Barclays said they owe me money but I am not entitled to it. HELP!

Debra2285

I had a Career Development Loan from Barcleys and recently got a letter saying they made errors and charged too much interest. The letter said they owe me over £500. However throughout paying off the loan I had severe money struggles and was paying less then they wanted. Earlier this year a came into a very small amount of money and used it to clear the loan (a settlement of about a third of what I owed). So because of this Barclays have said the £500 has gone towards the rest of what I owed but doesn't that ping the question: I agreed a settlement of a third of the amount which now turns out to be more then a third.

I hope that makes sense and any advice on this would be really appreciated. I would like to know my rights.

Thanks in advance.

missbiggles1

I think you're pushing your luck on that one!

marleyboy

The company has offset the balance towards the debt you owed them, which they are well within their rights to do.

tomtontom

A settlement means they'll stop pursuing you for your debt, it does not mean the debt no longer exists. You can't seriously think you have a right to anything from Barclays?

tomtontom

Debra2285 wrote: »

My fianc! and I are coming into £20,000. We will pay off depts firstly and my fianc! will be looking to get a career going (courses, experience, etc). And we will book ourselves a very much needed holiday. After these things we would be left with about half; £10,000. This is not a huge amount of money so it's not something we can use for proper investments or anything. We are at the age now where we want to start a family and have our own place which is impossible when you live in London. And we are currently living in a shared house paying rent which is completely not what we want to do.

Any suggestions on what we could do with this money? Something that could help us for our future? We want to get away from renting more then anything. Buying a home is our dream. I was even looking at buying a mobile home or a live in boat. Still no where near enough money.

Oh also, our credit rating is horrendous. I had a career development loan which went into red and have been paying off for years. Pete has a credit card which has been in the red as well. So it is great that we will finally be able to pay everything off but our credit score will be bad for about five years after.

Any advice at all, even strange ideas would be so helpful!

Thanks in advance!

You had the funds to fully pay off the loan but chose not to. Now you want them to give you money.

Some people have *very* odd values.

Debra2285

tomtontom wrote: »

You had the funds to fully pay off the loan but chose not to. Now you want them to give you money.

Some people have *very* odd values.

I sent that question before I came into any money. £20,000 was an estimate and we ended up getting a fraction of that which I used to clear all my depths. I definitely did not have the funds to clear it fully. After clearing my debts I was completely broke again and in the forseeable future will never get out of shared accommodation.

Some people are stupid enough to make assumptions when they don't know the full details.

tomtontom

Debra2285 wrote: »

I sent that question before I came into any money. £20,000 was an estimate and we ended up getting a fraction of that which I used to clear all my depths. I definitely did not have the funds to clear it fully. After clearing my debts I was completely broke again and in the forseeable future will never get out of shared accommodation.

Some people are stupid enough to make assumptions when they don't know the full details.

You're possibly not in the best position to be calling others stupid.

Good luck with your future

Debra2285

Just so we are all clear, I had an account with Barclays since I was under 16 and they used to lure me into paying for extras, credit cards and loans when I was young and naive. To be fair they messed me about for years. Which is why I closed all accounts with them. This is the first time they have ever admitted to a mistake to me due to legal requirement. I think it's disgusting how banks get so many young people into debt so early in life. And I know many people on here will say 'serves the these young people right for being so stupid' But it is not stupidity, it is naivety and banks take advantage of that.

So all I did was ask a simple question to see if I do have any rights as my knowledge is rubbish and I want to learn more. Barclays never told me my dept would still be there. They just said it has been settled. Someone like me takes that as the loan being cleared. A simple answer is perfectly acceptable but not abuse.

AndyPix

Debra2285 wrote: »

. I think it's disgusting how banks get so many young people into debt so early in life. .

Banks don't get you into debt - YOU get you into debt

marleyboy

OP, we all make mistakes or do stupid things when were young. For me it was a Loan shark, it took me Years to get out of that trap.

All in all we have to look at them as lessons learned, assuming the debt is now cleared I would just look back on it as a bad experience. There is no point in blaming the banks for our own uck ups in life, that's business. They aren't in it to do YOU any favours, its all about making money for THEM.

DomRavioli

Debra2285 wrote: »

Just so we are all clear, I had an account with Barclays since I was under 16 and they used to lure me into paying for extras, credit cards and loans when I was young and naive. To be fair they messed me about for years. Which is why I closed all accounts with them. This is the first time they have ever admitted to a mistake to me due to legal requirement. I think it's disgusting how banks get so many young people into debt so early in life. And I know many people on here will say 'serves the these young people right for being so stupid' But it is not stupidity, it is naivety and banks take advantage of that.

So all I did was ask a simple question to see if I do have any rights as my knowledge is rubbish and I want to learn more. Barclays never told me my dept would still be there. They just said it has been settled. Someone like me takes that as the loan being cleared. A simple answer is perfectly acceptable but not abuse.

You have no rights with regards to the money - a settlement is just to keep the bank off your back, it doesn't write the debt off, and they are well within their rights to keep the money,

Banks don't get people into debt, naive people get themselves into debt. You chose to apply for those products, so you choose to take the consequences.

And tbh, you've been pretty abusive yourself. I guess when you're a complete *#!@88!## then you come to expect people to fall at your feet.