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

Debra2285

AndyPix wrote: »

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

Oh yes I know that. Of course I know that. But if you are struggling severely and a bank offers you money, I'm afraid you sometimes feel you don't have a choice. Some people just aren't as astute as others. I suffer from a mental disorder which I don't particular want to go into, but someone like me struggles to understand things the way others do. So I fell into a trap because things were not explained to me properly and I had no idea what I was falling into. Some people will see right through selling strategies, but some people can't see things as rationally. Banks, companies and other industries have a responsability to look after consumers but many fail, hence why Watchdog and the like exist.

Anyway, I am getting a bit too worked up by this. Will not be posting any further threads on here as people don't seem to know how to be helpful without being rude

JimmyTheWig

Debra2285 wrote: »

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.

I guess the question is, had you have known at that time that by them accepting your offer of settlement that the debt would still be there and they would be able to take any money of yours that they get their hands on (e.g. a refund such as this one) then would you have done anything differently?

Debra2285

JimmyTheWig wrote: »

I guess the question is, had you have known at that time that by them accepting your offer of settlement that the debt would still be there and they would be able to take any money of yours that they get their hands on (e.g. a refund such as this one) then would you have done anything differently?

Yes, I would have got back in touch with Step Change (who had been helping me) and asked for advice on what the best options were to clear the dept completely. And yes, the current account I did have with them they took money from when they saw I had it. To them they were entitled to it, it didn't matter how much I was left with. This is why I jumped at the chance to just clear it all and be done with Barclays. They put me under a huge amount of stress. I am so grateful for my new basic bank account with my basic visa electron. Never will I even entertain credit cards, overdrafts or loans (unless it's a mortgage and I have the proper means to pay it)

I definitely have learnt from my mistakes, but it all could have been dealt with better consideration on their front. with banks, if you are poor they want to take money from you, if you're rich they want to give you money. Poor - they charge interest. Rich they give you interest. Makes no sense. 'Congratulations, you are loaded! Here is more money!'

[Deleted User]

If they gave interest to the poor and charged the rich, everyone would say they were poor.

dealer_wins

Debra2285 wrote: »

Yes, I would have got back in touch with Step Change (who had been helping me) and asked for advice on what the best options were to clear the dept completely. And yes, the current account I did have with them they took money from when they saw I had it. To them they were entitled to it, it didn't matter how much I was left with. This is why I jumped at the chance to just clear it all and be done with Barclays. They put me under a huge amount of stress. I am so grateful for my new basic bank account with my basic visa electron. Never will I even entertain credit cards, overdrafts or loans (unless it's a mortgage and I have the proper means to pay it)

I definitely have learnt from my mistakes, but it all could have been dealt with better consideration on their front. with banks, if you are poor they want to take money from you, if you're rich they want to give you money. Poor - they charge interest. Rich they give you interest. Makes no sense. 'Congratulations, you are loaded! Here is more money!'

A bit if friendly advise. Banks, like 99.9% of companies exist to make money. And they make money from poor AND rich customers.

Get used every company you do business with wanting as much of your money as possible, be it a supermarket, bank, travel agent, airline, clothes shop or even a charity shop.

Dont get worked up about past errors, just think through carefully every big financial decision before making it next time.

Debra2285

Deleted_User wrote: »

If they gave interest to the poor and charged the rich, everyone would say they were poor.

That's unlikely. But I don't think it should be the other way around. Charging interest is necessary when giving a loan, but giving interest is stupid. Why can't they stop giving out money and just charge less interest?

[Deleted User]

If they stopped paying interest, people would stop depositing money. Which means they can't lend it out. Which means they would need to charge MORE interest.

JimmyTheWig

Debra2285 wrote: »

Yes, I would have got back in touch with Step Change (who had been helping me) and asked for advice on what the best options were to clear the dept completely.

To clear the debt completely you would need to pay off the full amount.
Would doing that have been a better plan for you?

Debra2285

JimmyTheWig wrote: »

To clear the debt completely you would need to pay off the full amount.
Would doing that have been a better plan for you?

Yes of course but I didn't have the full amount. When ever I spoke to the bank before I got any money, they always said, will you be coming into any sum of money in the near future? Even if it's not the whole amount. If so we could come to a settlement agreement with an offer. So when I did get a bit of money I offered it. Simple. Had I known the dept would still be hanging over me I would have probably got step change to take over all my dept and would have paid an affordable monthly fee with no more interest being charged to pay it all off as that's what I was going to do before I got money, Step Change already said I was eligable for their help. I would have kept the extra money and used it for my career or my health.

JimmyTheWig

Debra2285 wrote: »

Had I known the dept would still be hanging over me I would have probably got step change to take over all my dept...

Ok, so you're saying that you would have done things differently had you have known the truth.

Now, I think we have established that Barclays have done things right in terms of what a settlement means.
The problem was that you didn't know at the time what a settlement meant.
The question becomes whose fault is it that you didn't know.

Should Barclays have told you?
Should Step Change (not quite sure to what extent you were involved with them at the time? have told you?
Or was it up to you to find out what it meant before you made the offer?

I don't honestly know the answer to that question.
It certainly means, as Martin has been campaigning for for some time, that we need more financial education in this country.
But in the absence of that, what should have happened?

What do you think, OP?
How did the conversations go? Now you know what you know about a settlement, how should they have gone?