Sakamuka

sakamuka

Hi, Iwas most impressed with Martins appearance on GMTV this morning advising how we can beat the banks. Even more so because I am in the middle of challenging Barclays bank at the moment over a "Self Appreciation Mortgage (SAMS)" sold to my late father in the late 90's.
I'm looking for advice on how you think I should proceed? I'll try to keep the message brief, but basically my father took out a SAM with Barclays in 1999 for £15,750 when they valued his property at £64,000. On his death (last year), to repay the loan I needed to pay £85,000 as the loan was directly linked to the current value of his property. I bitterly argued to Barclays that this constituted extortionate credit as the mark up on the origal loan was exorbitant. this in itself constitutes usuary and excessive credit terms. Basically I got nowhere as they held the deeds and therfore the ace hand. I continued to complain but eventually paid the money in full although I was prepared to make an out of court settlement for £70,000 (which I felt was most generous on my behalf - but still got nowhere). Having paid the £85,000 I recieved the title deeds on sold the property on.
Then for some reason Barclays managed to pay the £85,000 back to me in full!! Some weeks later they picked up on this and requested the money back. As they applied a little pressure with the prospect of debt recovery agencies getting involved I agreed to repay them £70,000 (as I had originally suggested as a settlement figure), and promptly did so. I am now sitting on the remaining £15,000 refusing to pay it back as they no longer have the lever over me as they did so previously. Barclays have since "respectfully advised me to seek advice from the FOS" which to date I have ignored (if they are advising me to go to them. it smells of a rat to me!).
Do you think I have any scope with this....or do I need to repay the £15,000?
ANY advice greatfully received, Regards, Sakamuka.

dunstonh

Barclays have since "respectfully advised me to seek advice from the FOS" which to date I have ignored (if they are advising me to go to them. it smells of a rat to me!).

They have no choice but to recommend the FOS if you disagree with Barclays. You have 6 months to do this from the final outcome with Barclays or you time out.

Do you think I have any scope with this....or do I need to repay the £15,000?

Currently, you are holding on to £15,000 illegally. What Barclays do next we wont know but I would bet they will take action against you to get it and a judge will almost certainly agree with them. Your dispute relates to a different matter (although linked) and that doesnt allow you to hold this money.