Barclays Offer of a Resolve Loan- Do I take it?

DavesDebts

Hi all,

I have a Barclay loan & have never missed a payment in the few years it has been set up. I used to have a barclays account with a £5000 overdraft. I no longer use this account but am still overdrawn, every month the interest keeps taking me over my limit. Barclays rang me today & established that I have missed a couple of payments on the overdraft facility and after going through a SOA check they've offered me a "resolve loan". Is this a safe thing to be doing? They have said it will not adversely affect my credit rating and is a first step for them to getting their money back before having to look at Debt collection, IVA's & bankruptcy.

The offer is this: Total loan £17888.40* over 10years @ £149.02, 0% APR!

*The amount of the current loan & overdraft combined.

Am I missing something here is there a hidden catch I do not know about? They said I cannot make over payments if my circumstances change but I can request a settlement figure in the future.

Please advise...
Regards

Cash_Flow

DavesDebts wrote: »

Hi all,

I have a Barclay loan & have never missed a payment in the few years it has been set up. I used to have a barclays account with a £5000 overdraft. I no longer use this account but am still overdrawn, every month the interest keeps taking me over my limit. Barclays rang me today & established that I have missed a couple of payments on the overdraft facility and after going through a SOA check they've offered me a "resolve loan". Is this a safe thing to be doing? They have said it will not adversely affect my credit rating and is a first step for them to getting their money back before having to look at Debt collection, IVA's & bankruptcy.

The offer is this: Total loan £17888.40* over 10years @ £149.02, 0% APR!

*The amount of the current loan & overdraft combined.

Am I missing something here is there a hidden catch I do not know about? They said I cannot make over payments if my circumstances change but I can request a settlement figure in the future.

Please advise...
Regards

On the face of it I would grab it with both hands but you do need to get their offer in writing.

Are you sure they have offered you the reslove (consolidation) loan @ 0%?

Cash_Flow

DavesDebts wrote: »

Hi all,

I have a Barclay loan & have never missed a payment in the few years it has been set up. I used to have a barclays account with a £5000 overdraft. I no longer use this account but am still overdrawn, every month the interest keeps taking me over my limit. Barclays rang me today & established that I have missed a couple of payments on the overdraft facility and after going through a SOA check they've offered me a "resolve loan". Is this a safe thing to be doing? They have said it will not adversely affect my credit rating and is a first step for them to getting their money back before having to look at Debt collection, IVA's & bankruptcy.

The offer is this: Total loan £17888.40* over 10years @ £149.02, 0% APR!

*The amount of the current loan & overdraft combined.

Am I missing something here is there a hidden catch I do not know about? They said I cannot make over payments if my circumstances change but I can request a settlement figure in the future.

Please advise...
Regards

I don't understand that either as I would of thought it would be in Barclays interest to allow you to over pay.