Barclays Account Help

ian10101

Just after a bit of advice and hopefully I am not being paranoid.

I recently started Match Betting, and this is profitable but (and this maybe a coincidence) and I am hoping it is, but I have a Barclays account which is run well, they always offer me overdraft increases (Up to high amounts) and loans etc., I have a £2500k Overdraft which I have never use, the account has always had a few transactions and is not my "Main" account, so I decided it would be prefect for Match Betting.

So fast forward a few weeks and I have done all my Sports Signups etc and all debit card transactions went through fine (Some up to 4 or 5 transactions a day).

I get curious to have a look at the "Preselected offers" on Barclays to see what they are still offering me and every single one has gone, to be replaced with "We can’t offer you a Loan at present", and rather than the offer of increasing the overdraft (Which was there only a few weeks before, and remember has been there for years), is also removed with the only option being to remove or reduce the overdraft.

Now it might be a coincidence or it might be they think I am a compulsive gambler with all the transactions and decided to reduce their risk for me wanting a loan etc.

The odd thing is the overdraft has not been removed and I have never received a letter, just the removal of further Credit.

I have actually stopped Match Betting as although it did make money you really needed to put the hours into it, and quite simply I don’t have that much time.

Will the offers eventually return ? or have I got some sort of block now ?.

Thanks for reading.

WillPS

Yes, it could well be that Barclays saw your gambling activity and now consider you to be more of a risk. It could also be a coincidence. Nobody will know except Barclays and they are very unlikely to tell you anything useful.

Either way nobody knows when or if the offers will return.

If you ever do Matched Betting again it's advisable to do it far away from any banks you might ever seek to gain credit from.

cymruchris

Banks often change the offers made to customers depending on what's going on internally, and although you've had offers for ages - the offers might not be there constantly as things change in the wider market. There was an announcement recently where Barclays said that they were removing overdrafts from people that hadn't used them in a certain amount of time (so you may find yours will disappear - but isn't related to anything else happening in your credit history). Banks have X amount of available credit for all their customers (It's not an unlimited resource that they just keep lending more and more) - so there will be times when they are trying to get people to borrow more - and times when they want to reduce their exposure as people have taken on too many offers - and so will withdraw them until 'available credit' grows again, and they start offering once more. You might find that by next month the offers will re-appear. It's not something I'd worry about if all of your credit files are up to date and factually accurate. 

ian10101

cymruchris said:

Banks often change the offers made to customers depending on what's going on internally, and although you've had offers for ages - the offers might not be there constantly as things change in the wider market. There was an announcement recently where Barclays said that they were removing overdrafts from people that hadn't used them in a certain amount of time (so you may find yours will disappear - but isn't related to anything else happening in your credit history). Banks have X amount of available credit for all their customers (It's not an unlimited resource that they just keep lending more and more) - so there will be times when they are trying to get people to borrow more - and times when they want to reduce their exposure as people have taken on too many offers - and so will withdraw them until 'available credit' grows again, and they start offering once more. You might find that by next month the offers will re-appear. It's not something I'd worry about if all of your credit files are up to date and factually accurate. 

Hi, Yes everything is fine everywhere else, and I did ask Barclays who more of less said exactly what you did, that offers come and go and are not there for an unlimited period of time, I just panicked I guess, but maybe it is just a  coincidence especially when I have had no word from them and the overdraft is still there.

eskbanker

ian10101 said:

I have a Barclays account which is run well, they always offer me overdraft increases (Up to high amounts) and loans etc., I have a £2500k Overdraft which I have never use

You're not kidding about high limits, £2.5million must be some sort of record....

Daliah

There have been quite a few mentions in the last few weeks of Barclays cancelling existing overdraft deals. https://www.thisismoney.co.uk/money/news/article-11007091/Barclays-scraps-overdrafts-amid-cost-living-crisis.html

I think it's complete coincidence that your Barclays offers were withdrawn; nothing to do with your Matched Betting.

ian10101

You're not kidding about high limits, £2.5million must be some sort of record....

Sorry that should have read £2,500

Grumpy_chap

Barclays (and Barclaycard) have been withdrawing offers for quite some time now.
No clear reason why, based upon the various threads commenting on here, and what / when / why / how facilities are withdrawn seems to vary.
For no clear reason, my overdraft was withdrawn.  I'm not entirely fussed as I never had to call on the facility.
It is not only Barclays, but other banks also.  Possibly because the banks have to demonstrate higher liquidity than was the case a few years ago.  In theory, all the unused credit lines could all be drawn at once, leaving the banks in a liquidity crisis.

mab3000

When Barclays look at what pre selected offers for loans and overdrafts are offered to customers, one of the things that is taken into account is account performance, and one part of that is gambling transactions. High levels of gambling transactions is seen as a big risk factor, and is more than likely the reason (could be others as well, for example if there’s been any changes/issues on your credit file) that your pre selected offers have been withdrawn.

High levels of gambling transactions would not automatically trigger the removal of your pre agreed overdraft facility, unless you were showing signs of heavy reliance of the facility and they deem it a risk. As you aren’t using it they are unlikely to remove it for this reason. 

ian10101

mab3000 said:

When Barclays look at what pre selected offers for loans and overdrafts are offered to customers, one of the things that is taken into account is account performance, and one part of that is gambling transactions. High levels of gambling transactions is seen as a big risk factor, and is more than likely the reason (could be others as well, for example if there’s been any changes/issues on your credit file) that your pre selected offers have been withdrawn.

High levels of gambling transactions would not automatically trigger the removal of your pre agreed overdraft facility, unless you were showing signs of heavy reliance of the facility and they deem it a risk. As you aren’t using it they are unlikely to remove it for this reason. 

Thanks for that. Tonight I decided to look at my credit report and all accounts are up to date, but the searches well that’s another story. Every book maker I had an account with has searched me, most are unrecorded searches but a few just days apart are recorded ones, I don’t think that would have done me any favours.