Offer from Barclays - confused

zoe1234_2

Hi,

Sorry I have been absent on here for a while but I have been waiting for Barclays to reply.

I first got a reject letter from Barclays so I wrote to them and they have today sent me a reply. Just a bit confused so would be grateful for help and advice on what I should do.

My loan is for £13,000, the PPI is £3183. I am still paying my loan off.

I have been told that I can claim £3000 cash back after 5 years which will be Oct this year.

However if I am claiming for the refund of PPI etc, that will be £1491 plus the 8% £243 and I will have my monthly payments reduced by £30 but I wont be able to claim the £3000.

Wasnt sure what I should do. Can they stop the £3000 cash back? Should I claim what is owed and have the monthly payments reduced or wait to get the £3000 cash back?

Thanks for any help

zoe1234_2

Would appreciate some advice if anyone can help

x

dilus

zoe1234 wrote: »

Hi,

Sorry I have been absent on here for a while but I have been waiting for Barclays to reply.

I first got a reject letter from Barclays so I wrote to them and they have today sent me a reply. Just a bit confused so would be grateful for help and advice on what I should do.

My loan is for £13,000, the PPI is £3183. I am still paying my loan off.

I have been told that I can claim £3000 cash back after 5 years which will be Oct this year.

However if I am claiming for the refund of PPI etc, that will be £1491 plus the 8% £243 and I will have my monthly payments reduced by £30 but I wont be able to claim the £3000.

Wasnt sure what I should do. Can they stop the £3000 cash back? Should I claim what is owed and have the monthly payments reduced or wait to get the £3000 cash back?

Thanks for any help

Hi zoe1234, If you are not struggling to make the payments, all you can do is the maths. If you put in a complaint now you will get back the £1491 paid to date plus the £243 8% interest plus save £30 per month for the next 9 months = £270 so the total you can get back now is £2004 (£1000 less than what you can claim back in October.
If you can afford to keep up payments do so, then claim back the £3000 in October and then demand that the £30 PPI be stopped until you pay off the loan in full, someone else may know better

amersall

zoe1234 wrote: »

Hi,

Sorry I have been absent on here for a while but I have been waiting for Barclays to reply.

I first got a reject letter from Barclays so I wrote to them and they have today sent me a reply. Just a bit confused so would be grateful for help and advice on what I should do.

My loan is for £13,000, the PPI is £3183. I am still paying my loan off.

I have been told that I can claim £3000 cash back after 5 years which will be Oct this year.

However if I am claiming for the refund of PPI etc, that will be £1491 plus the 8% £243 and I will have my monthly payments reduced by £30 but I wont be able to claim the £3000.

Wasnt sure what I should do. Can they stop the £3000 cash back? Should I claim what is owed and have the monthly payments reduced or wait to get the £3000 cash back?

Thanks for any help

Claim what you are owed,forget the cashback,this amount will still be on the loan to term end with interest and your monthly payment stays the same.

Get the redress and you will be better off by £30 a month.
Does this ppi only cover you for 5 years? most do,so you will be paying the ppi with interest that is still on the loan to term end,and you will be paying for a product you no longer have.

You will not then get the cashback,but this will save you a lot of money in interest on the ppi and also the extra £30 a month for ppi that you have saved.
The loan balance will reduce by the whole ppi amount too,win win for you.

dilus

amersall wrote: »

Claim what you are owed,forget the cashback,this amount will still be on the loan to term end with interest and your monthly payment stays the same.

If that is correct, then do as amersall says, claim back now. I was under the impression you could get the PPI payments taken off after getting back the £3000 but if that's not the case, do it now

zoe1234_2

Thanks for your help. I know Barclays will do anything to not pay out as much as they need to. They rejected once already so was pleased when they finally offered.

Ok, I will accept their offer. Was kind of miffed as its not as much as I thought getting the cash back but then like you say, my monthly payments will be reduced if I take the offer which in the long run will be better financially plus its still money that I wouldnt have got if I hadnt have been on this site.

Thanks again. Will look forward to my 4 week wait for the money.

dilus

zoe1234 wrote: »

Thanks for your help. I know Barclays will do anything to not pay out as much as they need to. They rejected once already so was pleased when they finally offered.

Ok, I will accept their offer. Was kind of miffed as its not as much as I thought getting the cash back but then like you say, my monthly payments will be reduced if I take the offer which in the long run will be better financially plus its still money that I wouldnt have got if I hadnt have been on this site.

Thanks again. Will look forward to my 4 week wait for the money.

Well done on getting a result Zoe, sounds like you have had a battle. Getting the PPI taken off now will save you £30 per month + interest for the remainder of the loan term, so the longer the loan term the more you will save

zoe1234_2

Thanks. Well thats the end of my claiming. I have managed to claim from First Plus (a finished loan), Halifax (credit card) and Barclays. Am pleased with the results and have managed to use some of the money to clear debts.

I couldnt have done it without this site.

ajay5021

Hi zoe

you said that barclays rejected you first? does this mean you challenged their final response letter? i had two claims rejected dont know if i should challenge them or not. thanks

amersall

dilus wrote: »

If that is correct, then do as amersall says, claim back now. I was under the impression you could get the PPI payments taken off after getting back the £3000 but if that's not the case, do it now

This is why this ppi is the most mis sold dilus :mad::mad:
You get the "ppi" back,but you are still paying this,this is front loaded ppi of the worst ever :mad:
But this is a win

amersall

zoe1234 wrote: »

Thanks. Well thats the end of my claiming. I have managed to claim from First Plus (a finished loan), Halifax (credit card) and Barclays. Am pleased with the results and have managed to use some of the money to clear debts.

I couldnt have done it without this site.

The First Plus loan is the same as the Barclay one,they come under the Barclays umbrella :mad::mad:and the same reasons for mis sell and a win :D