Loan not repaid after agreed number of payments

Ponyman

In Sept 2009 I took out a five year loan (with Barclays) and was told it would be repaid with 60 payments. I have now made the 60 payments but they tell me it is not paid off. I have not missed any payments. For some reason they did not take the first payment until 2 months after the funds were issued and I think this is the reason. Do I have any grounds to refuse to pay them the balance?

opinions4u

they did not take the first payment until 2 months after the funds were issued

Have you made 59 payments or 60 payments then?

When was the first payment collected?

Do I have any grounds to refuse to pay them the balance?

Almost certainly not. What does your loan agreement say?

DCFC79

Ponyman wrote: »

In Sept 2009 I took out a five year loan (with Barclays) and was told it would be repaid with 60 payments. I have now made the 60 payments but they tell me it is not paid off. I have not missed any payments. For some reason they did not take the first payment until 2 months after the funds were issued and I think this is the reason. Do I have any grounds to refuse to pay them the balance?

Not sure if its normal for loans but did you not notice the payment hadnt been taken until the second month ?

nomunnofun

September 2009 to October 2013 is 49 months?

wiseshark

The OP must have got the year wrong and meant September 2008.

opinions4u

nomunnofun wrote: »

September 2009 to October 2013 is 49 months?

That's rather an astute observation that I overlooked!

If the first payment was made in November and the most recent payment was made in October then I'd assume only 48 payments have been made so far.

In the words of the great Johnny Logan, "What's another year?".

wiseshark wrote: »

The OP must have got the year wrong and meant September 2008.

I think "must" is a leap of faith. As the OP is still showing as online it would be nice is he/she could provide clarity though.

Apples2

Maybe there was the "optional" 2 month payment holiday when it started so many people took advantage of but complained once the fallout became clear.

If OP took this (by not opting OUT when applying), there may be quite a few payments left.

iolanthe07

Apples2 wrote: »

Maybe there was the "optional" 2 month payment holiday when it started so many people took advantage of but complained once the fallout became clear.

If OP took this (by not opting OUT when applying), there may be quite a few payments left.

These two (sometimes three) month payment holidays were sometimes hidden in the small print. I remember years ago nearly falling for that.

jonesMUFCforever

Buy now pay later loan is the most probable answer.

OP can you check when the funds were credited to your bank account and when you made the first repayment?

Ponyman

Sorry for delay - I had problems logging back in! I did get the start year wrong, it was actually 2008. Funds were credited on 23 Sept and the first payment was taken on 23 Nov. There was no "payment holiday" in the small print or anywhere else.

HappyMJ

Ponyman wrote: »

Sorry for delay - I had problems logging back in! I did get the start year wrong, it was actually 2008. Funds were credited on 23 Sept and the first payment was taken on 23 Nov. There was no "payment holiday" in the small print or anywhere else.

How much more do they want?