Barclays offer - am i missing something?

[armyspecial]

Hi,

I received an offer today from Barclays which was nice, but reading further down the paperwork I'm sure there is something wrong?

To keep it as short as possible, my original loan was 33k, added to this was 8k ppi loan, so total amount of loan was 41k. I have been repaying 340 per month since May 2008.

Barclays have offered me a refund of 9289.00, BUT the calculations for my new repayments don't seem correct?

The say my outstanding loan amount is 50k, and my new monthly repayment after the refund will be 672. So, I get a 9k rebate but end up with a loan 17k larger then I initially took out and over double the monthly payments??? I have statements that clearly show the current balance as 39k and the original loan amount is not shown on any of the offer paperwork.

Is there any way this could be correct? I have not contacted Barclays yet but surely they don't make mistakes like that?

Hope someone can help.

Thanks.

[di30]

Re: Barclays offer - am i missing something?

Hi and welcome to Legal Beagles.

First of all well done on your success.

If never sure on how they worked out the calculations and how they got to the balance of the loan, then it's always best to ask them to send you a detailed breakdown. They should send you this on request.

In my opinion the balance on the loan should be reduced after refund, but maybe one of the other folks here will have an opinion on this and post in due course.

[Turboman]

Re: Barclays offer - am i missing something?

Hi--I will calculate for you

Can you post:

Loan Amount for cash advance
Loan Amount for PPI Loan
Mthly payment just for Cash Advance Loan at outset
Mthly payment just for PPI SPI Loan at outset
Date of first payment
Number of months Contracted on Agreement
Number of payments made so far
Details of CURRENT MONTHLY PAYMENTS
Any months missed + Arrears amounts to date
Latest Balance outstanding you have + date of that balance
+ any offer info you might have

Turbs

[shell]

Re: Barclays offer - am i missing something?

Hi Army and welcome.

First of all lets get one thing straight, Barclays DO make mistakes like that. Whether deliberate or not is open to debate.

There is no way your monthly repayment should have gone up unless you have shortened the term of the loan. It should have gone down as you are no longer paying PPI and interest on said PPI. Even though at the start of the loan you just seem to pay interest the base amount shouldn't have gone up.

I think Barclays is having a laugh.

Oh and Turbo will work it out for you.

[armyspecial]

Re: Barclays offer - am i missing something?

Thanks Turbo,

Cash loan 33,000
PPI loan 8081
Date of agreement 15/5/08
Monthly repayment 340.31 (cash and ppi not shown separately)
First payment June 2008
Term 25 years
No arrears. Never missed a payment.
Current monthly repayment 340.31
Loan balance as of May 2011 (last statement) 39430.30.
Interest charged to the loan on a monty basis currently 287.70.

Hope this is all you need?

Thanks.

[leclerc]

Re: Barclays offer - am i missing something?

Thanks Turbo,

Cash loan 33,000
PPI loan 8081
Date of agreement 15/5/08
Monthly repayment 340.31 (cash and ppi not shown separately)
First payment June 2008
Term 25 years
No arrears. Never missed a payment.
Current monthly repayment 340.31
Loan balance as of May 2011 (last statement) 39430.30.
Interest charged to the loan on a monty basis currently 287.70.

Hope this is all you need?

Thanks.

APR quoted?
Is this a flexible or fixed rate loan?

[armyspecial]

Re: Barclays offer - am i missing something?

9.2% annual interest rate which is flexible.

[Turboman]

Re: Barclays offer - am i missing something?

Thats great

Number of payments made to just before the offer?

Will be on your case in 1 hour-ish

[armyspecial]

Re: Barclays offer - am i missing something?

I make it 31 payments prior to the offer.

[Turboman]

Re: Barclays offer - am i missing something?

Ok---I'd lost my master spreadsheet-lol

Bill just sent me a copy--be on after tea around 7:00----we got all the stuff we need-

[TUTTSI]

Re: Barclays offer - am i missing something?

Hi Armyspecial and welcome to Legal Beagles.

It certainly does not sound correct that they would refund the PPI and then increase your loan- as Di says you need a complete breakdown from then of how they are reaching their figures.

Your PPI refund is obviously £8k + interest paid to date.

Your Loan is £33K less interest and capital paid to date.

Hi,

I received an offer today from Barclays which was nice, but reading further down the paperwork I'm sure there is something wrong?

To keep it as short as possible, my original loan was 33k, added to this was 8k ppi loan, so total amount of loan was 41k. I have been repaying 340 per month since May 2008.

Barclays have offered me a refund of 9289.00, BUT the calculations for my new repayments don't seem correct?

The say my outstanding loan amount is 50k, and my new monthly repayment after the refund will be 672. So, I get a 9k rebate but end up with a loan 17k larger then I initially took out and over double the monthly payments??? I have statements that clearly show the current balance as 39k and the original loan amount is not shown on any of the offer paperwork.

Is there any way this could be correct? I have not contacted Barclays yet but surely they don't make mistakes like that?

Hope someone can help.

Thanks.

[Turboman]

Re: Barclays offer - am i missing something?

I make it 31 payments prior to the offer.

That would mean offer was 15/12/2010

Do you mean 43?

[armyspecial]

Re: Barclays offer - am i missing something?

Offer wzsas received this month but this months payment has not left my account yet.

[Turboman]

Re: Barclays offer - am i missing something?

Offer wzsas received this month but this months payment has not left my account yet.

so you agree with 43--ie 1/6/2008 to 1/12/2011

not 31

[armyspecial]

Re: Barclays offer - am i missing something?

Sorry, yes, I missed out 2011. It's 43.