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.

-taff

FInd your terms and conditions and read them again to see exactly what they say.

Richard_479

The terms and conditions clearly state that i would not have to begin paying the debt until i found associated employment. There was no small print that identified the contrary.

As explained, the penny dropped regarding the interest that i had to pay. When i contacted Barclays they were not sympathetic in the least, they insisted that the interest would continue and i assumed that the worse would happen regarding bailiffs summons etc. I was summarily advised to seek financial help from sources such relatives and friends contacts or to remortgage my home.

My real question is why after two years would they then repay the interest that i had already paid?

Nearlyold

This possibly explains the interest refund

http://www.moneysavingexpert.com/news/loans/2013/09/had-a-barclays-loan-you-could-be-due-share-of-100-m-payout-after-blunder

You use the term "was no small print" does that mean you no longer have a copy of the terms and conditions and are working from memory or have you still got a copy of the terms and conditions.