Irresponsible lending from Barclays? Advice please

dmg24

Does anyone feel like they are banging their head against a brick wall?

You were informed in the KFI's. As the card is not active, it is irrelevant when it was sent to you.

Would you be kicking up such a fuss if they had just sent you a piece of plastic in the post? Because that is all they have done!

If you need to be drip fed the information in the way that you describe, I do doubt that you are responsible enough to have a mortgage.

minimike2

Well to be fair if you are that angered by it then just apply for the mortgage elsewhere.

lavieenrose77

I am happy with my ability to cancel the card as soon as it comes through and for the account to be frozen. I have the ability and self control to do so.

My worry is that so many other people are not as responsible. The lack of irresponsibility coupled with not having all of the facts could be potentially disastrous. If you cannot see this, you should not be a Mortgage Adviser who ADVISES people on their mortgages, the biggest debt you will ever tie yourself to. Surely, if this is the package I was being offered, no matter how small a detail the card/current account/PIN number whatever... this should not have been overlooked by the broker/adviser whoever... ?

If you need to be drip fed the information in the way that you describe, I do doubt that you are responsible enough to have a mortgage.

As this is only my first flat and I am remortgaging after my first 2 years, I was not aware of there a. being such products (the mortgage market is overwhelming with so many products to choose from hence why I instructed a respected broker to carry out the process and inform me) and b. of me having to do all sorts of digging... I would not have known that I was to look out for such things!

You were informed in the KFI's

You are clearly not understanding... I only received these on Friday


I posted this on here to ask for advice not to be told that you are "banging your head off a brick wall" - completely unhelpful and non-constructive comments

G-G_4

Some people are being very rude..

Just because they know where to look etc, do not assume other are stupid for not looking..

dmg24

No, it is you that is not understanding.

The fact that you received a piece of plastic through the post prior to receiving the KFI's is irrelevant. The card could not be used, and would not be activated until after you have a) read the KFI's, and b) signed to say that you accept the terms and conditions of the mortgage. If after this time you chose to use the card irresponsibly that would be your fault.

You have been informed of the features of the mortgage, including the offsetting facility, prior to having the mortgage and the use of the debit card. If you chose to use the card irresponsibly, you would only be able to do so after being informed of the terms and conditions relating to it's use.

dmg24

G-G wrote: »

Some people are being very rude..

Just because they know where to look etc, do not assume other are stupid for not looking..

No one has called the OP stupid.

The OP knows where to look for the information, but chooses to be pedantic about the order in which the documentation reaches her!

HelpWhereIcan

My question is simple

Did the firm you use offer an advised service or a non-advised service?

You can find this in either Section 3 of the Initial Disclosure Document (Key Facts About Our Services) that you would have been given verbally/asked to download/sent in the post.

Alternatively it will be in section of the Key Facts Illustration/Quote (Key Facts About This Mortgage) that you would have been given verbally/asked to download/sent in the post.

It does not really matter how the firm/website describe themselves or what they are called, nor whether they charge a fee or not. What matters is the level of service they are providing.

If the service they were offering was advice and reccomendation then you are right to be annoyed that you were not told and should be taking up your complaint about this not being explained in advance with the firm in question... but only about not being told. Not whether the facility should be there or not.

If the service was non advised the responsibility for checking all aspects and features of the mortgage in advance is yours and you have to accept that you should have checked this out youself before applying.

As for whether Barclays should offer the facility, well may be they should, maybe they shouldn't. Fact is that it will suit some people and not others.

I think most people should always get advice when taking out a mortgage, but others seem to disagree. Fact is some people seek advice some don't - whether they need it or not.

minimike2

lavieenrose77 wrote: »

My worry is that so many other people are not as responsible. The lack of irresponsibility coupled with not having all of the facts could be potentially disastrous. If you cannot see this, you should not be a Mortgage Adviser who ADVISES people on their mortgages, the biggest debt you will ever tie yourself to.

So now you're issue is with your broker and not Woolwich?

At the end of the day, that is how Woolwich mortgages work. It is not irresponsible, its a product feature. Your initial moan was at Woolwich, but all they have done is processed the application which you made through your broker - so I think you should take up the issue with them on the basis you feel you were not given sufficient information about the product that they have recommended to you (assuming you took advice and recommendation).

You might not agree with the product feature or feel that it is right for you. this is fair and if so then you should source a different mortgage, but it is not the fault of the Woolwich that you were not aware of it, so its hardly fair to go spouting off about them being irresponsible.

You should go back to your broker with your issues. We understand that the KFI arrived on Friday - are you saying that the KFI arrived after the application was submitted, or were you given the chance to disucss this before the application went off, or emailed a copy? Its not the longest document in the world, and only takes ten minutes to read, so not having enough time over the weekend isnt really an excuse for not reading it. You have pointed out yourself that a mortgage is the biggest debt you will ever take on, so why would you not take ten minutes out of a day to read the document that outlines the commitment of the biggest debt you will ever take on in your life.

I have no doubt that you have not recevied the best service and I myself would be unhappy with not having a product explained properly to me (again assuming you took advice and recommendation), but you are going about your grievence in totally the wrong way. Accept your responsibilities and hold your broker to account for thiers.



I think this whole situation just shows how "Online Brokers" and "Price Comparison Sites" etc are such a false economy. Really backs up the whole "Value of a Broker" argument thats been raging the last few weeks. A decent broker would have been sat with you explaining the KFI before you submitted the application.

G-G_4

I think the OP is just shocked that such an offer exists nowdays...

I am a qualified mortgage advisor and so I understand that she needs to take responsibilty for a non-advised mortgage. But she isn't saying that she has had bad advice as such, just that the card and the details probably wern't fully disclosed to her. Yes, she had the KFI on friday, but that still doesn't detract from the fact that they have set this account up, ready for when the mortgage is all sorted. That means they arn't asking customers whether they want this extra benefit, they are just leaving it there for when you are most tempted, which is very wrong as you financial circumstances could change from when you took out the mortgage, and so any further borrowing should be looked into on that persons up-to-date financial circumstances.

I think that she just feels that vulnerable people will suffer at the hands of this very 'kind' offer of a withdrawal whenever they want...

G-G_4

minimike2 wrote: »

You might not agree with the product feature or feel that it is right for you. this is fair and if so then you should source a different mortgage, but it is not the fault of the Woolwich that you were not aware of it, so its hardly fair to go spouting off about them being irresponsible.

But now that she is aware of it, why is she not entitled to 'spout' about the fact that she believes it to irresponsible?

Whether she knew about it when she applied for the mortgage product or not, she is entitled to come on here and post her reservations about it.