Barclays Advance Account

[Enforcer]

Re: Barclays Advance Account

Thanks, will send copies to him.

[Never-In-Doubt]

Re: Barclays Advance Account

Phone call yesterday from a very pleasant young man, Simon, from Barclays Bank. Noticed that I have missed several payments and asked If they could help me??? Explained that I had written to Mike Gamble regarding their error in calculating interest rates. They also need to refund me 4 years worth of interest for not sending annual statements, and that I had also written to them explaining why they did not comply with my CCA request. No reply to my letters yet.
Says he can not deal with these problems but will send a e mail to my Barclays Business Manager.

Should I send copies of my letters to Business Manager, or wait?

in light of this post, it might be best to chase the business manager yourself......

[Never-In-Doubt]

Re: Barclays Advance Account

Still waiting for them to reply to my letter requesting repayment of interest charged since 2008. And an explanation of their miscalculation of interest rates.

Also find it strange that their letter does not show a balance of arrears carried forward of 67.39


Do I need to reply, or just file for now?

I'd chase them mate - obviously this affects things

Maybe send a reminder letter....??

[Enforcer]

Re: Barclays Advance Account

Phone call yesterday from a very pleasant young man, Simon, from Barclays Bank. Noticed that I have missed several payments and asked If they could help me??? Explained that I had written to Mike Gamble regarding their error in calculating interest rates. They also need to refund me 4 years worth of interest for not sending annual statements, and that I had also written to them explaining why they did not comply with my CCA request. No reply to my letters yet.
Says he can not deal with these problems but will send a e mail to my Barclays Business Manager.

Should I send copies of my letters to Business Manager, or wait?

[Enforcer]

Re: Barclays Advance Account

Gets even more confusing. Today I received an Advance monthly statement. Letter a few days ago said 16 Dec 2013 Total Arrears outstanding £135.42
The one today is asking for a payment due on 14th January of £68.69 by direct debit.
Note that they have added interest of £22.00.

Still no reply from my letter regarding calculation of interest rates or refund of interest since 2008. No phone calls from Mercers either. Should I send a reminder or let it rest for now?

[Enforcer]

Re: Barclays Advance Account

Still waiting for them to reply to my letter requesting repayment of interest charged since 2008. And an explanation of their miscalculation of interest rates.

Also find it strange that their letter does not show a balance of arrears carried forward of 67.39


Do I need to reply, or just file for now?

[Enforcer]

Re: Barclays Advance Account

I did not get my usual monthly statement for this account. Received Advance Loan - Arrears Notice
This Arrears Notice is given in compliance with the Consumer Credit Act 1974 because you are behind with your payments.
If you have not already agreed a repayment plan and are having trouble making your payments, please call us to discuss your account further.

Your Transactions.
Arrears Balance Carried Forward: 0.00
14 Nov 2013 Minimum Monthly Payment Due 67.39
14 Dec 2013 Minimum Monthly Payment Due 68.03

Net arrears for this period: 135.42
16 Dec 2013 Total Arrears Outstanding 135.42

This is not a demand for immediate payment if we have already reached a repayment arrangement with you. If an arrangement has been made this will cover the arrears in this notice and you need not contact us.
If we have not agreed a repayment arrangement then please contact us immediately to arrange repayment of the quoted arrears.

enclosed a copy of OFT Arrears sheet.

[MrsD]

Re: Barclays Advance Account

silence is golden............................................ ......

[Enforcer]

Re: Barclays Advance Account

It has now been a month since I sent my letter to Mike Gamble Head of Consumer Lending Operations. No reply yet, no phone calls no nothing!
Surely had time to do his sums by now.

[Never-In-Doubt]

Re: Barclays Advance Account

Good luck matey

[Enforcer]

Re: Barclays Advance Account

Received monthly account statement today.
You have failed to make a minimum payment.
Failing to make your minimum payment can mean that you have broken the terms of this credit agreement and could result in us taking legal action against you. It could lead to you having to pay additional costs and make it more difficult for you to obtain credit in the future.

Ok, fine by me. Send me a compliant copy of my agreement, don't think this will make it any more difficult to obtain credit, already trashed. Let's wait and see what they say about getting their sums wrong!
Can imagine the headlines. The Bank that cannot work out interest rates.

[Enforcer]

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.

[Enforcer]

Re: Barclays Advance Account

Found an online calculator for this. Barclays have got their sums wrong!
0.952% monthly = 12.04% APR =11.43% Annual non compounded equivalent
11.9% APR =0.9414% monthly = 11.3% Annual non compounded equivalent
It would appear that they have been overcharging interest for the last 10 and a half years.
Am I right, or missing something?
Help please.

[Enforcer]

Re: Barclays Advance Account

Just a small question regarding the Advance account and interest rates. Looking through the "agreement?" they have sent to me, it states Monthly interest rate 0.952% Current APR 11.9%.
These 2 figures do not match up using a converter.
Just looked at a few of the latest statements from Barclays. The Annual Interest Rate is quoted as 11.425% this is the correct amount.
Have they been overcharging interest in the past or are Annual interest rates and APR different?
Anyone able to advise on this?

[SA Gold]

Re: Barclays Advance Account

Al I need to do now is wait for the incessant barrage of phone calls and threatening letters from Mercers.

Who if i understand correctly are like a bag of wind!