Thread: may be complicated!!

Ok here goes,

Myself and hubby had our own business LTD company, in 2004 we move into new premises and took out a loan with Barclays for £10k.

Summary of loan from offer:-

Amount of loan £12286.22

which includes

An arrangement fee of £100

A single premium for life, accident and sickness insurance of £2186.22.

The loan will be 96 monthly payments of £191.77 covering the principal and interest and commencing 1 month from countdown.


Here is where it gets complicated,

The business is no longer trading, I spoke with Barclays manager and she arranged very kindly for the payments to be made directly from my personal account, to date I think I have made approx 47 payments never missed one.

Today in the post I get a letter from Barclays asking for the full amount of the loan to be re-paid.

Principal sum due £7609.33

Interest £38.27

Total outstanding £7647.60.

Obviously I am totally confused as to why they want the loan setteled, I did last October request for a settlement amount thinking that I may consolidate and get a cheaper rate the re-payment then was £7736.78, since then I have made £1342.39 in payments which they have only accounted for £57.66 of this.

My business manager has yet to return my call and explain what's going on, this months May's payment has been returned into my account and I can no longer see the loan account in my on-line banking.

Does anyone think I may have a chance of claiming? I would not have requested PPI at the time of the loan as in my opion as with most insurances not worth it.

Need some advice guy's please

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thank you.

Update,

I have managed to speak with the bank manger now and all is ok, she was not aware of the situation even though the letter had her name on it standard letter that goes out, she has now put it all back to how it was, but I still have the question about PPI.

Any one with suggestions then please post

That will depend on how you were sold the PPI, Marie.

If you were told that you couldn't get the loan unless you got the PPI with it, or if you weren't told of what would / wouldn't be covered (self-employed = no cover), etc, then you'd have a good shot.

If in doubt, you could always do it through the fos, it won't cost you a thing, and they have a pretty good track record of finding in favour of the complainant in case of PPI, and as it's a hot topic at the moment... there's also less chances of Barclays retaliating if the complaint has come through FOS, as they'll know they'll get in trouble then.

Thanks for the prompt reply bookie

I don't have any proof that I was told I had to have the PPI to be honest, however we never opt in for any additional policy's for extended warranty's ppi's etc as from expereience they are never worth the money and if you do have to make a claim then generally the company concerned always find a reason why the policy does not cover the reason why your claiming, I would have not taken out this through choice.

I have decided now that I am going to pay the loan back in full, even though it's not in my name and although the bank have said they are happy for it to continue as per the original agreement as we have never missed a payment and we are good customers, financially it will be a better option as I will be better off each month.

Once the loan is settled then I will have a look at the fos and take it from there, although that may lead to another problem if I manage to get a refund on the PPI, as I have personally been paying for the loan will the money have to go into the business account which is now longer trading? or have any accounts open. There is also no debt from the business either so they can't say the money can go against debt as there is none.

So basicall will I get the money personally?

I really don't know, so don't take my word for gospel here, but I would have thought that if you have no o/standing debt on the business account, and you personally have been paying for something which you shouldn't have (should it go that way), then you personally should be the one getting the money back, since you're the one out of pocket. Seems logical enough to me anyway. ;-)