Barclays Loan Defaulted 3 months ago

jeremiah83

Hi all,

I have a £16k barclays loan that I was paying off for 2 years but since I lost my job last Autumn, I had to stop paying as I could not afford it anymore.

I get calls every single day from one of their operators looking for payment and has previously taken payment directly from my account as money has come in.

In the meantime I've sold my property which has £40k in equity and I am about to complete on it. I am now worried that when the funds hit my account (also with barclays), the bank will take the full loan amount back.

Is this possible, are they allowed to do that? Can I get some kind of protection against such a thing happening?

Brock_and_Roll

jeremiah83 wrote: »

Hi all,

I have a £16k barclays loan that I was paying off for 2 years but since I lost my job last Autumn, I had to stop paying as I could not afford it anymore.

I get calls every single day from one of their operators looking for payment and has previously taken payment directly from my account as money has come in.

In the meantime I've sold my property which has £40k in equity and I am about to complete on it. I am now worried that when the funds hit my account (also with barclays), the bank will take the full loan amount back.

Is this possible, are they allowed to do that? Can I get some kind of protection against such a thing happening?

Yes they can. The loan will have a right of "set off" under their standard terms & conditions.

Do you have other debts?

McKneff

Are you going to buy another house then. If so, you will have a job getting a mortgage with such a recent default.


If not, why don't you just pay the debt off.

JKSandy

Open a basic account with another provider and have the money paid in there.

You will need to face up to your debt and start a payment plan with Barclays, I doubt they will not pursue that amount of money in a court.

DCFC79

You will have to repay the debt at some point whether now or later, why not pay it off and your calls from them will stop.

I now what I would do if it were me.

Apples2

What possible basis do you have for not repaying your loan with Barclays?

You are soon to have £40k cash but are only prepared to drip feed them at your will?

chanz4

pitter patter......whats that small green person

happy_bunny_2

jeremiah83 wrote: »

Hi all,

I have a £16k barclays loan that I was paying off for 2 years but since I lost my job last Autumn, I had to stop paying as I could not afford it anymore.

I get calls every single day from one of their operators looking for payment and has previously taken payment directly from my account as money has come in.

In the meantime I've sold my property which has £40k in equity and I am about to complete on it. I am now worried that when the funds hit my account (also with barclays), the bank will take the full loan amount back.

Is this possible, are they allowed to do that? Can I get some kind of protection against such a thing happening?

Your only protection is not putting any money into the Barclays account.

They have a right to offset, which is what they have done. They should not take all your money for mortgage, food etc, but it's easier to get a new account ASAP.

If you gave 40k, paying it back will be best for all in the longer term.

imoneyop

chanz4 wrote: »

pitter patter......whats that small green person

I've been thinking that about a number of recent newbie posts.

I've noticed recently a lot of newbiew posting with silimar Avatars. This one for example



As you can see, it's years since I joined, but does MSE give an selection of avatars for people to chose or is there something strange going on?

ETA: I've answered my own question - there is a choice of default avatars.

bigadaj

imoneyop wrote: »

I've been thinking that about a number of recent newbie posts.

I've noticed recently a lot of newbiew posting with silimar Avatars. This one for example



As you can see, it's years since I joined, but does MSE give an selection of avatars for people to chose or is there something strange going on?

ETA: I've answered my own question - there is a choice of default avatars.

Yes but to be fair the username for that poster was Big Ben.