Compensation from Barclays

jmp1971

Hi,
I recieved a letter today from Barclays stating that they had made an error in information they had reported to the credit reference agencies. They make a point in the letter that this error may have affected how other financial organisations make decisions about my leading. They go on to list a long list of ways and reasons this I could of been turned down for leading. They then state they have enclosed a cheque for £300 as a way of apology. Which they have. At first I was over the moon and happy for the money, but then I thought about it. If they have affected me over a number of years then this £300 is a small amount. In fact why would they just send £300 just like that. I believe they owe a lot money and are trying to see if I would just cash the £300 and that would be the end of it. I think they are trying to sell me short. Please give your views. Has anyone else been in this position? All advise welcome.

jmp1971

jmp1971 wrote: »

Hi,
I recieved a letter today from Barclays stating that they had made an error in information they had reported to the credit reference agencies. They make a point in the letter that this error may have affected how other financial organisations make decisions about my leading. They go on to list a long list of ways and reasons this I could of been turned down for leading. They then state they have enclosed a cheque for £300 as a way of apology. Which they have. At first I was over the moon and happy for the money, but then I thought about it. If they have affected me over a number of years then this £300 is a small amount. In fact why would they just send £300 just like that. I believe they owe a lot money and are trying to see if I would just cash the £300 and that would be the end of it. I think they are trying to sell me short. Please give your views. Has anyone else been in this position? All advise welcome.

Bump bump bump - please help

jonesMUFCforever

What was the error?
When did it happen?
From that time did you apply for any credit and did you get rejected?

stator

If you have used credit (not 0%) in the period they are talking about then yes, you need to think about this carefully.
If you haven't used credit then just take the money and run

If you applied for a loan that had a headline rate of 8% but they offered you the loan at 15% because of your credit score then yes, the consequences could be more significant than £300. If this is the case you might want to get some professional advice.

jmp1971

jonesMUFCforever wrote: »

What was the error?
When did it happen?
From that time did you apply for any credit and did you get rejected?

Hi,
There are no dates given, but I know I've not been able to get any further credit, had a credit agency apply for a ccj and holding on my house ( I was paying but only a nominal payment) due to my low credit rating. My only choice was to look to a credit union for help.

I'm going to ask them the period of time that they are making reference to. They are also offering to pay for two years so I can have free access to my credit report.

jmp1971

stator wrote: »

If you have used credit (not 0%) in the period they are talking about then yes, you need to think about this carefully.
If you haven't used credit then just take the money and run

If you applied for a loan that had a headline rate of 8% but they offered you the loan at 15% because of your credit score then yes, the consequences could be more significant than £300. If this is the case you might want to get some professional advice.

Hi,
Yes I've used credit and I'm in debt. Unable to get further credit and increase my overdraft. I've also can't afford to apply to change my mortgage rate due to poor credit rating, so have been stuck for at least 7 years on a higher rate.

They don't have the period of time in there letter. There is not even a reference number, but there is a number to call for further details. I will see if I can email to get written info of the error and period of time.

Monkeyballs

Hi Jmp,

If you hadn't been struggling with debt then this could have been a different outcome but I think that if you have been having problems and the problems result from several creditors then I doubt you will be able to get any more...

Do what ever action you feel best but I think that it would be difficult to prove that Barclays specifically contributed more negatively in any way more beyond your circumstances.

Beyond that, I recommend you go over to the Debt Free Wannabe forum and post an SOA to see if anyone is able to offer any advice on cost savings

MB

Thrugelmir

jmp1971 wrote: »

had a credit agency apply for a ccj and holding on my house ( I was paying but only a nominal payment) due to my low credit rating.

Then there's good reason why you've been unable to obtain further credit. Nothing to do with Barclays error.

Accept the goodwill gesture and move on.

jonesMUFCforever

I have to agree - take the money and run.
AFAIK credit agencies do not apply for CCJ's - lenders do that if you default.