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  • FIRST POST
    • Draegon
    • By Draegon 11th May 18, 3:22 PM
    • 1Posts
    • 0Thanks
    Draegon
    Mis-sold Barclays loans
    • #1
    • 11th May 18, 3:22 PM
    Mis-sold Barclays loans 11th May 18 at 3:22 PM
    Hello everyone.
    I'm just wondering if I could make a claim against Barclays bank.

    I'm about 2001 I took out a £2000 loan in order to buy a car. About a year and a half later I'd moved in with my boyfriend and had more outgoings. I found myself sinking so I thought I'd ask the local Barclays if they could help me figure out where I was overspending and what I should cut out etc. After about 10 minutes I left the room with a £4000 loan to consolidate the original and give me extra money (of course the repayments were higher).
    Over the next year or two I'd go in asking for help as I was sinking under debt and each time they confused me and I left with a bigger loan. In the end I had an unsecured loan of about £16,000 which eventually made me default on multiple accounts and overall I owed over £30,000.

    I'm now disabled and unable to work so repay them £1 per month (although when I was working I managed to reduce it to £8,000).

    I'm still upset at them that they didn't do what they asked, they just tapped on the computer, told me they needed a signature in order to help me then passed me an envelope and bid me farewell. Once I was outside I opened the letter and discovered the loan was bigger.

    I would like to know if this constitutes as miss sold loans and of so would it be possible/ worth trying to get a case against them?

    Thank you.
Page 1
    • zx81
    • By zx81 11th May 18, 3:27 PM
    • 19,339 Posts
    • 20,653 Thanks
    zx81
    • #2
    • 11th May 18, 3:27 PM
    • #2
    • 11th May 18, 3:27 PM
    It's unlikely it happened quite like that. You would need to sign an agreement for the further borrowing.

    You could also have repaid any surplus amount you felt they had lent you.

    You could make a complaint if you want - you may get a goodwill gesture. However, given the rate of repayment, it doesn't seem that you will repay it in any case.
    • elsien
    • By elsien 11th May 18, 3:41 PM
    • 17,552 Posts
    • 44,374 Thanks
    elsien
    • #3
    • 11th May 18, 3:41 PM
    • #3
    • 11th May 18, 3:41 PM
    I'm still upset at them that they didn't do what they asked, they just tapped on the computer, told me they needed a signature in order to help me then passed me an envelope and bid me farewell. Once I was outside I opened the letter and discovered the loan was bigger.

    .
    Originally posted by Draegon
    That sounds quite unlikely to me. You said the first time you knew they'd consolidated and given you extra money. You did not have to agree to the extra. And even back then banks went through terms and conditions with you to check you understood the deal you were agreeing to.
    It is not the banks role to help you work out where you are overspending and how you can cut back. You go to them when you want money.
    And on the remote possibility that you didn't understand what you were signing up to, when you got outside and openend up said envelope and "discovered" the loan was bigger - why did you not turn round, go back in and decline it?
    There is always an element of personal responsibility with these things to check what you are signing up for and asking more questions if you don't.
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
    • sourcrates
    • By sourcrates 11th May 18, 5:01 PM
    • 15,701 Posts
    • 14,771 Thanks
    sourcrates
    • #4
    • 11th May 18, 5:01 PM
    • #4
    • 11th May 18, 5:01 PM
    Around that time Banks were chucking money at people with little or no affordability checks, maybe not every bank, but lots did.

    Barclays profits in the early 2000`s were massive, and around 40% of those profits were made up of default charges, so that tells you something about Barclays business methods.

    I must admit i had a similar experience when i was young and very naive, i was just sat down in an office, this was the Halifax, salesman kept coming and going, kept on quoting me a monthly figure for the loan he was trying to sell me, and of course PPI was a basic requirement in order to get the loan............done up like a kipper, i left with what i later found out was a 12k loan.

    It wasn't just PPI that was mis-sold on a massive scale, lots of financial products were, some banks were more ethical than others, but certainly things went on that were not strictly in line with the lending code.

