Reddannio v Barclays Loan

[reddannio]

HI,

 

I have contaced Barclays regarding the Single Premium payment which was £796 on a loan of £2000 which i believe was misold. They replied saying the would get back to me no later than 14th March which has now obviously passed.

 

Looking at the figures again i am paying 20.9 % interest on the loan alone which seemed very steep at the time but i was despearte (overdrawn probably due to bank charges).

 

Any ideas what my next step should be ?

 

Red

[hellhasnofury]

HI,

 

I have contaced Barclays regarding the Single Premium payment which was £796 on a loan of £2000 which i believe was misold. They replied saying the would get back to me no later than 14th March which has now obviously passed.

 

Looking at the figures again i am paying 20.9 % interest on the loan alone which seemed very steep at the time but i was despearte (overdrawn probably due to bank charges).

 

Any ideas what my next step should be ?

 

Red

 

Hello Red,

 

And didn't they just know how desperate you were, they know exactly who they have got by the short and curlies:rolleyes:

 

I personally would send them a section 77/78 request under the consumer credit act for a true copy of your credit agreement. You will find the link here, you need letter N, it costs £1 and they have statutory timelimit to comply.

Creditors and DCAs - Letter Templates & Budget Planner

 

 

Do you have it perchance yourself????

 

Can you post up the figures for us to have a look at it. They would have charged you interest on the ppi??????

[reddannio]

Thanks HellHas,

 

Sorry i didnt mention that i requested a copy of the agreement first, although its not signed the figures are as follows :-

 

Cash Loan

Amount of Loan £2000

Total Charge for credit £1127.20

Total Amount Payable £3127.20

 

Premium Loan

Amount of Loan £509.27

Total Charge for Credit £286.93

Total Amount payable £796.20

 

Total = £3923.40

 

It says the loan is in 2 parts with the premium loan being the single premium payment to purchase Barclayloan protection.

 

I asked for the PPI to be repaid as believe it was misold which is when they said they would come back to me by March 14th but so far nothing.

 

Cheers

Red

[hellhasnofury]

Thanks HellHas,

 

Sorry i didnt mention that i requested a copy of the agreement first, although its not signed the figures are as follows :-

 

Cash Loan

Amount of Loan £2000

Total Charge for credit £1127.20

Total Amount Payable £3127.20

 

Premium Loan

Amount of Loan £509.27

Total Charge for Credit £286.93

Total Amount payable £796.20

 

Total = £3923.40

 

It says the loan is in 2 parts with the premium loan being the single premium payment to purchase Barclayloan protection.

 

I asked for the PPI to be repaid as believe it was misold which is when they said they would come back to me by March 14th but so far nothing.

 

Cheers

Red

 

Hello Red,

 

You mentioned that you requested your ca, what exactly did they send you is it a photcopy of your original agreement:???:. Did you send a request under section 77/78 of the cca 1974.

 

Now regarding the ppi, you wish to be refunded £796.20, plus contractual interest from when you took the loan:D

 

Come back regarding the ca, it may add a little more fuel to the fire:wink:

[reddannio]

They sent me what i think is a copy of the agreement, both the bank copy to be signed and returned and a customer copy to be retained. Neither are signed although i am sure i signed and sent back the original.

[reddannio]

Hi HellHas,

 

What do you think my next step should be ? Do you think maybe an LBA type letter, followed by a claim through MCOL ?

 

Red

[reddannio]

Ok ive now received a 2 page letter from Barclays which basically says that they have investigated my claim and found that the rules have been adhered to and if i didnt want PPI i shouldnt have accepted it. They also sent a signed copy of the agreement.

 

I realise i agreed to it but felt at the time as if this would help my loan application by agreeing to this cover.

 

Dont know what my options are now. Is it the Ombudsman ?

[banker_rhymes_with]

Hello reddannio!

 

I realise i agreed to it but felt at the time as if this would help my loan application by agreeing to this cover.

 

I think there must be many thousands of us in the same position. The bankers push this useless cover for one reason only, and that's because it makes them a great deal of money for zero risk and maybe 5% outlay againt what they reap.

 

Wish I had an answer, but many are working on one.

 

Cheers,

BRW

[alanalana]

Hello reddanio,

 

I am not familiar with your case but there is always light at the end of the PPI tunnel.

 

I have been doing a bit of research and according to various regulations and OFT documents then some CCAs may be unenforceable. If this is the case the CCA is worthless and ask for all your PPI money back.

 

The Total Charge for Credit (TCC) Regulations 1980 (which have multitudes of Statutory Instruments amending them) are specific in what charges are/are not included in the TCC.

 

If your CCA has a line showing the TCC then it can only include certain charges.

this link....

http://www.oft.gov.uk/shared_oft/business_leaflets/consumer_credit/oft144.pdf

 

give some information. (see PART 1f and note 1 also PART 2h)

 

If on your CCA the PPI is listed as optional for example, i.e. not required by the creditor as a term of you getting the loan then the cost of the PPI and I believe any Interest on that PPI should not be included in the TCC.

If it is then my understanding is the cca would be unenforceable.

 

If the PPI is not optional i.e. the creditor states no PPI no Loan then the charges can appear in the TCC, because the PPI is then not really optional.

 

If however the PPI is mandatory the I believe the bank insisting on this is in breach of the British Bankers Association Code of Practice and you should send a nice complaint to them about the actions of your bank.

 

hope this is of use to your fight:-D

 

aa