Compensation

Richard_479

In 2009 i took out a £4000 education/student loan with Barclays as the loan provider. The information provided by my loan agreement insisted that i would not have to pay off my loan until i had found employment as a consequence of my training. After my course i did not subsequently find employment. I am still unemployed.
That said in 2011 Barclays informed me that the debt must be paid or interest would be charged. This threat became reality. I quickly calculated that i would be paying in excess of £110 per month forever and not paying off the initial £4000 debt. After 3 payments i approached a family member who understood my predicament and helped me out with "strings attached".
In 2014 Barclays subsequently repaid all of the interest that i had paid. WHY!!!

My question is, not only did they illegally charge me this interest, but the hassle that i had to go through to pay the original £4000 and the subsequent "strings" that i had to endure must entitle me to seek compensation for Barclays failure to comply with their terms and conditions.

I would be grateful if i could find a precedence for my experience or perhaps some positive feedback. Thanking all in advance for your time and consideration.

~Beanie~

Have you still got the loan agreement which states that you do not have to repay anything until you gain employment?

Nearlyold

Current details are:-
http://www.moneysavingexpert.com/students/career-development-loans

Must have been different in 2009 if your terms and conditions said you never had to pay it back if you didn't find employment.

As the previous poster says you need a copy of the original terms and conditions to check that what you recall reading in them is correct. I understood you could perhaps postpone repayments for 6 months or so once your course had finished but was not aware that you could postpone indefinitely

MEM62

Making a mistake is not illegally charging interest.

This may well have caused you some inconvenience but if you are looking for financial compensation you will have to clearly demonstrate your losses.

CHR15

I'm not convinced your decision to borrow from family with "strings attached" would count.

Gaz83

CHR15 wrote: »

I'm not convinced your decision to borrow from family with "strings attached" would count.

Was thinking this myself. Barclays have no control or interest in these 'strings'.