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

Truegho

Can I claim back a Barclays overpayment of protection for a personal loan I took out in 1998? The loan was for £11,000.00, but the added protection brought it up to over £13,000.00. I am now paying £1.00 off the loan through losing my job.

So, can I claim?

DCFC79

Truegho wrote: »

Can I claim back a Barclays overpayment of protection for a personal loan I took out in 1998? The loan was for £11,000.00, but the added protection brought it up to over £13,000.00. I am now paying £1.00 off the loan through losing my job.

So, can I claim?

What was the protection or what did it cover ?

farhaan31

Hi, can anyone help regards to the barclays loan payout, i had 2 loans with barclays in 2007 but since then i have moved. How do i let them know of new address because the letters/refunds are due to go out next month..:T

Truegho

DCFC79 wrote: »

What was the protection or what did it cover ?

The payment protection covered any loss of job through either ill health or redundancy.

DCFC79

farhaan31 wrote: »

Hi, can anyone help regards to the barclays loan payout, i had 2 loans with barclays in 2007 but since then i have moved. How do i let them know of new address because the letters/refunds are due to go out next month..:T

Write or call them

woohie

ataylorrl wrote: »

Does anyone know yet if this applies to First Plus loans as they were an arm or Barclays?

Cheers

did anyone answer you on this as I am interested too.

Roger216

Does anybody know what the criteria is that they are using for refunds of interest and how it's calculated?

TOTAL DEBT IN FEB 05: £116,000 (Cowboy builders etc), SEP-13: £11,000.
PROJECTED DEBT-FREE: SEP-14.

gsephton2000

Roger216 wrote: »

Does anybody know what the criteria is that they are using for refunds of interest and how it's calculated?

The information has been pretty much limited to a press release on 16/09/13 which was re-written/picked up by various news outlets, including MSE. Very little information has been released since then, and when I contacted them they repeated "we will contact any affected customers in due course". They wouldn't specify which types of loans were affected or any other specific details.

It's been suggested that the issue occurred on letters sent out with inaccurate interest calculations or missing customer details. This includes any arrears notices, where additional interest has been miscalculated. Any interest charged after the mistake was made would be invalid and returnable to the customer, so if the total interest on a 2-year loan was £1,000 and you received a letter with 'technical faults' at the end of year 1 then you would be eligible to claim everything paid over the second year - so £500.

That's my interpretation anyway. Letters are supposed to be issued later this month to affected customers - if you don't receive anything and think that you may have been affected contact their loans customer service team.

Roger216

Has anyone heard anything from Barclays yet?

Reedy83

Nope Nothing yet... I'm still not really sure of who is entitled to what... I know that at over the 5 year period of my loan i have received arrears Letters and Statements at various Points but no idea who is entitled to anything and how much we will actually receive. I rung Barclay's and they just fobbed me off saying they were in the process of issuing letters but didn't know anything more.