Barclays overdraft termination

JodieUK

Hi
I was wondering if someone could give me a bit of advice. I have debts which although a struggle I have been able to keep making payments to, mostly thanks to a gift of 12k from my parents which wiped out half of them. I pay my minimum payment on one remaning credit card and have two personal loans. When I was a student I stupidly took out two student accounts with large overdrafts 1600 with barclays and 2000 with natwest. These are now graduate accounts and interest free. Due to this I have just paid small amounts now and again to keep the account ticking over in the hope they wont ask me for the cash back.
In May 2008 I lost my job suddenly, no excuse but as I had worked for Barclays previously I knew that they will pay out cash at a cash machine despite the funds not being available and that the charges would be relatively low with it bein a graduate account. i think its wrong that they do this but hold my hands up i knew what i was doing but needed cash. I managed over the space of a couple of weeks to get £300 of money i didn't have. Barclays twigged and sent letters however, due to the customer service staff not changing my address properly when i had moved (i had requested they do this and have complained that it wasnt) the letters sat at my parents property until weeks later when they forwarded them on. It originally asked for the £300 to be paid and ended with the overdraft facility being taken away from me. now they want the full amount. I obviously dont have it and whilst i am in work now im stretched to the limit. i have contacted the cccs but they have said i need to stop paying ALL my creditors and then make smaller affordable payments via them. It might sound stupid but i don't want to do that as the other bills get paid on time every time. I phoned barclays gave them my cccs reference number and told them i was discussing my options (last week). Today i get a letter from them with notice of termination. They had tried to push me to convert it to a loan, but the payment is unaffordable. i know its my own fault but I have gone from a 0% overdraft to this and ideally want the facility back, with which I will pay smaller payments to reduce in my own time.
this a bit long winded sorry, but i would love it if someone could suggest something for me, barclays wont budge but if they had changed my address in teh first place i would have got the letters and tried desperatly to find/borrow £300 to avoid this.
Any advice on what to do? Once my agreement is terminated is there no negotiation now?

MyLastFiver

Sorry Jodie but there's no way they're going to give you your overdraft facility back.

Your best option as far as I can see is to offer them instalments of whatever you can afford. A fiver a month or whatever.

JodieUK

Thought as much, thanks though!

demotw

MyLastFiver wrote: »

Sorry Jodie but there's no way they're going to give you your overdraft facility back.

Your best option as far as I can see is to offer them instalments of whatever you can afford. A fiver a month or whatever.

not true, speak to our consumer finance team (debt management) they will arrange a overdraft for you to cover where the account is currently. They will then arrange a payment plan with you which will help reduce the overdraft down to its previous levels. Now comes the tricky part, either they will say you will need to reduce it to 0 and keep the payments in place until this happens, or they will allow it to remain where it was, the debt management team will decide this for you. I think its 0845 3000442 off the top of my head, else just ring 08457 555-555 and ask to be put through to debt management (and no the debt management team are not in india).

MyLastFiver

demotw wrote: »

nspeak to our consumer finance team (debt management) they will arrange a overdraft for you to cover where the account is currently. They will then arrange a payment plan with you which will help reduce the overdraft down to its previous levels. Now comes the tricky part, either they will say you will need to reduce it to 0 and keep the payments in place until this happens, or they will allow it to remain where it was

This is great news if it is true. If it is true, why was the customer not offered this earlier on in her dealings, instead of being issued notice of termination, having the full balance demanded, and coerced into an expensive loan?

Good luck pursuing this avenue Jodie - let us know how you get on.

demotw

MyLastFiver wrote: »

This is great news if it is true. If it is true, why was the customer not offered this earlier on in her dealings, instead of being issued notice of termination, having the full balance demanded, and coerced into an expensive loan?

Good luck pursuing this avenue Jodie - let us know how you get on.

termination notice is a standard letter if we havent recieved a reply from someone. Once this has been issued all is not lost however, barclays would rather retain the customer then lose them, which is why debt management is there. I have dealt with plenty of these in my times as personal banker and as branch manager so dont feel this is the end Again debt management 0845 3000442 option 3 i believe.