Please Can Anyone Help ME!!

minico

I am current a student and I have a large debt to pay off the problem I have is:-

When I was 17 I banked with Barclays I had a student bank account with little overdraft limit by the time I had finished my college education the bank had increased my overdraft to £4,000.
When reading Barclays policey on student lending they only borrow a maxim of £2,000 to postgraduate students. Therefore I was borrowed at 17/18 over 20 times the normal overdraft for my level of study.

Am I solely responsible for this debt or should Barclays be held partically responsible for this prime example of Corporate banks 'irresponsiable lending' to young adults.

Please can I have some legal advice

Many Thanks

CreditMonkey

Hi minico, This is a guess, but yes i think you are responsible. You need to post your SOA. All your debts, All your income, all your expenditure, include everything and then someone far more qualified than me will respond to your question with practicle advice to suit your situation. Good Luck.

:j

In_Search_Of_Me

Umm...whether the lending was irresponsible is not necc the issue. The real issue is that you have borrowed the money, I assume up to the max, and now need to pay it back somehow. I would suggest that you post your SOA (see top) & people will help you to see where you can save money, cut back & start payng the money back. Its hard to offer specific advice until we know what your situation is IYKWIM.
If you are in debt crisis then I would suggest that you contact one of the free debt agencies like CCCS or debtplan...

millionaire_in_training

I agree that it is still money borrowed by you and used by you so needs to be paid back BUT if you feel that it was irresponsible lending then write to Barclays stating this and ask for some sort of compensation. You never know your luck. Welcome to MSE x

itsarichmansworld

Did you get a overdraft at 17????

if so this is illegal!

floss2

You say you are a student, but also that by the time you

had finished my college education the bank had increased my overdraft to £4,000

.

Please clarify exactly how much Barclays have lent you, how old you are, and whether you are still a student. The information will all be helpful when we try to help you.

Thanks,
Floss

JoeHel

Can I just ask, anyone at any time can ask their bank to reduce their overdraft limit or keep it at the same level. Why didn't you ask them not to increase your limit?

squirrel_pigeon

Welcome to MSE. Natwest did this with me (to the tune of £2.5k) but I was very grateful at the time tbh as my student loan only just about paid my rent. When I realised I couldn't pay it back I spoke to the bank and they turned it into a managed loan so that it didn't affect my credit score and I could pay it back at an affordable rate. I then cleared it in 3 years (and then ran up loads more debt...)It's a good solution but ONLY if it's the only debt you have because they don't tend to take into account any other credit commitments you may have.

amanda221

Hi

I would try this link to the consumer action group, you get some really helpful people on there some of whom are lawyers and would be able to help you with this problem

http://consumeractiongroup.co.uk/forum/

Thanks

minico

floss2 wrote: »

You say you are a student, but also that by the time you .

Please clarify exactly how much Barclays have lent you, how old you are, and whether you are still a student. The information will all be helpful when we try to help you.

Thanks,
Floss

Hi Floss

Thank you very much for your reply. Barclays lent me £4,678, when I was 17 they lent me £2,567 the rest was increased when I was 18. Yes I am still currently a student. I wrote to barclays regarding claiming back my unlawful charges they advised me I was entilted to only half. Should I accept this offer, then taking responsiblity for the remaining debt.


Thank you for your help and advise

Minico

minico

itsarichmansworld wrote: »

Did you get a overdraft at 17????

if so this is illegal!

Yes I had an overdraft at 17 so does this mean the money I lent at 17 I do not have to be held responsible for?

Thank you for your reply