Update on Barclay Masterloan claim

Confused44

Thought I would update on my Masterloan ppi claim. I wrote a few weeks ago that my initial claim was rejected and issued with the standard final response letter by Barclay. I did feel though to be fair, that my letter was perhaps not specific enough over reasons for mis sell. Taking advice from here, I wrote back stating my disappointment in their decision and making it very clear on my reasons for complaint ( front loaded ppi with £1900 premium and £450 interest, sickness package at work of 6 months full and 6 months half pay etc )
I didn't expect a reply but within a week got a hand signed letter saying they would look into my complaint. Today I received again a hand signed letter giving me an update. Mind, think it is a bog standard, currently investigating, waiting for records relating to your sale, not in a position yet to reach a resolution!! Since the loan was taken out at end of 2001 not sure what they will have on record as done over the phone.
Just not sure what will happen, should I sit tight or write off to the FOS? Am thinking if it is rejected again, I might as well get a head start with them.
Thanks for any input.

amersall

Give them chance to look at this, when they give you a final response, if it is a rejection again, then you can take this to FOS.

Yorkie1974

Interested to know if you have had any luck with this? I had the fob-off letter from Barclays for a Masterloan PPI claim, so raised the query with the Financial Ombudsman Service. I've since had two letters back from the FOS asking for more time to make its ruling (the latest, last week, said they would hope to come back to me in the next six months!).

I do believe I have grounds for making the claim on this - I understood that I wouldn't get the loan without the insurance, and then it was all front-loaded.

Yorkie1974

An update on my Masterloan claim. In September 2013, I got a letter from the FOS advising that my claim had been upheld, and I should receive an offer from Barclays. The letter never came.


In November, I chased, and they said the cheque would be sent shortly. It never came.


At the start of December, I chased again - apparently, the cheque had been sent to my old address. They said they would cancel and reissue.

Two weeks later, nothing received so I called again - this time, they couldn't speak to me about the account as the address that had been updated was incorrect (some kind of hybrid between my old and new addresses), so I had to go into my nearest Barclays Bank to prove my identity.


This I did - another couple of hours wasted - and they promised to cancel the cheque and reissue (again). Got home, and the cheque was waiting for me on the doormat, so I had to call and tell them not to cancel the cheque, then ran into town to pay the cheque into my account.


But the story doesn't end there. Despite me submitting copies of the original agreements with my initial claim, they said that they had no idea how much they owed, so they sent me £1800 for each of my two loans, total £3600. By my reckoning, taking into account interest since 1998, they actually owe around £6000, so I've sent them original copies of all the documentation with a request for the outstanding amount, and a copy of my calculations.


Will I get the rest? Really don't know, but this is a message of hope to everyone - keep fighting! This is your money, and even with the amount of time I have spent chasing, it is still worth doing.

Yorkie1974

Another update. Apparently, to get the rest of the money back, I need to show them bank statements detailing the start and end of each loan. Typically, although I have the majority of my bank statements back to 1999, I don't have these ones (though I think I can probably request them). The difficultly will be with the closing payments, as I think my wife paid off my masterloan a couple of months early. Oh well, if it costs me £50 for duplicate statements, I'll still be quids in!

[Deleted User]

Yorkie1974 wrote: »

Oh well, if it costs me £50 for duplicate statements, I'll still be quids in!

Do you really expect the Bank to have copies of your statements from 1999?
They are asking you to provide these statements because they don't have them...

Yorkie1974

You are quite correct - NatWest can't retrieve the statements.


I know that I kept everything for a long time, but I seem to remember chucking some stuff away after we moved house. I suspect that I might have binned the ones I need...

maggy50

Nat. West sent me data going back to 1994 when I sent them a SAR request it cost 10 pounds and was well worth it.!!

[Deleted User]

maggy50 wrote: »

Nat. West sent me data going back to 1994 when I sent them a SAR request it cost 10 pounds and was well worth it.!!

What the Bank have kept (and for how long) is individual to each customer. It certainly helps if the person requiring data remains a customer, but there are no guarantees for anything older than six years...

maggy50

Moneyineptitude wrote: »

What the Bank have kept (and for how long) is individual to each customer. It certainly helps if the person requiring data remains a customer, but there are no guarantees for anything older than six years...

I must be so lucky I closed my account in 2008 .

You are right though as my OH had been with Nat West over 30 odd years and they sent him data going back six years only .

jonnyboy80

I have just come across this thread and wondered if anyone could help..I too had a Barclay Masterloan taken out around 2006 (I think) and didn't know if PPI was included in this loan? Annoyingly, due to several address changes, I don't have any paperwork showing any details ie. account numbers etc. but I wondered if anyone else could help me. Was PPI a requirement? Will Barclays look into this case? Many thanks!