Barclays - the bank with the computer that says NO

jollygoodjo

Hi

Wondering if someone can give me any hints. I am in the process of facing up to my continually spiralling debt and have been having lots of help with the lovely Justine at the Debt Advice Foundation ( I would recommend them). One of the options open to me was a DMP but this would drag my partner into things and the debt I have run up is mine and thats the way I want it to stay.

I decided to try and sort this myself so phoned some of my credit card companies who have been brilliant. They have frozen the interest and lowered my payments. Some of the companies wont help me until I fall behind with my payments (how stupid is that).

The next people to tackle was my bank. I currently have 2 large overdrafts which are constantly maxed out and generally over their limit. What I wanted to do was open up a basic bank account and move all direct debits to that one so at least I had one account under control. Then I wanted the bank to freeze the interest and fees and let me pay off a bit a month. I phoned them and was told cant help. Phillip the man in the accounts section basically was rude and very unhelpful. Undeterred I thought I would make an appointment and go into my branch. Rashida the personal banker was very helpful and advised me of two roots, a payment plan or a homeowner loan. As I have no equity in my home and dont really want to get more debt I said I would like to see about the repayment plan. She called through to the relevant department who would not help and would not be open to my suggestion. He suggested I take out a loan. I explained that the debt is now having an impact on my health and I am seeking councilling to help with this and my ongoing debt problems. They just did not want to know.

Is it worth continuing down this road - should I right in?. Has anyone had any success with this. The only thing I have managed to do is open a basic bank account

Any advise would be gratefully received

Thanks

Jo

bengalknights

Coop offer basic bank accounts as well as hsbc if you dont have debts with either, they both generally give them straight away.

ses6jwg

I think the general advice is that you should not bank where you hold debts.

However the downside here is that your debt with Barclays is in the form of overdrafts. These are repayable on demand and if you stop paying your income into the account they may choose to withdraw your arranged facility and demand immediate repayment.

IrishGypsy

ses6jwg wrote: »

I think the general advice is that you should not bank where you hold debts.

However the downside here is that your debt with Barclays is in the form of overdrafts. These are repayable on demand and if you stop paying your income into the account they may choose to withdraw your arranged facility and demand immediate repayment.

Perhaps he could still pay the salary into his Barclay's account but then have a standing order/faster payment set up to immediately dispatch it to another account? It may show up as a credit to the account still, fooling them into keeping his overdraft for that little bit longer.

ses6jwg

Provided your credit rating isn't already in ruins, you need to focus on shifting the debt to it's cheapest form if you still can.

That means matching your ODs at 0% with another provider.

Transferring your credit cards to 0% cards.

CLAPTON

jollygoodjo wrote: »

Hi

Wondering if someone can give me any hints. I am in the process of facing up to my continually spiralling debt and have been having lots of help with the lovely Justine at the Debt Advice Foundation ( I would recommend them). One of the options open to me was a DMP but this would drag my partner into things and the debt I have run up is mine and thats the way I want it to stay.

I decided to try and sort this myself so phoned some of my credit card companies who have been brilliant. They have frozen the interest and lowered my payments. Some of the companies wont help me until I fall behind with my payments (how stupid is that).

The next people to tackle was my bank. I currently have 2 large overdrafts which are constantly maxed out and generally over their limit. What I wanted to do was open up a basic bank account and move all direct debits to that one so at least I had one account under control. Then I wanted the bank to freeze the interest and fees and let me pay off a bit a month. I phoned them and was told cant help. Phillip the man in the accounts section basically was rude and very unhelpful. Undeterred I thought I would make an appointment and go into my branch. Rashida the personal banker was very helpful and advised me of two roots, a payment plan or a homeowner loan. As I have no equity in my home and dont really want to get more debt I said I would like to see about the repayment plan. She called through to the relevant department who would not help and would not be open to my suggestion. He suggested I take out a loan. I explained that the debt is now having an impact on my health and I am seeking councilling to help with this and my ongoing debt problems. They just did not want to know.

Is it worth continuing down this road - should I right in?. Has anyone had any success with this. The only thing I have managed to do is open a basic bank account

Any advise would be gratefully received

Thanks

Jo

I am amazed and shocked that the Debt Advice Foundation told you that your partner needed to be involved with a DMP (unless of course you have joint debts.

I'm also amazed and shocked that the DAF didn't tell you to open an accountwith a bank with which you have no debts and make sure your income goes there asap.

I would suggets you go over to the debt free wannabe board and post up your full details

and contact CCCS and get an alternative view

Thrugelmir

jollygoodjo wrote: »

One of the options open to me was a DMP but this would drag my partner into things and the debt I have run up is mine and thats the way I want it to stay.

Perhaps a little open talking might help. Before matters come to a head in some way.

happy_bunny_2

I agree with CLAPTON, DFW board will help and CCCs are a good option.

happy_bunny_2

jollygoodjo, best post on the Debt Free Wannabe forum, they will offer some advice