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

London_Matt

Please excuse typos!

Barclays Bank PLC
Rem
PO Box 9131, 51 Saffron Road, Leicester LE18 9DE
Telephone: 0845 600 4071

My personal details will remain personal! Ref: REMTR

Dear London Matt,

Your loan is now closed.

We've discovered that following changes to the Consumer Credit Act (CCA) on 1st January 2008 we inadvertently sent a number of customers incorrect information about their loan and in some cases didn't send information we should have. According to the CCA we aren't entitled to charge interest from the time of the initial error until today when we corrected it. The loan we're referring to is shown below.

What this means to you.

As we continued to charge you interest on your loan after we made this error, we have returned this to your loan account. The returned interest amounts to £3950.44 which is more than the outstanding balance of your account. This means the loan is now closed and the remaining balance has been credited to your account ending XXXX. You will now be sent a closing statement within 10 days.

What do you do now?

You need to stop any further payments as your loan is now closed. We are sorry for our errors and hope you accept this return of interest with our apologies.


There was then a loan statement (sent the next day) with some other information that I will type up later.

I hope this helps.

HeadsUp_2

Thanks London Matt for the encouraging news!


I saw that there were two earlier posts wanting to know if First Plus is part of this refund program? So too if a Woolwich loan rolled up with the Mortgage as a previous contributor indicated or in my case a Reserve Account loan, is also eligible.


Perhaps someone has an update on this.


Also, I am also wondering, if First Plus is involved, what would be the position of those people who have lost their homes based on this acknowledged liability and shoddy documentation leading up to recovery legal action?

tinkerbell28

It's only Barclays consumer loans they're doing. They will be looking at other arms of the business, but not yet. So there is no evidence yet any of those arms are affected.

There is no acknowledged liability for your situation.

Shazza50

Got my envelope yesterday, nice unexpected surprise of a cheque for £426 . Can't believe I have to wait 5 days for a cheque from Barclays going into a Barclays account to clear though . Its that time of year when I could do with it now, not next week.

torcross1

Hi Shazza, what where your circumstances, had you contacted them or did it come out of the blue ? and had you missed payments on the loan?

Shazza50

Hi, no, I didn't contact them, it came completely out of the blue. I had a few loans with them over the years and I did get in arrears with the last one in 2010 after I was made redundant.

tommytynan123

Shazza50 wrote: »

Hi, no, I didn't contact them, it came completely out of the blue. I had a few loans with them over the years and I did get in arrears with the last one in 2010 after I was made redundant.

I saw the initial press release a while backand the dates etc didn't tie in with me so I ignored it. Well ...last Thursday .. feather - down - knock .. cheque for £1200. :j

Samson14

I had a couple of loans with barclays masterloan from 2004 running til 2009. I did fall into arears with it. What is the time scale does anyone know if they are included

Roger216

Hi,
just called Barclays and they've given themselves six months to go through this process, so taking September as the start date, they're hoping to finish by the end of Mar-14.

The chap in the Loans department couldn't tell me if my account had been looked at, just the usual - you're hear in the post if you're due a refund.

binkybonky

Magical unexpected cheque for £511 just rescued from the paper recycling bin. I was using the envelope to light the fire with, too. Very nearly chucked/burnt it.

Same stock covering letter as above. For me, this covers a personal loan from 2008 to 2011. Never missed a payment. Had no idea this was coming, either.

KERCHING EMOTICON