, cheque is attached.

So what do we do, OH wants to just accept it as he is tired of it , as if it was more the claims company would get 30% still. I am sort of inclined to agree. The loan was 15k, topped up by 5k for intially 5 years and then u to 7 years. We have no paperwork.(another story)

Its money we never had and still a win.

Any thoughts?

sorry for ramble

Niggly_2

Rebecca01 wrote: »

Well after reading on here people were getting responses from the CEO, I emailed him again an hour ago.

I got a prompt phone call, it turns out that as we have moved ( we did change address with Barclays) they hadnt updated it and they have sent a cheque for £1800 to our old address.

Well shocked because, I though it was maybe a bit more. Barclays then emailed me a copy of the letter.

It states that, as the loan was over six years ago, (it was from Woolich ,(for some reason I thought was barclays ,but it was just converted to barclays when they bought them out( oh got it wrong:rotfl:) that there is no record of the loan so they will offer us £1800 as a goodwill, cheque is attached.

So what do we do, OH wants to just accept it as he is tired of it , as if it was more the claims comoany would get 30% still. I am sort of inclined to agree. The loan was 15k, topped up by 5k for intially 5 years and then u to 7 years.? We have no paperwork.(another story)

Its money we never had and still a win.

Any thoughts?

When did loan start
When did it finish
What was loan total £15000
What was interest rate
Can you remember the loan term
There was of course ppi can you remeber seeing a figure saying cost of the ppi insurance.
Any ideas on the total repayment per month.

I can have a go at recreating an account with ppi as a scenario and then at least youll be satisfied if £1800 is enough.

Or you could say sack it.

N:beer:

Rebecca01

Thanks Niggly

OH actually took it out , he is useless at remembering. I think its his age lol

It was taken out in 2002, due to finish 2007. it was topped up in 2005(5k) and was then due to finish 2009. We paid it off a year early. We cant remember the APR it wasnt low low as OH is American and had to establish credit. It wasnt huge either though. We paid £358 a month.

Thats all. So maybe 1800 isnt too bad based on not keeping paper work. (lesson learnt)

ALIBOBSY

May be worth challenging the fact they say there is no information as my understanding is that under money laundering legislation they should keep the info for 6 years after the debt was paid off not taken out.
They may have achived the docs onto microfische and can't be bothered/have problems finding it.
If you decide you want to cut and run, perhaps you could make a counter offer a bit higher to max what you get?
Ali x

Niggly_2

Rebecca01 wrote: »

Thanks Niggly

OH actually took it out , he is useless at remembering. I think its his age lol

It was taken out in 2002, due to finish 2007. it was topped up in 2005(5k) and was then due to finish 2009. We paid it off a year early. We cant remember the APR it wasnt low low as OH is American and had to establish credit. It wasnt huge either though. We paid £358 a month.

Thats all. So maybe 1800 isnt too bad based on not keeping paper work. (lesson learnt)

So original loan was £15000 for 5 years topped up to £20000 and txtended to 7 years. Redemption date was 2009 but paid off 2008.
You laterlly paid £358 per month interest after topping up loan.

First point. Its crap that they dont hold the loan details as the loan only finished 3 years ago so they legally have to keep records of this. If your CLAIMS COMPANY is worth anything then they would now this.

Second point Lets say the original loan amount was payable at 12 APR, £15000 AT 12% over 5 years is £333 top it up and it becomes £444 increase the term to 7 years it becomes £353

So if you are paying £353 per month and its agreed there is ppi on it
We can assume that the ppi will be around 18% of the monthly payment s ppi around £63.50 per month x 72 months is £4720 in refund

3rd point need I go on:eek:

They will have the records but you need to bluff them. Say you done some calcultaions an the figures they have guestimated is way off. Ask them to confirm the % they charged on ppi so you can cement these figures and go back with a counter offer.

PPI £63.50 per month payable 6 years is £4572
The 8 % on the premiums from 2002 until 2011 call it 102 months
is on 72 payments is £1076
This is based on the ppi being 18% of the overall payment
12% interest rate used on 15k and then 5k top up 5years extending to 7 year.

