Barclays settlement question!

bill86

After waiting 6 long months for a decision, Barclays finally got back to me today about my complaint, which they have upheld and are paying out! Good news for the new year

They have calculated I'm due approx £5,500 for payments I've already made and the 8% interest, and are reducing my remaining payments by the amount of the PPI premium loan (£60/month). My question is, the remaining loan balance is now £7,000 so I'd rather use the money they are giving me back to be taken off the loan, and pay the remaining £1,500 to clear the balance. Does anyone know if this is possible? Thanks!

susiesweetlips

Hi Bill,
Yes it is.....they refund the money via your card before issuing the refund from the credit card (or not yet...as in my case, bit thats a long story on another thread).
All you need to do is write them a letter instructing them to pay the PPI refund towards the outstanding balance on your credit card, rather than issuing a cheque....they should do this.
I would send your letter by Special delivery so that you have a timed/dated receipt, in case they take a long time to process it.....time in which you would have accrued extra interest on your outstanding balance.
Hope this helps

amersall

bill86 wrote: »

After waiting 6 long months for a decision, Barclays finally got back to me today about my complaint, which they have upheld and are paying out! Good news for the new year

They have calculated I'm due approx £5,500 for payments I've already made and the 8% interest, and are reducing my remaining payments by the amount of the PPI premium loan (£60/month). My question is, the remaining loan balance is now £7,000 so I'd rather use the money they are giving me back to be taken off the loan, and pay the remaining £1,500 to clear the balance. Does anyone know if this is possible? Thanks!

When you get the redress,phone them up for a settlement figure for this loan and repay it,you may get a small reduction on the balance you owe for settling early..