Barclays offering me £1577 even though I paid £1753 in 1994

a1carparts

Hi
Can someone advise how much Barclays should be offering me please
I took out a loan February 1994 and paid PPI of £1295.57 + 16.9% interest. So total of £1753.44. This was paid at a rate of £36.53 per month

At first they said they had no details of the loan or PPI so case closed. I then sent them a copy of the original credit agreement. They text and said case reopened. A few days later text to say will be refunding. Today I got a letter and a cheque for £1577. They said they are providing me with compensation based on an average refund that they have paid out due to them not having and accurate financial records of my loan.

Surely by me showing them the original agreement detailing the PPI they can not say this. What they have offered is nearly £200 less than I paid 23 years ago.

Could someone give me advise on a real figure that I should be entitled to?

Thanks in advance

Alan

[Deleted User]

Did the loan run full term? If so, have you provided evidence of this?

a1carparts

Yes the loan ran full term but they have not asked for evidence of that

Nasqueron

a1carparts wrote: »

Yes the loan ran full term but they have not asked for evidence of that

You need to prove evidence proving it ran the full term and wasn't paid off early

a1carparts

They have not asked me for any proof of anything. Why I felt PPI miss sold or did I pay off loan or employment status etc. Surely if they needed this information to make a calculated refund payment then they should ask. Going through all my historic paperwork I have a bank statement 2.5 years on showing the loan coming out. I may well have more in the loft. I have 5 other loans I have now found with them

Alan

[Deleted User]

It's up to you if you want to provide evidence of what you paid or just accept their estimate.

a1carparts

I am fairly sure I will have all statements for the period. But when I put claim in they said that they may require more information but then just said yes we accept we miss sold.

Nasqueron

a1carparts wrote: »

They have not asked me for any proof of anything. Why I felt PPI miss sold or did I pay off loan or employment status etc. Surely if they needed this information to make a calculated refund payment then they should ask. Going through all my historic paperwork I have a bank statement 2.5 years on showing the loan coming out. I may well have more in the loft. I have 5 other loans I have now found with them

Alan

Simple then, go back to them and explain you have proof showing it ran full term, it's possible as this was not volunteered to them they just assumed you didn't have paperwork going back so far. They should be willing to recalculate

Jonesthemilk

I have the same problem with Barclays and its now with FOS.
I even provided them with a statement showing a settlement balance "refund of premium" of £1358 in July 2002 (after paying for 2 years). Barclays also advised this was paid off 12th Dec 2002. themselves.
Even calculating on £1350 as the initial premium it would amount to more than the average £1893 they have offered. one can only hope that FOS agree with me .

a1carparts

Well after refusing the offer Barclays had sent me, They have now offered a figure that I feel is much more acceptable. Now lets see how I get on with the other 4 loans I had. But at least they are quicker than HSBC I am dealing with from 1997. They take months to reply to a letter