Barclayloan Payment Protection Query

Truegho

I took out a Barclayloan back in 1998 for £11,000.00. The Payment Protection and cost of the loan brought the total owed to £17,000.00. Since then, I have fallen out of work, and so have been on a payment plan with the Citizens Advice Bureau whereby I pay Barclays £1.00 per month. They have now dropped the amount owed down to £13,000.00.

So would I be entitled to claim back Payment Protection on this loan? The reason I ask is that I have recently been approached by one of those companies who claim back overpaid PPI for you. However, when I explained to them the details of my Barclayloan, they then advised that if my claim were successful, the bank would just knock amount off my loan, and I would then be billed by this claims company for their services. I don't want that, so what I would like to know is this:
Do any of you think that I COULD be entitled to some money from Barclays for this PPI? If so, is there any way I could apply for this myself, without having to go through claim companies?

Thanks.

magpiecottage

Write to them telling them that it was missold because it was a single premium added to the loan. Keep a copy of the letter and get proof of posting (free from the Post Office).

Barclaycard have a habit of throwing out complaints about events that long ago and telling you that because it predates the General Insurance Standards Council's Code of Practice the Financial Ombudsman Service has no jurisdiction.

This is untrue. Because Barclays was under the jurisdiction of the old Banking Ombudsman, FOS does have jurisdiction. However you must allow Barclays to look at your complaint first.

amersall

You will get the 8% to you,but the redress will come off the loan.

Truegho

So that means I won't get a penny, as they will just take it off the loan to knock it down a bit?

If so, is it really worth applying then?

amersall wrote: »

You will get the 8% to you,but the redress will come off the loan.

_Andy_

Truegho wrote: »

So that means I won't get a penny, as they will just take it off the loan to knock it down a bit?

If so, is it really worth applying then?

Why would you not want to reduce your debts?

amersall

That is up to you,depends what the 8% is,this is taxable by the way if you are a taxpayer.

The whole ppi will be taken off the balance of the loan if you win redress,this is good considering what the ppi was?,your plan will also reduce by the redress of premiums that you actually paid too.

Truegho

So exactly how will this work out then? I have been on a £1.00 payment plan with Barclayloan via the CAB. When I first went on the payment plan, Barclays reduced my amount owed from £17,000.00 to £13,000.00. Does this mean they have taken a few thousand off it already? If so, why did it not drop down to the basic £11,000.00 of the loan I took out (before all the PPI and cost of loan was added).

amersall wrote: »

That is up to you,depends what the 8% is,this is taxable by the way if you are a taxpayer.

The whole ppi will be taken off the balance of the loan if you win redress,this is good considering what the ppi was?,your plan will also reduce by the redress of premiums that you actually paid too.

amersall

Truegho wrote: »

So exactly how will this work out then? I have been on a £1.00 payment plan with Barclayloan via the CAB. When I first went on the payment plan, Barclays reduced my amount owed from £17,000.00 to £13,000.00. Does this mean they have taken a few thousand off it already? If so, why did it not drop down to the basic £11,000.00 of the loan I took out (before all the PPI and cost of loan was added).

Looks like they have taken the ppi off?,you need to check this with Barclays,the rest could be interest.