Mis sold Barclays Sam’s Mortgage

Jules789

Thank you MWT.. I will look into this for her

Easterbunny2020

Yes Jules, I am in same predicament.  nothing to do with my inheritance - thank you very much, to those who said so. - these have been proven to be miss sold.  There was a case with Teacher Stern, it was settled in the favour of the 30-40 clients who had joined the case, unfortunately it was agreed that no precedent could be set from it.  you can google them to check.  Barclays only ran this particular SAM for a couple of years as it was found to be not good at the time, but unfortunately for us, many had already signed up to it.  do open a complaint with the Ombudsman.  it may take a while, but nothing ventured.
house price increases were not taken into consideration, or even thought about (but why would Barclays they really).
no valuer attended my home.
no legal advice was present/offered - but they say otherwise.

woahsoah

What if the housing market had/does crashed and the property was valued less than 120k? Would you still be complaining?

She happily took the 15k?

Ganga

If your mother had borrowed £15k over 15 years and had agreed to pay it back plus interest at the end of the term how much would that have been? and what did she need £15k for/ her needs and hers to pay back out of the house profit .

rjsdavis

Jules789 said:

Has anyone else been mis sold a Barclays Sam Mortgage?
Around 15 years ago my mum and her partner went to Barclays to arrange a 15K loan, however they were quickly talked into taking out their Sam’s Mortgage with the idea that they wouldn’t have to pay the money back until they had died.
So an agent went to my mums property which was mortgage free and valued the property at 120K and this was the guaranteed amount of money that would be given to whoever was named in the will.
My mums property is now worth around 450-500K meaning that Barclays stand to take possibly 300K of mine and my brothers inheritance!.. she tried complaining to the bank and got nowhere.
However the paperwork states that my mum and her partner had a solicitor present who gave advise and also when they signed that the solicitor had also signed the paperwork.. this never happened! There is no signature from the solicitor and also it stated that I myself had waivered all rights to the property???... why would anyone do that??
She has also tried the ombudsman who said that he had lots of people in the same position but there’s nothing they can do??.. how can this be right?... just because Barclays have so much money they can rip people off out of their money and homes?.. is there any advice you can give me please as this is one hell of a mark up from 15K loan to get back around 300K??

Hello Jules

I can see from this thread, that there has been an awful lot of righteous nonsense posted in response to your initial enquiry. 

The fact is, these SAM contracts have now been litigated and shown (by virtue of settlement of every single case), to be inherently unfair contracts. I find myself in a very similar situation to yourself, and have been speaking to two of the solicitors at Teacher Stern. 

I am about to embark on taking Barclays on shortly. I'd be interested in learning what you have done/achieved in the last 9 months or so? We don't need a class action like Teacher Stern's effective test case, to make progress here. 

kingalf

Hello rjsdavis

have you got any further with your case against Barclays? My mum too took out a SAM's mortgage back in 1998 and sadly passed away last year, so i am also contemplating taking on Barclays. 

Tim77

I have the same issues people.  My mother passed last August and I now find out about SAM product that my Mum and Dad took in 1989.  I am going to contact Teacher & Stern (no one in today) to find out a little more with reference to a settlement.  It is disgraceful and currently an illegal process these days, but no at the time of sale.  I have also been thrown the line from Barclays about legal advise, its only "on conveyancing, not product" so don't let that put anyone off.  I would like to hear from anyone previously that has an update on their claim.  

GaryBC

It doesn't help but you're not alone! 
My dad took out a SAM (with Bank of Scotland, but the same in essence) and our complaint is currently with the Ombudsman. Our chances of success are apparently minimal due to the way the banks hide behind subsidiaries set up specifically for this purpose. 

penners324

Write to your MP as well. Request the raise questions in Parliament about this 

rjsdavis

kingalf said:

Hello rjsdavis

have you got any further with your case against Barclays? My mum too took out a SAM's mortgage back in 1998 and sadly passed away last year, so i am also contemplating taking on Barclays. 

Hello Kingalf

My apologies - the forum did not notify me that anyone has responded. 

At the time, in 2022, no. I decided that it was not a smart move to take on the might of Barclays on my own. However, Teacher Stern have commenced a new group claim against Barclays and I am part of that. It is up and running now, and will shortly be closing to new joiners. 

Did you do anything about it in the end?