MSE News: Had a Barclays loan? You could be due share of £100m payout after blunder

redender13

Moneymash wrote: »

I have been reading with interest the article on the Barclays loan interest error. I have a Barclays loan, so I am hoping this applies to me. I took my loan out in Sept 2008 and have the very letter they sent out in Oct 2008 advising they had updated their systems.

I have checked all my statements and there is an error on my first statement, my name doesn't appear in the same place as subsequent statements.

Also, more concerning is I totalled up my interest to date and despite over-paying these past 3 months (£2125.50), I am only £142 short of paying the entire interest amount for the whole loan, despite still having £1992 left to pay. Although I have just read in an earlier post changing my repayment date obviously affects the total interest payable. Had I not made any over-payments the loan was due to finish in December next year so there is no doubt I would have paid more interest than was in the loan agreement, even taking in to account the DD date change.

I realise that at the start of the loan you pay more interest than capital and that over the course of the loan this changes, but I still think I have paid too much interest. I'll just have to wait until next month to see if I get a letter and a refund, this is going to be an agonising wait.

Hi moneymarsh
I have been looking into this too.
I have a gut feeling that maybe the problem with the statements could be similar to the northern rock issues.
After Oct 2008 the annual statement should include the start and end balance from the year, the original loan amount and also interest paid.
I can't find my 2010 and 2011 statements but I am sure they didn't contain all this info. I am sure it just showed the 12 monthly payments.
Therefore is this the documentary issue they are talking about.
I do have my 2012 and 2013 statements and these have all the details. But then they would - because this came to light in 2012 so therefore the issues were sorted.
Do you have all these details on your pre 2012 statements?

Moneymash

A quick reply as I am about to go to work. Yes I have all the details on my earlier loan statements, original balance, DD paid, interest charged, loan apr, sort code, a/c no. length of term. I just noticed my name was missing. At the top of the statement is my name and address, obviously so it shows through the clear window on the envelope for address/posting. Then the statement displays all the loan information.

However on subsequent statements my name appears again before all the loan details. In short the first statement whilst addressed to me could have been anyone's loan's details, in later loans it is clear these are meant to be my loan details.

I am more concerned about the fact that I have almost paid all the interest shown in the loan agreement despite having quite a bit to still pay off. Obviously if I still make over-payments it will affect the interest charged, but I still feel it is wrong. I'll guess I'll wait and see, if I don't get a letter I will contact them. I wouldn't want to miss out!

redender13

I am not sure about the interest.
Barclays seem very cagey about the info released and the vague details. Hopefully it will become clearer soon.

northernstoke

I have a barclayloan Secured and have never received any statements as to how much I have paid since i took it out in 2007. I have another loan which I have and Barclays have complied with the information they should supply. So does anybody know where I stand in relation to the first loan. If they have not ever sent any statements have they failed to comply with the Consumer Credit Act and therefore would have to repay interest during that period.

mknortheast

I took out a ten year loan with Barclays in 2004 paying £227.58 per month. Reducing balance interest each month and original balance appears on statements including the opening and closing balance. I have a copy of the letter from Barclays from Oct 2008 which states changes in law mean regular statements will be sent detailing progress of loan. However, on 6 October the statement shows a £77.36 payment out with no details!! The only other payments out are interest. Something clearly isn't right? Looking forward to receiving more information next month and have fingers crossed I have a reimbursement due to their error.....

mknortheast

northernstoke wrote: »

I have a barclayloan Secured and have never received any statements as to how much I have paid since i took it out in 2007. I have another loan which I have and Barclays have complied with the information they should supply. So does anybody know where I stand in relation to the first loan. If they have not ever sent any statements have they failed to comply with the Consumer Credit Act and therefore would have to repay interest during that period.

Have the October 2008 letter from Barclays which states ' Keeping you informed' - Changes in the law mean that we are now required to send you regular account statements to help you keep track of the progress on your loan....etc etc

Keep an eye on this sounds like a fail to comply!! Good luck

gsephton2000

Pardon my ignorance, but if there has been a mistake are they going to refund the TOTAL interest or just the amount which was miscalculated? I had a CDL a couple of years ago which I paid off in two years, loan amount £6,500 with just short of £900 in interest. I never missed a payment but when I changed the payment date I received an arrears notice - which I was told over the phone was a mistake and to ignore.

stewby

hi.

i am maybe being a bit daft so please forgive me. (i am not the brightest lightbulb in the fitting).

i had a woolwich mortgage... when i bought my new house in 2008, i took out a home improvement loan which was tied into my mortgage.
eventually my mortgage and the home improvement loan have been combined on my statement to make one amount.

i know that woolwich have now been bought over by barclays. (or something like that as all my paperwork is now barclays).

would i be entitled to money back from this?? sorry, i am not very money-savvy and have no clue about anything like this. (my dad normally deals with my finances but i am trying to be more "adult" and take responsibility for myself).

thanks in advance for any help.

seanrb7

Does this include Barclays finance as I had a loan for a car with these and still paying it off

seanrb7

Does this apply to Barclays finance aswell