Please help - Barclays want money I just havent got

nugget08

Iwonder if anyone can help. I have an old overdraft from an old Barclays bank account which after about 3 years they suddenly have called in. I have explained to them that I am happy and committed to paying this back, but because of other debts etc, I can only pay £50 per month. I have been doing this since Jan 08, faithfully and on time paying them £50 per month. I dont use this account anymore, so all I am doing is paying them back.

However, now they have said they can no longer accept £50 a month as it would take too long to pay it back and their 'computer cant accept it'. They are saying they want back at least £150 per month. I have tried to explain to them many times I simply cannot afford £150 a month due to my other outgoings. they have basically given me one other option - I have a barclayloan I am paying back and its due to finish in Jan 09. I am so desperate to get shot of this debt as its cost me a fortune, and it will co-incide nicely with me going on maternity leave. They are offering to consolidate the overdraft (approx £600) into the existing loan. Its either that or pay back what I simply cannot afford.

I have no credit cards in which I can switch the overdraft to, and I absolutely refuse to do this consolidation - the one good thing about my debts is that one of them will finish in 6 months.

I simply cannot understand why theyre being like this - surely £50 a month is better than nothing ? they can see ive paid back 6 months of it already on time with no problems, why will they not be more flexible. Should I approach the citizens advcie bureau and ask them to negotiate on my behalf?

Im really worried about this - they are just threatining me all the time, and I just want shot of them. any ideas?

RAS

Nugget

Regardless of anything else, asking a creditor to take on additional debt or swap one form of debt for another is against OFT Guidelines. And they are not allowed to force you to pay more than you can afford.

Soory for Barclays but those are the rules. Link will follow.

I would suggest that you start by ending them a letter advising that all further comms will be in writing.

nugget08

wow - thats great advice. thank you. I thought it sounded a bit underhand, as all the advice is always - if youre having trouble talk to your bank etc. so when I did they just dont want to know/care. if you have any further advice on this I would be grateful as I will send them a letter.

RAS

Hoping this link still works

http://www.oft.gov.uk/shared_oft/bus...dit/oft664.pdf

Read and digest, re not respecting your prefered means of communication and increasig indebtedness.

A couple of other useful links.

Find out what rates you are paying on the OD and the loan and see what the situation is by using the snowball on www.whatsthecost.com. It may be the the loan is at a lower APR than the loan?????

Do you have anything you can sell on e-bay, amazon or take to a car boot sale to knock a bit off the OD

Have a look at this lin and put up your Statement of Affirs to see if there is anything you can do to improve your finances. See here for how

Go over to the freebies section of the forum and sign up for all the mother and baby stuff.

Check out up your income section above

And sign up for www.freecycle.org if you do not already know it, as there is lots for mother and baby stuff there for free - like e-bay but you only have to pay the cost of collecting the goods.

tallyhoh

All they are trying to do is sell you another loan. All this crap about the computer not accepting it is tripe, its a cheap gimmicky salesmans trick.

Continue to send £50 per month & tell them they have 2 options, take it or leave it. They will take it.

linniestorm

It does sound very much as though they are trying to squeeze a bit more interest out of you like the others have said. Is it right you only have £600 left on the overdraft? So at £50 a month that's 12 months. If Barclays bank can't manage without £600 for 12 months they're in a very bad way indeed, especially as I'm sure they have plenty of customers make far lower payments against their debts than yourself!!

Stand firm!!!! If they keep harrassing you about extending your loan might be worth mentioning you're considering complaining to the Financial Ombudsman Service. Might not shut them up but if it doesn't you could always actually complain!!!

nugget08

thank you all so much for your advice - unfortuantely I have nothing I can sell - I did try to sell my wedding dress on ebay and in the papers but no-one was interested. Apart from that I have little enough clothes and shoes as it is ( one pair of jeans and two pairs of shoes ) so I can do anything at a a car boot sale either. (i didnt get into debt by shopping at Chanel, I can tell you that!)

There is only £600 left on the overdraft, so it should take another year to pay off at £50 amonth - hopefully as some of my other expenditure decreases ( we are trying to sell our house, which will stop me paying out at leats £150 a month in diretc debits for mortagage insurance and the like) then i will be able to pay a bit more.

thank you - you have given me the strength to take them on.

THE_LONE_RANGER_4

pay what you can afford only no more have you looked at claiming your bank charges back ?

Bismarck

"the computer can't accept it" is a cracking lie.... I wonder if that's on a recorded phone call?

l like the thought that they're so desperate for your money that they just can't wait....especially when they're being so free and easy with their additional reserve overdrafts....

nugget08

I am currently starting the process of reclaiming my Abbey bank charges, but hadnt thought about reclaiming any Barclays charges because of all this nonsense - I thought I should really try to 'keep them onside' so to speak. Perhaps once ive paid off this overdraft and closed the account, I should then try to claim ?...

thank you for your advice - I am just disgusted at the way they have treated me. and exactly - trying to say to me that ' they cant possibly accept less then £150 a month' - theyre Barclays for petes sake!!

I will pay this months £50 and then I intend to change my phone number -
last time they tried to hassle me they called me at 8.30am on a saturday morning and 9am on a sunday morning -Egg like this trick as well. I will also send a letter conforming I will only be paying £50 and they will have to take it. I will include a SOA so they can see my expenditure each month and also tell them I will only communicate in writing.

you would think barclays has much bigger fish to fry than me - but i guess its always the small fry thats easier to catch... (dont know where the fish analogy came from...)

waddy_2

i wonder if them deciding to call in this debt is any thing to do with them needing bailing out (a bit like northern rock) that i heard about recently??
this is quite scary i know as i too have an old graduate overdraft with them from 4 years ago and all i need now is for them to call that in as well!!! interested to know how you get on but like the others have said they should take what you offer. hopefully!