    I would put in a complaint to Barclays, include as much detail as you can, and tell them what you've told us, see how you get on.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • Shakin Steve
    • By Shakin Steve 11th May 18, 8:43 PM
    • 1,665 Posts
    • 1,424 Thanks
    Shakin Steve
    • #5
    • 11th May 18, 8:43 PM
    • #5
    • 11th May 18, 8:43 PM
    17 years ago when you took out the first loan. Sorry, but I can't see this going anywhere. But give it a try, you've got nothing to lose.
    I came into this world with nothing and I've got most of it left.
    • foxy-stoat
    • By foxy-stoat 14th May 18, 3:58 PM
    • 2,995 Posts
    • 1,688 Thanks
    foxy-stoat
    • #6
    • 14th May 18, 3:58 PM
    • #6
    • 14th May 18, 3:58 PM
    You cannot borrow your way out of debt - your bank just said you can save money by consolidating high interest rate debt into lower interest longer loans, although you may pay more in the end.

    I would look into an IVA next as you need to remove the debt and possibility of obtaining further borrowing.
    • Sir_Robin
    • By Sir_Robin 18th May 18, 6:33 PM
    • 32 Posts
    • 40 Thanks
    Sir_Robin
    • #7
    • 18th May 18, 6:33 PM
    • #7
    • 18th May 18, 6:33 PM
    Banks aren't giving you loans and credit to help you. They make their money from exploiting the desperate and careless.

    Don't go to the bank they will just dig you in deeper try step change.
    • Thrugelmir
    • By Thrugelmir 18th May 18, 6:38 PM
    • 60,997 Posts
    • 54,201 Thanks
    Thrugelmir
    • #8
    • 18th May 18, 6:38 PM
    • #8
    • 18th May 18, 6:38 PM
    I found myself sinking so I thought I'd ask the local Barclays if they could help me figure out where I was overspending and what I should cut out etc.
    Originally posted by Draegon
    Doesn't seem if you were actually listening to the advice given. While banks were fast and loose with their lending. People themselves have to accept personal responsibility at a point. As ultimately it was you that spent the money not the bank.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • meer53
    • By meer53 18th May 18, 7:55 PM
    • 9,322 Posts
    • 13,585 Thanks
    meer53
    • #9
    • 18th May 18, 7:55 PM
    • #9
    • 18th May 18, 7:55 PM
    "they just tapped on the computer, told me they needed a signature in order to help me then passed me an envelope and bid me farewell. Once I was outside I opened the letter and discovered the loan was bigger."

    This isn't how it would have happened really, you would have had a discussion with them about the loan before being asked to sign the agreement. If it really did happen the way you say, you have a cast iron case for misselling, although you still had the option to walk back in and say you didn't want the loan. Which you didn't do.
    • robatwork
    • By robatwork 19th May 18, 11:21 AM
    • 4,686 Posts
    • 5,259 Thanks
    robatwork
    You need to start an official complaint. While I agree with others that there is an element of personal responsibility, I think you may have been fairly vulnerable and Barclays are one of the worst for mis-selling. Follow the steps here

    https://www.moneyadviceservice.org.uk/en/articles/financial-mis-selling-what-to-do-if-you-think-its-affected-you#if-youve-been-mis-sold-a-financial-product
    • Dangermac
    • By Dangermac 19th May 18, 2:21 PM
    • 451 Posts
    • 254 Thanks
    Dangermac
    Hello everyone.
    I'm just wondering if I could make a claim against Barclays bank.

    I'm about 2001 I took out a £2000 loan in order to buy a car. About a year and a half later I'd moved in with my boyfriend and had more outgoings. I found myself sinking so I thought I'd ask the local Barclays if they could help me figure out where I was overspending and what I should cut out etc. After about 10 minutes I left the room with a £4000 loan to consolidate the original and give me extra money (of course the repayments were higher).
    Over the next year or two I'd go in asking for help as I was sinking under debt and each time they confused me and I left with a bigger loan. In the end I had an unsecured loan of about £16,000 which eventually made me default on multiple accounts and overall I owed over £30,000.

