Jump to content


WebMaster

"According to a recent review of the CCA we have discovered you are entitlted to a refund..."

style="text-align:center;"> Please note that this topic has not had any new posts for the last 1406 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Bit of an odd one. The wife had a letter today from Barclays:

 

We are writing to advice you that following a recent review of the Consumer Credit Act (CCA) we have discovered you are entitlted to a refund of 5.81 on this loan account.

 

As your account has been settled we have carried out an address check with Experian, our Credit Reference Agency, which has suggested that this address may be an alternative address to the one we previously held on our system.

 

If you would like a cheque refund send to you for the amount due you will need to contact us so that we can update our records to your most recent address.

 

The loan they are referring to is a loan she took out 8 years ago to pay for a new car (in fact the car salesman helpfully arrange the finance package, earning himself a nice fat kickback in the process, but the provide was Barclays).

 

This was before I met her (the good old days), and when we got together I encouraged her to use her savings to get it paid off early, rather than continue to pay high interest rates.

 

So I'm wondering why Barclays are now contacting her offering her money (albeit only a fiver). I'm sure it's not out of the goodness of their hearts. Has there been some recent scandal (like with the misselling of PPI) and they are being forced by a regulator to issue refunds?

Share this post


Link to post
Share on other sites

You need to look into this more

 

Did you have PPI etc on the loan??

 

Accept this from Barclays and it could cost you a fortune in future redress as no doubt the £5.81 will he a full and final atached to it

 

Getting hold of the original agreement might be hard if settled more than 6 years ago

Share this post


Link to post
Share on other sites

Its not just barclays doing this and it does seem a bit underhand. My interpretation is they are conducting a damage limitation exercise which will no doubt have a full and final agreement in there somewhere so as to satisfy the FCA.

i reckon most financial institutions will be trying this sooner or later, accept it on face value at your peril, it will almost certainly be saving them from a bigger payout later


PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

I am not legally trained or qualified, any advice i offer is gleaned from experience and general knowledge, if you are still unsure after receiving advice please seek legal advice.

 

 

 

GEMHL Settled

Barclaycard Settled

A & L SETTLED IN FULL :lol:

Spml Reluctantly withdrawn

Blackhorse pre 31-7-06 Demand removal sent 23 8 06. ICO ordered removal jan 2007....REMOVED:lol:

Share this post


Link to post
Share on other sites

Thanks for the reply.

 

No, there was no PPI on the loan. I challenged the dealership on their dodgy selling tactics and the ombudsman found in our favour - but this was all relating to the how the salesman had added on GAP insurance and various other fees. Nothing to do with Barclays. This would be around 6 years ago.

 

The letter and the return slip at the bottom of it make no reference to full and final etc. In fact there's very little on the reply slip. Just fields for her name, address, signature, and their reference number. The prepaid envelope is addressed to "CCA3 Remediation Team"

Share this post


Link to post
Share on other sites

Exactly, if they're offering me 5 pounds now it makes me wonder why they are so keen to settle and how much they are really liable for. Do you know why they are doing it, Martin?

Share this post


Link to post
Share on other sites

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

 

 

Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

Share this post


Link to post
Share on other sites

As i remember this Gap insurance was a big con the likes of welcome finance pushed.

 

It was to cover the shorfall between writng off the vehicle and the outstanding finance.

Trouble is the GAP did not cover all those other mickey mouse insurance that were also added. Mechanical break down, extended warranty,, nuclear fall out insurance etc

 

What they did not do was a "Statement of means" and a "Statement of price"

 

The statement of means was a compulsory affordability checker. Take PPI as an example, they were flogging this to self employed people which was a PPI exclusion.

 

The statement of price listed the true cost of the loan with these mickey mouse products. If they did not do this paperwork at point of sale the loan was missold

 

It is those documents you need to be asking for

Share this post


Link to post
Share on other sites

IMHO webmaster i think its damage limitation and an effort to close down future claims with the signing of a full and final agreement. SPML, for example have voluntarily entered into an agreement with the FCA for exactly this, they are reviewing accounts and offering refunds, albeit very small ones to customers past and present, all with the approval of the FCA.

