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I am in the process of making a claim for a friend, I was just going through the paper work and I came across 'Barclays Resolve Loan'
To brief - My friend had an overdraft which was later on converted into loan, she signed It as a loan agreement with barclays sometime in 2004: The amount overdrawn at that time was £2000 which they turned in to a loan. She has been making regular payments to clear It an as of now, the balance remaining is about £400
My Questions are
There is/was a phrase in the loan agreement as termed 'Total Charge for credit' = £600: Can this be claimed back if so, how?
Can interest acrued on this loan be claimed, if so how?
If it was a legitimate loan, which your friend agreed to, then why would she be able to claim anything back?
Opinions given herein are made informally by myself as a lay-person in good faith based on personal experience. For legal advice you must always consult a registered and insured lawyer.
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If it was a legitimate loan, which your friend agreed to, then why would she be able to claim anything back?
She was forced to convert her overdraft into a loan, hence charged a fee of 600. In any case, this was an overdraft gone over the agreed amount, hence Barclays converted it to a loan, then charged her for it
Barclays normally only offer Resolve loans to those in financial difficulties as a fixed term solution at a fixed interest rate.
How exactly was she "forced" to convert the overdraft to a Resolve Loan?
The "fee" of £600 is NOT a fee as you describe it. It is the "Charge for credit" - ie the interest etc for the period of the loan. Hence, as I described in my first paragraph, a fixed period/rate.
Interest acruing on the loan is what she signed up to in the loan agreement.
With respect, of course, like anyone else, your friend is entitled to claim back her unfair/unlawful charges on her bank accounts. However, it's NOT fair to assume that EVERY charge (ie interest etc on a loan) is unfair/unlawful.
You may not agree, but it would appear you are suggesting that Barclays should have given her an interest free loan!!
I don't mean to sound unhelpful, but I really can't see what you are getting at. Perhaps you could start off by explaining how Barclays "forced" your friend to take the loan....
2007 Issues ALL RESOLVED
2008 Issues ALL RESOLVED
£4,200 in charges claimed back succesfully from a total of 5 Creditors 2009 Issues ALL RESOLVED
NEXT Directory - No Agreement, No Further Action **WON**
2010 Issues
Court Claim from Black Horse - AOS 22.11.10, CPR 23.11.10
Assisting Daughter with Employment Tribunal for Wrongful Dismissal/Discrimination
(((((Barclays Resolve Loan))))) Dilema!!!
Resolve Loan'
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Originally Posted by barracad
My Head is officially out of the Sand 