Barnsley Fixed rate bond closure

hammersfan1

Hi,

I have a 1 year fixed rate bond with the Barnsley building society and I want to withdraw my money from it. I have just been made unemployed and I need to get access to this money. I have £31,500 invested in this bond.

On their T&C's it says that it can only be withdrawn in the circumstances of critical or terminal illness, death or by court order.

Is there anyway around this?

Kind regards,

John

oldvicar

Plan a charm offensive and appeal to the good nature of senior executives.

Live frugally on any credit cards you have until the money can be used to repay.

calypso_rhapsody

You can only hope that they will make an exception in the circumstances of 'hardship' - they are not bound to do so but there have been reports on this site of some banks/building socs doing so.

Good luck!

Brian_Bullocks

hammersfan1 wrote: »

Hi,

I have a 1 year fixed rate bond with the Barnsley building society and I want to withdraw my money from it.

When did you open it, and how long before it matures?

hammersfan1

Brian_Bullocks wrote: »

When did you open it, and how long before it matures?

Unfortunately, I only opened it last month and it doesn't mature until the end of November 2012. Everything was going so well and then I got hit with the job loss. Silly to tie up the money I know. What would be the best way of expressing hardship? letter, phone etc

Brian_Bullocks

hammersfan1 wrote: »

What would be the best way of expressing hardship? letter, phone etc

If you have a branch nearby, make an appointment with the manager. Otherwise write to head office. You have got to show them your out-goings...mortgage etc., and how being unemployed could force you to fall behind payments and lead to default and repossession.

hammersfan1

Brian_Bullocks wrote: »

If you have a branch nearby, make an appointment with the manager. Otherwise write to head office. You have got to show them your out-goings...mortgage etc., and how being unemployed could force you to fall behind payments and lead to default and repossession.

Thanks for the advice. I have sent a letter explaining the situation and basically begging them to release the funds.

hammersfan1

Just thought I'd give you an update. After sending my letter yesterday, the Barnsley Building Society have allowed me to make a withdrawal from the bond today and I will get the funds in my current account on Thursday. They said I had to keep at least £1000 in the bond so I withdrew £30,500.00. Good result and thanks to everyone for their advice.

John

le_loup

Well done to the BBS. Nice to hear.

newDude

hammersfan1 wrote: »

Just thought I'd give you an update. After sending my letter yesterday, the Barnsley Building Society have allowed me to make a withdrawal from the bond today and I will get the funds in my current account on Thursday. They said I had to keep at least £1000 in the bond so I withdrew £30,500.00. Good result and thanks to everyone for their advice.

John

Well done Barnsley :beer:
Hope you can find alternative employment soon.

ffacoffipawb

hammersfan1 wrote: »

Just thought I'd give you an update. After sending my letter yesterday, the Barnsley Building Society have allowed me to make a withdrawal from the bond today and I will get the funds in my current account on Thursday. They said I had to keep at least £1000 in the bond so I withdrew £30,500.00. Good result and thanks to everyone for their advice.

John

Very decent of them - did you have to pay a penalty?

Also did you need to withdraw that much - would you spend that on living in 11 months?