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Barclays faces paying out £100m over loan errors
by Alex Steger on Sep 17, 2013 at 08:02
Barclays could face paying out up to £100 million to 300,000 loan customers after making mistakes over their paperwork, according to reports.
The Times reported that the bank had incorrectly charged interest to personal loan customers after making mistakes on their paperwork which breached the Consumer Credit Act.
According to the paper the errors go back five years.
The bank has also warned it may have made similar mistakes in its credit card division, Barclaycard.
In the prospectus for a bond, Barclays said it had ‘identified certain issues with the information contained in historic statements and arrears notices relating to consumer loan accounts’.
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