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

Truegho

Samson14 wrote: »

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

I took out a loan for £11,000 back in 1999. Total came to just over £13,000.00. Am currently on a poverty payment plan with them, via the CAB, to repay £1.00 per month.

Would I eligible to claim back overcharged payment protection?

cjsmith42

Does anyone know if Barclaycard customers are also affected by this? The press reported that Barclaycard were going to undertake a review but I have heard nothing further.

tinkerbell28

cjsmith42 wrote: »

Does anyone know if Barclaycard customers are also affected by this? The press reported that Barclaycard were going to undertake a review but I have heard nothing further.

They have not finished reviewing the loans they made errors on yet. So I doubt they've even looked at barclaycard which was going to be precautionary.

TomSmith_3

Maybe this will shed some light on what the errors were. I wrote to Barclaycard last year about a paid off loan I had. They didn't send statements for the first 18 months although I believe they should have sent them annually. In addition, the loan agreement interest rate was stated at 7.5% but the periodic statements showed it as 7.58% and it looked like they'd been charging at the wrong interest rate. The loan was never in arrears.

They eventually replied saying that my loan had been checked and I wasn't entitled to any refund of interest. They enclosed a cheque for £60 to cover the miscalculated interest and for the delay.

I haven't banked the cheque and have been considering making a complaint to the ombudsman. However, I've just received a cheque for almost £3k, and the standard letter others have referred to.

mia333

I think this whole Barclays loan error thing is terrible. I understand mistakes happen, but what I don't like is the way its all hush hush and they won't be straight with you and announce exactly what the problem is !

Everyone that rings up Barclays to try to find out more is told the same thing...' you'll receive a letter if your affected'

If a letter is not received then we have to assume we are ok and no mistake was made with ourselves , but we are relying on Barclays finding whatever the mistake is out for each individual.

Its laughable! and surely we are entitled to know what the problem is. That way we can check any paperwork ourselvelves to be sure that we havent been overlooked by Barclays.

Does anyone know of any rights we may have about finding out exactly what the error is? I did think of the ombudsman but not sure

joanneright

So what would a barclays loan back in 2000 be with ppi over 36 months apr 21 not sure be

FENESZONE

Hi.
Just thought I would update thread on refund by Barclays bank.


I had a secured loan of about £37000. The letter states that following changes in cc on 1/10/2008 we have identified that when writing to you we inadvertently displayed incorrect arrears balance figures. Interest was correctly calculated but not displayed in accordance with cca regulation and therefore interest charged in this period is invalid.


My total refund of interest was from date of error in 2010 till june of this year.
Total refund was £16.385.48 .


I am now looking to pay outstanding balance as loan and save interest that was structured over 25 years and Barclays would not allow me to pay over shorter term.


The letter came out of the blue on Tuesday and I cannot believe my luck.

garybuk

I've just received a letter on the 11th August 2014 stating my loan is now closed and because the refunded interest amounts to more than the balance of my loan they are sending it to a unused barclays account, guess a trip to the branch will be in order :j

Moneymash

Today my refund cheque from Barclays cleared. I got over £3600, it arrived last Monday, but I didn't deposit to my bank until last Wednesday and it cleared today :j I was hoping for a refund when the news first broke because I could see form my statements my interest was wrong.

As time passed I completely forgot about a refund and carried on clearing my debts, such a shock to get a cheque. I paid off two cards today, and kept some back so I finally have an emergency fund. Now just another 2 more pay days and I am debt free, thanks Barclays.

Roger216

Hi all,

thought this had disappeared without a trace in the spring, but received a letter with a refund of £3,000 last week, which cleared the remaining balance on my loan and received a cheque for the remaining £1,450.00 the following day.

Not sure if this would have happened if I hadn't sent a letter from MSE or not, so it would be interesting to hear if anyone gets a refund without sending a letter first?

I have to say Barclays handled this whole process in the most underhand way possible, stating each time I called that the process of handling refunds was complete and that if I hadn't received a letter then I wasn't due a refund.

I will be moving banks in the New Year, as despite being continuously employed and banking with Barclays for 20 years, the standard of their customer service is frankly laughable.