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Barclaycard Loan - all interest claimed at the beginning
Hi everyone
About 4 years ago we took out a loan from Barclaycard of £12,000 over 5 years. We are now in a position to clear the remainder of this loan early, but when we enquired about the savings in paying it off early, it transpires that all the interest was added at the beginning of the loan - which took it up to £15,000 and that we would gain nothing by clearing it early.
I think this is wrong and that Barclays should have been calculating the interest as the loan went along.
Can anyone give me some advice on this please as to whether Barclays are allowed to do this or not?
Thanks
Re: Barclaycard Loan - all interest claimed at the beginning
I think you will find that if you speak to someone else in the bank, that should you repay the loan off early that they will reduce the amount to be
repaid by removing any interest charges after the settlement date.
Re: Barclaycard Loan - all interest claimed at the beginning
Unfortunately we tried that over a year ago and they were prepared to take of £12 - which means that they are not removing any interest charges, which I think is wrong. thank you for replying though.
Re: Barclaycard Loan - all interest claimed at the beginning
As thsi is quite an old loan any settlement figure will come under rule of 78, which is very complicated to work out. When you have the settlement figure in writing you can ask trading standards to check if it is the correct figure.
Barclaycard Loan - all interest claimed at the beginning
was added at the beginning of the loan - which took it up to £15,000 and that we would gain nothing by clearing it early.
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