Leeter from my lender this am.

minimike2

I believe the limit increases by £2k for every £2k of capital you pay off the mortgage.

dekh

Aargh, Bismark, You have just made me paranoid. I didn't get proof of posting. I can just imagine the Barclays PO Box mail shredder in action now. :mad:

The thing being, the reserve was a fundamental part of the product. It's withdrawal is obviously not for the benefit of the customer. It was pitched as something to be used to pay for an extension or such like 5 - 10 - 15 years down the line. I might just write a £1 check to myself just to keep it in use :rotfl:

OverlandLandy

dekh wrote: »

Aargh, Bismark, You have just made me paranoid. I didn't get proof of posting. I can just imagine the Barclays PO Box mail shredder in action now. :mad:

The thing being, the reserve was a fundamental part of the product. It's withdrawal is obviously not for the benefit of the customer.

:rotfl: :rotfl: :rotfl:

I think you may be right on that one.

I got my letter today as well. I will be keeping my limit as per my original offer - its so like Barclay's to try and shaft you. I hate the 'if you don't respond ...we will do it anyway' attitude.

If ever a bank could be described as being arrogant it would be Barclay's.

I loathe them...they have just screwed up my direct debits for the SIXTH TIME...I have got 3 letters today asking why I have not paid my dues and one of them has threatened legal action to recover the money + costs! In all the cases they are annual direct debits that were cancelled by the Woolwich....without my authority or at my request:mad: :mad: :mad: Barclay's did not supply the new information. nice eh!

when they switched over from Woolwich to Barclay's they even chased me for a late mortgage payment....why....because THEY had forgotten to set up my new standing order on my new account...and was I aware that I had no money in my Woolwich account...YES I WAS AWARE BECAUSE YOU CLOSED IT!!!! ...OH THEY MAKE ME MADDDDDD.:mad: :mad: :mad: :mad: :mad:

Anyone seen any good offset offers around? I think its time to jump ship.

Trollfever

its so like Barclay's to try and shaft you.

ALL banks will give you an umbrella which they will take away when it rains.

PasturesNew

I had one of these accounts, set up in "better days". I had the original mortgage, then raised a 2nd one (intended for house improvements/loft conversion, but never managed to get plans/quotes that seemed reasonable) ... so, with the downturn in circumstances that happened over that time, what I would do is effectively pay the mortgage from the 2nd mortgage, which was sitting in the savings pot.

And, strangely, the reserve was increasing.

So they were effectively increasing my reserve every time I paid the mortgage using their money!



Fine in a rising market... I was lucky enough to realise it ws unsustainable and dump the house when I thought I'd be stuck with it longer than I could make the money last!

Bismarck

Sorry, dekh...didn't meant to spook you! I didn't send mine recorded either - too much of a tightwad and I can't imagine someone in a postroom caring two hoots about it when they sign for it at Barclays' end! It's as likely to get lost internally as it is with Royal Mail. I've taken a copy and will ring up in a week to check they've received my reply.

My point was the default position should be reversed...here's a letter...you want to change your policy, tell us....we're being responsible....do nothing & nothing will happen...that would be fine...but no..it's more ......please stop us reducing your own options for nothing...and here's a useless fallback - £100 ? what am I going to do with that? a week's shopping? a couple of tanks of petrol? £100 of home improvements? it's idiotic.....

Now, if they'd offered me an incentive to sign it away I might have been tempted.

I phoned yesterday at 6pm ...out of hours! and got the message if you're calling regarding the mailout blah blah....my real guess is they're cleaning up the books so they can offer the cash tied up with our reserves to new mortgages.

thanks Minimike, I'd not sussed the bit about when the Reserve increases as it has just jumped oddly over the years.

setmefree2

So do you think we have just fixed our reserve? or do you think ity will continue to rise? I suppose only time will tell? I think we have just been offered a lose- lose situation....and I did not send my letter back recorded delivery either....:rolleyes:....

Bismarck

Don't know re the Reserve bit....if they fix it at where it is then I can live with it as it's plenty and if it's technically repayable on demand as a secured overdraft, I don't want it get into 5 figures really.

I think lose/not gain at best is a better way of looking at it but the wording is definitely iffy anyway....

Imagine if someone had swiped your mail though and you never knew you had to write to retain your easy access, no credit-check loan at sub 8% interest....it's really not well done is it?

alijolly

Interesting thread,I have one of these accounts and the reserve facility is currently £50,000 due to overpayments, we took the standard £100 when we applied. I haven't received a letter yet. We are going to repay our mortgage in full this month but were considering leaving a small amount so that we could keep the reserve account. My understanding was that as it is an offset we could borrow at our mortgage rate, which is better than anything we could get atm. As we have plans to extend in the next year or so it seemed like the best way to finance it. It looks as though I better keep my eyes open and get the letter sent back. I have to say that though Woolwich weren't great, since being taken over by Barclays we have issues over a lot of things. Perhaps we should just pay of the mortgage and move our current account at the same time.

minimike2

Not giving advice here alijolly, but if thats what you are considering you might want to look at a one account. (not advice, just a suggestion!!!!)