Urgent advice needed....

suzieq

I have just had a letter from Barclays demanding back all the outstanding O/D I have with them (£820), and I'm a bit

Basically, I was paying off £50 a month on a temp O/D, and then they said they would call me last week to do a SOA and turn it into a Resolve loan. And now this. I'm worried because I don't have that money to give to them. It says I either need to speak to them or the CAB - who would be better? I've recently got my credit score back to a decent level, and don't want to jeopardise that now.

I am in the process of claiming back charges from them, but haveonly got to the stage of requesting a list of charges, so that could be a little while yet. Though I know when I do get them back, there'll be plenty to pay this off! :j

Thanks for reading,

Suzie ~x~

skintchick

Suzie - I can't remember your circumstances. Do you have other debts? I'd definitely speak to the CAB, and I'm wondering also about CCCS or similar?

The bank is able to ask for the OD back at any time, but they cannot have money you haven't got.

What are they suggesting you do? turn it into a loan?

THE_LONE_RANGER_4

why have they decided to recall your od i know they have the right but did you go against any thing they said ie wright a chaque etc when you were told not to or incur a charge ? as for them demanding it be repayed well just pay what you can afford and i would open another bank account asap (basic ) just incase they close your account keep one step ahead reguards andrew

ms_london

It might just be a breakdown in communication on their part. I.e. the person you spoke to about the resolve loan is in a different department to the one sending these letters.

Get onto the phone to them now to save yourself from any more worry - I am sure there is a simple explanation!! It is distressing though, so I understand how you are feeling xx

suzieq

Yeah, they were going to turn it into a Resolve loan (I think it's one where they don't charge you interest coz you've struggled with repayments) as I told them I could afford £50 per mth, and they said they would ring me for a SOA to see where my finances lie, then decide how much I could pay per month. Well, they didn't ring me, and now they're demanding the whole lot back, hence why I'm

We have debts, but they're manageable, and have approx £50-100 p/mth left after everything has come out, so we're on the brink of not managing, but as we aware, we're trying to do something about it.

I'm a bit scared about talking to Barclays, though I know they can't take what I haven't got, but I really don't want it to affect my credit rating as I'm going to be put on my OH's mortgage later this year. If I contact the CAB, would I see them in person, or talk to them over the phone?

CLAPTON

I don't know your full circumstances but note you have £15000 of debts.

Normally I would never suggest moving debt to credit cards but are you in a position to move the overdraft to a cc? Unfortunately the bank is entitled to close an overdraft facility although in this case maybe they are trying to punish you for querying your charges.

As already suggested I would open another bank account but do not close your barclay account until after you sorted out the bank charges.
If you are unable to move the overdraft you could try arguing with Barclays that the only reason you have an overdraft is they have improperly made charges on your account and that they should freeze all further action until that matter has been resolved. Have you formally complained about the bank charges as this would put you in a stronger position?

suzieq

The 15k is between OH and I. That's a good point actually Clapton. As I have only recently got my credit score at a good point, I guess I could get a 0% CC and put all the OD onto that, then switch it around the 0% cards until it's paid off (or until I get the money from Barclays). At least then they can't pass the debt onto a recovery agents, or do anything to affect my credit rating.

I have already applied for a Nationwide Flexaccount, and am just waiting for the paperwork to come through the post to sign and send back.

And thinking further about claiming back my charges, they wouldn't yet be aware that I'm preparing to do this, as I have only asked for statements. In effect, it would be better for me to close my account now, as you can still claim these charges back after an account is closed, rather than have them close the account on me and adversely affect my credit.

Any thoughts on this?

CLAPTON

you dont really say why they suddenly wanted to withdraw your overdraft but i see no reason to close the account. my feeeling is that you are better dealing with an open account about getting your charges refunded than with a closed account.. you can simply stop using it once your flex account is opened. in any event if they do close the account, i dont believe this as such would be on your credit record

off topic perhaps, but there's a nice bit on the news about an accountant who has sued LloydsTSB for recovery of this bank charges...he won the court case because they didnot show up in court....he says he's hoping to send the baliffs in to recover his debt!

CLAPTON

oh i forgot, presumably you know all about the bank action group


http://www.bankactiongroup.co.uk/