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

BRITGUY

Hi Roger, well done, I'm pleased to hear it! Sorry if I missed it further up the thread, but what was the letter you sent? I used Barclays Online Complaints process and that was a waste of time. My experience has been similar to yours, being told that if I hadn't heard I was not due a refund -but as discussed ages ago on this thread I think I probably am due one. And I'm also suspicious that when my friend (who we dont think WAS due a refund) complained, she got a very detailed analysis to show why not... whereas I, having complained at the same time, got a very non-detailed brush off.

lynne1000

FENESZONE wrote: »

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.

Could you please tell me more about this? I have a First Plus Loan although without arrears so I'm guessing I don't qualify?????

ianhuk

Barclays are still sending out payments - Mrs H got a nice cheque today for £1800. Thank you very much.

Didn't even know about this until the cheque and letter arrived.
If it helps - we were in arrears with this loan, paid off last year with some PPI money, barclays letter very apologetic but doesn't quite say what the refund is actually for.??

With the PPI and this I wonder whether we actually got paid to take this loan out (unlikely, i'm sure).

Keep your fingers crossed and see what comes through your letterbox.

scottyqt

Hi,


I didn't send any letters or forms and a cheque for a thousand pounds just turned up at my house the other day!


What a result, just before Christmas as well.


Cheers,


Scotty

Niso14

Hi, has anybody had a refund from barclaycard loans?

Thanks

BRITGUY

A friend got a cheque today, completely out of the blue, for over £500 - which is obviously good news, but it is still over a year since the potential refunds were announced, a year in which Barclays were able to run the whole refund process completely under their timetable and terms, giving no transparency to customers.

minihay

...completely out of the blue for £500 from Barclays. We hadn't applied for this so a very pleasant surprise. We've had 2 loans with Barclays - one is paid off and one is still running but the letter didn't say which loan the refund relates to - maybe we'll get another cheque.

What's really annoying though is the amount of money Barclays have "stolen" from us over the 20 years we've held accounts with them. Firstly in PPI charges and then with my OH's monthly charges on his current account. We've had 2 successful reclaims but they should never have taken this money in the first place!!!

I don't know if we only got the money back for the loan refund due to the past PPI claim but a good result for December. :j

FENESZONE

Lynne 1000 posted
"Could you please tell me more about this? I have a First Plus Loan although without arrears so I'm guessing I don't qualify?????"

Barclays miscalculated interest rates on some personal loans and therefore incorrect statements/notifications were sent out. Most of the loans had history of arrears but some had no history of arrears.

My account was in arrears in 2008/2009 but barclays sent out incorrect statements from 2008-2014. The banks are not allowed to charge interest when incorrect statements/notifications are sent out. Therefore all the interest payments between 2008-2014 had to be refunded or wiped out.

Thus all my repayments after the error between say 2009-2014 were repaying my capital only and reduced my outstanding loan from approx 37500 to 19,600 pounds.

I was fortunately in a position to pay off the outstanding balance in June 2014.

You could be eligible for refund. Checking any old statements for discrepancies may help. I was not aware of these incorrect statements until i got a letter from Barclays

inittogether

Thought i was clued up but didn't know anything about this one until my wife had a cheque for 400 pounds yesterday!

locotoro

I've just received a letter from Barclays advising me they have wiped the balance off my loan and refunding me 1300 approx. And it was completely out of the blue. I didn't send a letter or even know about this error in 2008.

After buying a new house and spending stupid amount on renovations and repair I can't tell you how much of a godsend this is.