Barclays ruined my credit rating!

mebu60

https://forums.moneysavingexpert.com/discussion/comment/81897773#Comment_81897773

There is clearly more to this or your [sic] not explaining it correctly.

OP ignored my suggestion to provide the ombudsman's decision in their reply above and @flaneurs_lobster has reiterated the point which remains unanswered and rather reinforces your first sentence.

Woodstok2000

https://forums.moneysavingexpert.com/discussion/comment/81897951#Comment_81897951

I think it's the borrowing on the mortgage current account that caused the markers. The mortgage is due in three months based on the original post.

poseidon1

https://forums.moneysavingexpert.com/discussion/6656718/barclays-ruined-my-credit-rating

I was in a very similar position, with a Barclays MCA balance which I had accrued by using it to buy a corporate bond investment at a time when bank deposit rates were near zero.

Scroll forward 7 to 8 years, Barclays demand payment of the MCA ( as I knew they would ) so I settled it promptly in the hope that would put me in a favourable light when the primary interest only mortgage came up for redemption a few months later.

However, no such luck. Their criteria for interest only mortgages is a £75k ( minimum) guranteed annual income, so was eventually turned down and had to repay their £110k mortgage balance pronto, which I ( grudgingly) did.

However, I had set up with them a possibility of a new repayment mortgage advance for £55k conditional on the state pension coming on stream a couple of months later. On providing proof of receipt of 1st pension amount, Barclays released the funds over a mortgage term to age 83.

What I did not do over the whole period was ever miss a mortgage payment. The Barclays adviser was crystal clear during the long application and subsequent underwriting period that I needed to keep squeaky clean with regard to ongoing commitments, despite having a 40 year unblemished history with them.

I am assuming that you made no plan to repay your borrowings at the end of the term, and similarly do not qualify as a higher earner for a new interest only advance, even if you had not already blotted your copy book with the missed payments.

The only option you have if you want to stay put, and can't repay what you owe, is to obtain an equity release loan where monthly repayments are only made if you choose to. Hopefully you have sufficient equity to make this viable.