Barclays loan agreement 2008

[DAVN]

Hi, I'm in a dispute with Barclays re a loan that commenced July 2008 - the reason I'm claiming an interest refund is that my friend took out the same product 3 months ater & got an interest refund - but I have not received one. I am not sure whether it is the loan agreement or annual statement that is the area of deficiency - grateful for any help once I upload. Thanks very much.

[IF]

Re: Barclays loan agreement 2008

Hi DAVN and welcome to AAD, I have my fingers crossed Never-In-Doubt (Niddy) can help.

Best wishes
IF

[cymruambyth]

Re: Barclays loan agreement 2008

Hi Davn and welcome to AAD. What do you mean by an interest refund? And why did your friend receive one? Do you mean PPI ?

[DAVN]

Re: Barclays loan agreement 2008

Diolch yn fawr, cymru! Not relating to PPI, but to the problem with loan documentation Barclays announced at the end of 2013, and have been refunding interest on, without reallly clarifying what the problems were. I have complained because my friend who took exactly the same 5 year loan product out 3 months afterme & received identical statements, has received a refund of what looks like 4 out of 5 year's of interest, whereas I have received no correspondence from Barclays. I was hoping the legal reviewer on here may be able to cast some light on it, so have uploaded a copy of the agreement and statement. I'll keep you posted. Thanks.

[Undercover Elsa]

Re: Barclays loan agreement 2008

Hi Davn,
Have you approached Barclays about this yet and had a response?

For reference:

The money is to be repaid because the companies concerned did not provide some of their customers with all the information they were entitled to by law. For example, in many cases, the statements and arrears notices they sent out failed to provide the required statutory wording – and under the law, borrowers are not liable for interest relating to a period when a lender has not provided the information. Under the act, a lender is not allowed to recover interest or default charges for any period during which it has failed to comply with the requirements.

http://www.theguardian.com/money/201...anks-regulator

[DAVN]

Re: Barclays loan agreement 2008

Hi Elsa, yes they just said they will be looking at the loans in turn and will respond in due course if the loan is affected. However, that was over a year ago, and they still won't give any indication either way on my case, which I belioeve is not very transparent.

[Undercover Elsa]

Re: Barclays loan agreement 2008

Thanks Davn..what was your situation during the relevant period...in arrears (hence faulty arrears notices) or not (faulty statements)?
As soon as Never in Doubt has chance to check them, if they're faulty I think you probably need to make a formal complaint, enclosing copies and pointing out the errors.
Then if you get nowhere, once you have a final response you can take it to the Financial Ombudsman if appropriate.

[DAVN]

Re: Barclays loan agreement 2008

Hi, thanks Elsa, I was not in arrears, so it is more like to be faulty statements if there is grounds for a successful claim

[Never-In-Doubt]

Re: Barclays loan agreement 2008

So this is to do with their failure to provide s.86D notices (annual statements) which means they cannot claim the interest whilst the breach occurred - but you're not in arrears are you? s.86(D) specifically relates to being in arrears and getting statements. --> http://www.legislation.gov.uk/ukpga/1974/39/section/86D

Read here for specific details about Barclays --> http://www.theguardian.com/business/...indfall-errors

Any affected customer would be contacted by the bank and customers do not need to take any action, said the spokesman.

Sorry, not much more I can offer I'm afraid - maybe your mate was in arrears???

[Never-In-Doubt]

Re: Barclays loan agreement 2008

Hi, thanks Elsa, I was not in arrears, so it is more like to be faulty statements if there is grounds for a successful claim

As quoted in my last post

Any affected customer would be contacted by the bank and customers do not need to take any action, said the spokesman.

[DAVN]

Re: Barclays loan agreement 2008

Thanks for looking - neither of us were in arrears as in a missed 1 or 2 months payments - but we did both change the due date of payment from a DD on 25th to a standing order before the 31st (I did this in September 2012) - this did mean that when the agreement came to an end I had an expected additional month's worth of payment to be made - maybe this is what caused it for my friend, and potentially also for me

[Never-In-Doubt]

Re: Barclays loan agreement 2008

If the bank have not contacted you then you'll be due no refund.

If you're unhappy complain then go to through to the FOS if necessary.

[DAVN]

Re: Barclays loan agreement 2008

Hi, thanks for your help - having gone back to the relevant legislation, I have one very quick question on another loan agreement I have (with a different lender), where the annual statement I have just looks plain non-compliant where section 77A - if I sent it over to you is it something you could spend 5 mins max just checking if my conclusions appear correct, or if I'm missing somethinv? Or do you specialise more on the oroiginal credit agreement side., in which case I won't waste yur time. Thanks