Barclays Resolve Loan

blueasblue

Hi all,

Would really appreciate some advice.

When I was a student I had an overdraft with Barclays. After I was finished my education a branch advisor told me that I have to change my overdraft to one of their "Resolve Loans" as I was no longer a student. I clearly remember her being firm about this switcha and saying that there was no other way.
Any way 5 years down the road I got very ill and was off work for a year and a half, being freelance my income was non existent but me being me I continued to pay the repayments (which barely cover the extremely high interest).
Im slowly (very slowly) getting my health back but have financially become a pauper. I very kindly wrote a letter to Barclays explaining my full situation and asked if they would place a hold on my replayments up until July 2011 and not charge me interest. Due to me being a helping hand in bailing the Banks out and also having been with them since school and keeping up repayments like clockwork I thought they would be sympathetic.
Today I recieved a letter stating No they wouldnt be prepared to no recieve my repayments and No they wouldnt be stopping the interest. They go on to say *FAILURE TO RESPOND TO THIS LETTER MAY RESULT IN FURTHER ACTION BEING TAKEN BY THE BANK.

My immediate thoughts were *Negative words here*

Then I remembered this site and thought id liase with the "MSE Movement" and see if I can get some nuggets of info.
Incidentally I have been given the details of debtfree website by a friend but is this the way to go?

Any advice would be much appreciated.
Much obliged

*Btw I know someone will say the woman at Barclays didnt hold me at gun point to sign for the loan but I cant express how much she actually did do. She was very stern about me changing and saying I had absolutely no other options. Being a young student I suppose I was entrusting back then which is such a sorry shame as I see it all stem deeper nowadays.. I see young lads in my area barely left their teens who have financial nooses forming around their necks because they are not being guided right by Englands long standing establishments.. where did it all go so rubbish?

Apples2

Sorry but if it were that simple to freeze payments for a year and freeze interest, the queue would be miles long with people who simply "fancy a break from it all".

This is not limited to Barclays, pretty much all lenders will not entertain any other options than normal, until you go into default.

I tip my hat to you for at least acknowledging the fact that no-one put a gun to your head. You could have obtained a loan from anywhere in the free market.
The problem with overdrafts (of all kinds) is that they can be withdrawn at a moments notice.

Anything you attempt to do to reduce your payments will likely have adverse effects on your credit rating so tread with caution. Think of the next 6yrs and lack of any credit if you fall into default.

Maybe consider applying for a loan to clear this lot over a longer period. It may well cost more in the long run but at least your credit rating will remain intact.