The problem is that the likes of SPML and others are setting parameters on which specific dates the refunds were looked at, IE from july 2009 to july 2012 only, those dates are just an example but its definately looking as though its a voluntarily approved scheme with the FCA to limit potential payouts


PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

I am not legally trained or qualified, any advice i offer is gleaned from experience and general knowledge, if you are still unsure after receiving advice please seek legal advice.

 

 

 

GEMHL Settled

Barclaycard Settled

A & L SETTLED IN FULL :lol:

Spml Reluctantly withdrawn

Blackhorse pre 31-7-06 Demand removal sent 23 8 06. ICO ordered removal jan 2007....REMOVED:lol:

Share this post


Link to post
Share on other sites

 

No i dont think its anything to do with the OFT, Its an FCA agreed scheme, if you visit the FCA website you can view the voluntary applications from the companies trying this on


PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

I am not legally trained or qualified, any advice i offer is gleaned from experience and general knowledge, if you are still unsure after receiving advice please seek legal advice.

 

 

 

GEMHL Settled

Barclaycard Settled

A & L SETTLED IN FULL :lol:

Spml Reluctantly withdrawn

Blackhorse pre 31-7-06 Demand removal sent 23 8 06. ICO ordered removal jan 2007....REMOVED:lol:

Share this post


Link to post
Share on other sites

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

I am not legally trained or qualified, any advice i offer is gleaned from experience and general knowledge, if you are still unsure after receiving advice please seek legal advice.

 

 

 

GEMHL Settled

Barclaycard Settled

A & L SETTLED IN FULL :lol:

Spml Reluctantly withdrawn

Blackhorse pre 31-7-06 Demand removal sent 23 8 06. ICO ordered removal jan 2007....REMOVED:lol:

Share this post


Link to post
Share on other sites

Hi Webmaster,

 

I assume you're happy this is not a ploy to get confirmation of YW's current address.

 

In which case, you could reply asking them for :-

 

1. Confirmation of the nature of the refund.

 

2. A detailed break down of the refund.

 

:-)


We could do with some help from you

                                                                PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

                                            Have we helped you ...?  Please Donate button to the Consumer Action Group

 

Please give something if you can. We all give our time free of charge but the site has bills to pay.

 

Thanks !:-)

Share this post


Link to post
Share on other sites

I think it's very cynical calling this a ,damage limitation, exercise.

 

I've had one of these from Barclays, when they give a refund...not just enquire that the address is right...they give a bit more information.

 

On 1 October 2008 there were changes to the consumer credit act and as a result they made an error by issuing letters with wrong info on or not issuing documents they should have...what I was told when I quieried it is that it cud b something as small as an incorrect telephone number on a letter or issuing something a week later than they should have...anyway, under the consumer credit act, if errors like this are made the financial institution must disentitled themselves I.e. Give back, any interest or charges applied to the credit from the date the error is made until the date they fix it, the date the agreement was settled or the date they stopped charging interest, which ever is sooner.

 

I looked into it a bit more and found the charges and interest applied were all at the rates agreed at the initial point of sale meaning no1 affected has paid more interst than they should have, but because your bank didn't send u a letter...or sent one with something wrong on it...they have to give you the interest back.

 

A number of banks have found that they were in breach of the CCA after 1 October 2008 and have agreed with the FCA and the OFT to remediate those who have been affected...therefore the 'damage' has been done, the information is out in the public this is just them putting it right.

 

Unlike PPI, it's not something that was not a stealth charge or something u didn't agree to or may not have understood therefore the banks don't have to provide additional interest or 8% like they do for PPI and PBA

Share this post


Link to post
Share on other sites

I still stand by what i said doc, GE MHL sent me the same kind of thing, offering a meagre £40 refund for "incorrect" accounting, when i looked a bit further into it, it transpired that there were almost £1500 worth of "incorrect" charges.

 

Cynical or otherwise, check it out fully first before blindly accepting puny offers


PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

 

I am not legally trained or qualified, any advice i offer is gleaned from experience and general knowledge, if you are still unsure after receiving advice please seek legal advice.

 

 

 

GEMHL Settled

Barclaycard Settled

A & L SETTLED IN FULL :lol:

Spml Reluctantly withdrawn

Blackhorse pre 31-7-06 Demand removal sent 23 8 06. ICO ordered removal jan 2007....REMOVED:lol:

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...