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Re: Barclays Advance Account
Received a letter today from Mike Gamble, Head of consumer lending operations. He has noticed that I cancelled the direct debit to my Advance Loan. At the time of writing there is still an outstanding balance on your account. He has very kindly enclosed a new direct debit mandate.
My reply.
Dear Mr Mike Gamble,
You are correct, I have cancelled the direct debit to Barclays Bank PLC.
I thank you for your letter, however there are some serious issues with this disputed account.
I understand that Barclays have agreed to repay interest on many accounts since 2008 as they failed to comply with regulations, in my case I would now expect a refund of all interest paid during this period as you have failed to send statements in accordance with regulations showing the original loan amount and balance outstanding.
My copy of the regulated agreement clearly states ("the loan") I look forward to the refund!
On a more serious matter now, the copy of the agreement clearly states.
Monthly Interest Rate 0.952% Current APR 11.9%
I enclose calculations. A monthly rate of 0.952% equals an APR of 12.04% not 11.9%
you also state on my monthly bill an Annual rate of 11.425%
An APR of 11.90% equals a monthly rate of 0.9414% and an Annual rate of 11.3%
I would have expected a bank to get their sums right. Please arrange for a refund of the sum overcharged at the same compound interest rates that you charged me.
Can you please investigate this discrepancy and refund the correct amount?
Yours sincerely,
Enforcer.
Received a letter today from Mike Gamble, Head of consumer lending operations. He has noticed that I cancelled the direct debit to my Advance Loan. At the time of writing there is still an outstanding balance on your account. He has very kindly enclosed a new direct debit mandate.
My reply.
Dear Mr Mike Gamble,
You are correct, I have cancelled the direct debit to Barclays Bank PLC.
I thank you for your letter, however there are some serious issues with this disputed account.
I understand that Barclays have agreed to repay interest on many accounts since 2008 as they failed to comply with regulations, in my case I would now expect a refund of all interest paid during this period as you have failed to send statements in accordance with regulations showing the original loan amount and balance outstanding.
My copy of the regulated agreement clearly states ("the loan") I look forward to the refund!
On a more serious matter now, the copy of the agreement clearly states.
Monthly Interest Rate 0.952% Current APR 11.9%
I enclose calculations. A monthly rate of 0.952% equals an APR of 12.04% not 11.9%
you also state on my monthly bill an Annual rate of 11.425%
An APR of 11.90% equals a monthly rate of 0.9414% and an Annual rate of 11.3%
I would have expected a bank to get their sums right. Please arrange for a refund of the sum overcharged at the same compound interest rates that you charged me.
Can you please investigate this discrepancy and refund the correct amount?
Yours sincerely,
Enforcer.
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