Barclays Bank unsecure loan

rony03

can anyone help me

A couple of years ago we went on holiday to Tenerife where we went to a timeshare meeting (idiots)
Where we was talked into buying 3 timeshares, we were told these were to be sold in 17 months time for profit and every one will be happy. (not)
Within minutes I was given a unsecure loan from Barclays for £22000 and my partner was given a smaller one to make up the difference of the loan.
When we came to sell the time shares through the selling company we found out we have been scammed and they are not interested in selling these but only interested in the maintenance fees that will be paid every year till we die and then passed on to our next of kin,
me and my partner have now separated and I am left with the loan to pay.

Is there a legal way I can get this loan reduced as I dont think this loan should have been given to us within minutes of apply for it with no checks and no way of them getting there money back if I cant pay.

please help
this is my first time on here so please bare with me if I have done something wrong

[Deleted User]

rony03 wrote: »

Is there a legal way I can get this loan reduced as I dont think this loan should have been given to us

Did you tell this to Barclays when applying for the loan?

HappyMJ

rony03 wrote: »

can anyone help me

A couple of years ago we went on holiday to Tenerife where we went to a timeshare meeting (idiots)
Where we was talked into buying 3 timeshares, we were told these were to be sold in 17 months time for profit and every one will be happy. (not)
Within minutes I was given a unsecure loan from Barclays for £22000 and my partner was given a smaller one to make up the difference of the loan.
When we came to sell the time shares through the selling company we found out we have been scammed and they are not interested in selling these but only interested in the maintenance fees that will be paid every year till we die and then passed on to our next of kin,
me and my partner have now separated and I am left with the loan to pay.

Is there a legal way I can get this loan reduced as I dont think this loan should have been given to us within minutes of apply for it with no checks and no way of them getting there money back if I cant pay.

please help
this is my first time on here so please bare with me if I have done something wrong

You can go onto a DMP if you can't pay the monthly payments.

Post a statement of affairs on the debt free wannabe forum to get some help.

Fruit_and_Nut_Case

rony03 wrote: »

this is my first time on here so please bare with me if I have done something wrong

Welcome to MSE :wave:

We are always nice to Newbies. It's part of the Code of Conduct. That doesn't mean to say that you're guaranteed to like the advice that you get.

And there's really no need to get naked

PeacefulWaters

rony03 wrote: »

Where we was talked into buying 3 timeshares, we were told these were to be sold in 17 months time for profit and every one will be happy. (not)

I suppose you now realise that if short term property profit was guaranteed they'd not have been letting you share in it, but keeping it to themselves.

Within minutes I was given a unsecure loan from Barclays for £22000 and my partner was given a smaller one to make up the difference of the loan.

Key question:

Was the loan something where the money could only be used for timeshare purchase?

Or was it a non-conditional loan where you could use the funds for any purpose?

Is there a legal way I can get this loan reduced as I dont think this loan should have been given to us within minutes of apply for it with no checks and no way of them getting there money back if I cant pay.

I struggle to comprehend "I don't think we should have been given the loan". You don't know what checks were done. Are you suggesting you applied using misleading information that shouldn't have stacked up if it was verified?

If you want to get out of the debt in a legally acceptable way that doesn't destroy your credit files then Section 75 protection of the Consumer Credit is your best hope - addressing your claim to Barclays.

1) The loan agreement needs to be specifically linked to the timeshare purchase.

2) You need to be able to demonstrate that there is a clear breach of contract on behalf of the timeshare company, which can include misrepresentation.

Have a read:
http://www.moneysavingexpert.com/shopping/section75-protect-your-purchases

Pixie5740

rony03 wrote: »

Is there a legal way I can get this loan reduced as I dont think this loan should have been given to us within minutes of apply for it with no checks and no way of them getting there money back if I cant

No there isn't a legal way to get your loan reduced. Barclays (for once) haven't done anything wrong. You applied for a £22k loan, they credit scored you and deemed you to be eligible for the loan. The credit score was the check.

All lenders take the risk that loans might not get repaid, you are no exception to this.

Presumably when you took out the loan you could afford the repayments.

I think you're barking up the wrong tree by trying to blame Barclays. You were nieve and believed a timeshare salesman and you already know this. I think you should focus on getting rid of the timeshares, cut your losses and chalk this up to experience.

rony03

Deleted_User wrote: »

Did you tell this to Barclays when applying for the loan?

This loan was organised by the timeshare people in this case Silver point at the time of the meeting

rony03

Was the loan something where the money could only be used for timeshare purchase?


the loan was organised by the timeshare people the time of the meeting

rony03

just found this on website, cant at the moment post links

Timeshare victims represented by Stewarts Law unite to sue Barclays

PeacefulWaters

Here's the link you refer to:
http://www.stewartslaw.com/timeshare-victims-represented-by-stewarts-law-unite-to-sue-barclays.aspx

Contact Barclays, requesting a full refund under S75. See what happens.

forgotmyname

What puzzles me is how they can pass the agreement onto their children? So if my parents had a timeshare the bills pass onto me.

It states non payment will be chased through the courts. Is that in Spain or the UK?