    I'm now disabled and unable to work so repay them £1 per month (although when I was working I managed to reduce it to £8,000).

    I'm still upset at them that they didn't do what they asked, they just tapped on the computer, told me they needed a signature in order to help me then passed me an envelope and bid me farewell. Once I was outside I opened the letter and discovered the loan was bigger.

    I would like to know if this constitutes as miss sold loans and of so would it be possible/ worth trying to get a case against them?

    Thank you.
    Originally posted by Draegon

    You should definitely make a complaint to the Financial Ombudsman Service. And possibly also contact the police.


    From your various emails, it appears that you are saying that Barclays took out increasing loans for you, which you were unaware of until you opened up the envelope outside the bank.


    Sounds very implausible to me, but if it happened as you say, you should contact make an immediate complaint to Barclays, then take it to the FOS. And think about contacting the police. Not sure if there is a criminal case here or not but if they have taken loans against your name, without your knowledge, that is terrible.
    • jonesMUFCforever
    • By jonesMUFCforever 19th May 18, 4:23 PM
    • 25,310 Posts
    • 12,543 Thanks
    jonesMUFCforever
    you should definitely make a complaint to the financial ombudsman service. And possibly also contact the police.


    From your various emails, it appears that you are saying that barclays took out increasing loans for you, which you were unaware of until you opened up the envelope outside the bank.


    Sounds very implausible to me, but if it happened as you say, you should contact make an immediate complaint to barclays, then take it to the fos. And think about contacting the police. Not sure if there is a criminal case here or not but if they have taken loans against your name, without your knowledge, that is terrible.
    Originally posted by dangermac
    :d:d:d:d:d:d:d:d:d:d:d
    What goes around - comes around
    give lots and you will always receive lots
    • sourcrates
    • By sourcrates 19th May 18, 5:04 PM
    • 15,701 Posts
    • 14,771 Thanks
    sourcrates
    Sounds very implausible to me, but if it happened as you say, you should contact make an immediate complaint to Barclays, then take it to the FOS. And think about contacting the police. Not sure if there is a criminal case here or not but if they have taken loans against your name, without your knowledge, that is terrible.
    Originally posted by Dangermac

    I am not sure what age group most of you are on here, but this is exactly how a lot of Banks did business from the 1970`s, till the mid 2000`s.

    You were sold whatever product that particular bank was flogging at the time, back then few people questioned what their bank told them, there was no internet, or advice forums to go to, Banks were revered like god.

    Customers were treated like mushrooms, you know the pun, mis-selling occurred on a massive scale, you were lied to, cheated, I can well believe the OP`s experience here.

    The biggest financial institutions in the country, and possibly the world, spent most of the last 4 decades lying their assets off to the general public, and by an large, they got away with it.


    To be honest, complaining now may be pointless, they will never in a million years admit such behavior ever happened.
    Last edited by sourcrates; 19-05-2018 at 5:07 PM.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see : http://legalbeagles.info/
    • John_Jones
    • By John_Jones 19th May 18, 9:36 PM
    • 142 Posts
    • 361 Thanks
    John_Jones
    I am not sure what age group most of you are on here, but this is exactly how a lot of Banks did business from the 1970`s, till the mid 2000`s.
    Originally posted by sourcrates
    They signed people up to loans without their knowledge?

    That doesn’t seem very likely, have you any evidence?
    • RedFraggle
    • By RedFraggle 22nd May 18, 1:01 PM
    • 759 Posts
    • 2,146 Thanks
    RedFraggle
    Financial products were very much sold like second hand cars back then. You were told all of the benefits and none of the risks.I can remember when I took my first mortgage in the very early 90s being pushed towards an endowment mortgage and only after I asked for the 3rd time "so, does this guarantee to pay off what we owe you at the end of the term" did I get the "No" from the adviser after a lot of projections on what we stood to make from it had been repeatedly pushed.
    It was a world away back then.
    Officially in a clique of idiots
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