Barclays Bounce Back Loan Increased Repayment

in Loans
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Paul_UK_6Paul_UK_6 Forumite
8 Posts
Part of the Furniture First Post Combo Breaker
I received this letter today from Barclays increasing my loan repayment from £250 per month to £280. 
I had agreed to repay £250 last year. Is this a common occurrence? 


Replies

  • BrieBrie Forumite
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    Have they given a reason for the increase?  Do they think you are more able to pay it back quicker than originally?  If you aren't you are best off talking directly to them to get a better arrangement in place as they have been trying to place themselves as caring for those in financial straits and an increase to a struggling business looks like the complete opposite.
  • Paul_UK_6Paul_UK_6 Forumite
    8 Posts
    Part of the Furniture First Post Combo Breaker
    Thanks for your reply. No reason stated. I have tried to call but its a one hour wait so have put in a complaint online. I will await their reply.
    They didn't state that they were reducing the length of the loan, they just decided to increase it by £30 a month which could potentially cost me £2200!!
  • Grumpy_chapGrumpy_chap Forumite
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    Did you take a top up bbls?
    Was the original monthly amount correct?
  • Paul_UK_6Paul_UK_6 Forumite
    8 Posts
    Part of the Furniture First Post Combo Breaker
    Did you take a top up bbls?
    Was the original monthly amount correct?
    No I didn't top up and yes the original amount was correct as stated in my original agreement.
  • SeanG79SeanG79 Forumite
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    need to post a copy of the original agreement you signed redacting identifiable information and we can provide more informed comments.
  • edited 11 June at 4:59PM
    Paul_UK_6Paul_UK_6 Forumite
    8 Posts
    Part of the Furniture First Post Combo Breaker
    edited 11 June at 4:59PM
    I had a explanation from Barclays. It is over 60 months as one year was interest free. So the £250 per month pays back the original loan. Plus the 2.5% interest which comes to the £280 figure. 
  • Grumpy_chapGrumpy_chap Forumite
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    Paul_UK_6 said:
    I had a explanation from Barclays. It is over 60 months as one year was interest free. So the £250 per month pays back the original loan. Plus the 2.5% interest which comes to the £280 figure. 
    Thanks for coming back to update.
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