Also because I am on a roll today tell the Claims company that there hard work has netted an offer of £1800 will they be willing to accept payment of £x % as full and final payment for their services to date. Send copy of offer letter. Keep anything you win by going direct (put that in to please the american).

Up to you might be worth one last push

N:cool:

Rebecca01

Wow thanks Niggly. Thanks so much. Thanks Alibobsy to. I am thinking asking for more may be a good idea.

You are right its shocking they dont keep the information. I am shocked that it could be that much. £1800 is a real underpayment.

The letter says if we are dissatisfied with their offer to go to FOS again. I wonder how they will feel to a letter offering a settlement of another amount, and leave FOS out of it.

Good idea about Randall and Vickers to. Next to useless. I had to chase Barclays myself.

Thanks again Niggly, I will write to them with a counter offer.

Niggly_2

Rebecca01 wrote: »

Wow thanks Niggly. Thanks so much. Thanks Alibobsy to. I am thinking asking for more may be a good idea.

You are right its shocking they dont keep the information. I am shocked that it could be that much. £1800 is a real underpayment.

The letter says if we are dissatisfied with their offer to go to FOS again. I wonder how they will feel to a letter offering a settlement of another amount, and leave FOS out of it.

Good idea about Randall and Vickers to. Next to useless. I had to chase Barclays myself.

Thanks again Niggly, I will write to them with a counter offer.

Even if I am 50% out you still gain. I dont think the fos would find my calculations outrageous. These are standard loan rate for 2002 and I regularly deal with 20% ppi figures. In fact the FOS agreed the new rate for redress should be set at 9% which brokers said wasnt high enough in their responces to it.

I am positive you can get £5000 out of this.

N:beer:

Rebecca01

£5000

wowsers.

Will get typing my letter now. lol

Thanks Niggly x

Rebecca01

Hi Niggly

Can you help me again please?

I am just putting together my letter to send to Barclays tomorrow , recorded lol

Just looking at your calculation again, How did you work out the simple interest based on your assumption, I cant figure out how you got the 1076, I am even using the online calculators lol. You wouldnt think I had a degree in physics lol ;-) . Also was the 18% a month premium a guesstimate based on what average is, or shall I suggest the 9 percent the FOS said.

ahhh Barclays lol

bhoqoN

Congratulations to all Barclays winners! Tomorrow is the 30th. Hoping to hear about lots of offer letters. My husband is waiting to hear for a claim put in September 2010. Any ideas on what he may get for the following:

June 2009
Loan amount 17000
PPI 3720.83
Monthly repayment 454.98
Term 60 months
APR 11.43

Sept 2004
Loan amount 15000
PPI 3894
Monthly payments 387.50 (paid 36 installments, cleared early with 7968.24 from loan 4)
Term 60 months
APR 10.9
January 2004
Loan amount 5000
PPI 1764.6
Monthly payments 152.88 (paid 7 installments and cleared early with 5724.86 from loan 3)
APR 17.9
April 2002
Loan amount 5000
Monthly repayments 229.63 (paid off with 2994.49 0n 11/8/2003)
He has no paperwork for this one. Barclays have repeatedly refused to give them to him due to it being over 6 years. So
cannot tell you the APR or term.

Thanks and good luck to all Barclays customers!!!:j:j:j

Niggly_2

Hi Niggly

Can you help me again please?

I am just putting together my letter to send to Barclays tomorrow , recorded lol

Just looking at your calculation again, How did you work out the simple interest based on your assumption, I cant figure out how you got the 1076, I am even using the online calculators lol. You wouldnt think I had a degree in physics lol ;-) . Also was the 18% a month premium a guesstimate based on what average is, or shall I suggest the 9 percent the FOS said.

ahhh Barclays lol

Sorry the site seems to be playing up for me

The interest at 8% is applied on each payment from the date of the first payment to the date they settle.

It is simple interest so each pyment gets £63 x 8% / 12 x the number of months from the first payment (e.g.June 2002 until settlement (august 2011) 111 months, the next payment gets the same calculation except its 110 months. This goes on until you reach the last payment made in 2008.

I would assume a 18% ppi premium. This is most common I have seen and dealt with. I pay nearly 20% with Barclays. If you assume its 9% then the compensation will half.

N