Bounce back loan over charged

Dexter2021

Hi there I'm new to the forum,I took a 10k bounce back loan for my company as I couldn't claim any thing from the government grants that was offered at the time and due to the pandemic and my company being ltd.Ive been paying the monthly charges by direct debit no problem not missed a payment but my payment that Barclays set I needed to pay was very high,now after trying to get in touch about this I never could get through Barclays said a high number of calls etc.This is the bit that puzzles me my loan was set at 2 years repayment buy Barclays and should of been 6 years bounce back repayment.My repayment is over £420 a month on 10k, today after getting in touch with a real person not a group chat I'm told yes you have been way over charged,after a 30 min call they said it was there fault and offered me £100 compensation to basically keep my mouth shut they said this has never happened before,so my question is were do I stand with this? Has any one come across this before thanks any help much appreciated 👍 

Grumpy_chap

Dexter2021 said:

Hi there I'm new to the forum,I took a 10k bounce back loan for my company as I couldn't claim any thing from the government grants that was offered at the time and due to the pandemic and my company being ltd.Ive been paying the monthly charges by direct debit no problem not missed a payment but my payment that Barclays set I needed to pay was very high,now after trying to get in touch about this I never could get through Barclays said a high number of calls etc.This is the bit that puzzles me my loan was set at 2 years repayment buy Barclays and should of been 6 years bounce back repayment.My repayment is over £420 a month on 10k, today after getting in touch with a real person not a group chat I'm told yes you have been way over charged,after a 30 min call they said it was there fault and offered me £100 compensation to basically keep my mouth shut they said this has never happened before,so my question is were do I stand with this? Has any one come across this before thanks any help much appreciated 👍 

By having the repayment term set too short you have paid more per month but reduced the debt quicker and would have paid less in total than if the term was correctly set to 6 years.  You say you have managed to meet those repayments and therefore you have not suffered a financial loss as a result of this error.  I understand that this was annoying, but it was a simple admin mistake and you have been offered £100 and an apology for the inconvenience.  Probably fair in the circumstances.

Thrugelmir

You haven't been overcharged. As has been said earlier the loan has cost you less far less interest. With the debt shortly to be cleared it's a monkey off your back.