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  • FIRST POST
    • Barbie61
    • By Barbie61 15th Apr 19, 12:41 PM
    • 20Posts
    • 19Thanks
    Barbie61
    Barclays bank
    • #1
    • 15th Apr 19, 12:41 PM
    Barclays bank 15th Apr 19 at 12:41 PM
    I just remembered something and it makes a lot of sense to me now - how I got into this cycle and how the debt continued to grow - I was using credit cards (brain washed by the banks etc) for many years, quite sensibly but sadly to purchase food for my children when the monthly salary didn't quite cover everything, I've been a one-parent family from choice and I have nobody but myself to blame for that. Anyway I just thought that everytime my mortgage review came up, every single time, Barclays advisors brought my card debt into it and insisted it be included in the mortgage figure, so the mortgage continued to grow and I turned to the cards again (mainly Barclaycard) to survive. I wish this site and the free advice was around 15-20 years ago and I could've maybe broked the cycle but it's taken me until now to see how gullible I was. When I asked Barclays four years ago if I could downsize and pay off a chunk of my mortgage which was on a very good rate at that time, (they weren't making much out of me at all by then) they refused, they said I would have to go through all their credit checks and could be turned down. I argued that I wanted to repay part of the mortgage but they said I would have to apply from scratch again and I know that would mean looking at my credit cards again so I switched to the Halifax. I found the very same thing was happening to other loyal customers that weren't producing enough revenue for them by Googling and no manner of complaints was actually forcing Barclays to retract their unreasonable attitude. Barclays have a lot to answer for!!
Page 1
    • enthusiasticsaver
    • By enthusiasticsaver 15th Apr 19, 6:31 PM
    • 8,373 Posts
    • 19,188 Thanks
    enthusiasticsaver
    • #2
    • 15th Apr 19, 6:31 PM
    • #2
    • 15th Apr 19, 6:31 PM
    Yes I would agree that they did not act in your best interests there. Debt consolidation is positively encouraged in many high street banks. They ignore the fact that the credit cards will build up again as they are making money out of the debt consolidation loans and the credit cards usually. I would have to say the bottom line is what most of them look at.
    Early retired in December 2017

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • D_M_E
    • By D_M_E 15th Apr 19, 7:55 PM
    • 2,428 Posts
    • 71,470 Thanks
    D_M_E
    • #3
    • 15th Apr 19, 7:55 PM
    • #3
    • 15th Apr 19, 7:55 PM
    Your story sounds like it could be the beginning of the next misselling scandal after the PPI debacle.

    Loans rolled up and turned into secured loans, leading to more debt which is then again rolled up and secured - sounds like the payday loan cycle where loan after loan was taken out while the previous one was being paid off and loans consolidated - could well be the next compensation cycle given the bad advice from their advisors.
    • Barbie61
    • By Barbie61 16th Apr 19, 10:26 AM
    • 20 Posts
    • 19 Thanks
    Barbie61
    • #4
    • 16th Apr 19, 10:26 AM
    Barclays
    • #4
    • 16th Apr 19, 10:26 AM
    I can only hope so ... I thought the same actually. Thank you
    • Mrs_Ryan
    • By Mrs_Ryan 16th Apr 19, 11:45 PM
    • 10,854 Posts
    • 20,474 Thanks
    Mrs_Ryan
    • #5
    • 16th Apr 19, 11:45 PM
    • #5
    • 16th Apr 19, 11:45 PM
    I bawled Barclays out on something similar. A few years ago my fiance had Finance on a car- I can’t remember how much exactly the rate was but it was very low, something like 3%. My fiance is vulnerable and doesn’t understand Finance because of his disabilities- and the bank are well aware of this- there’s notes on his account about it. Barclays cold-called him and said they could give him a fantastic rate loan that would clear his vehicle Finance blah blah- I had been out and I came in just as he was agreeing to it and he asked if they could speak to me first with his permission.
    They gave me the same spiel and I continually interrupted, asking what the interest rate was. The guy on the other end of the phone said ‘it’s a really good deal- it’s 26%!’ I laughed out loud for about five minutes and said his Finance was only 3% and I wasn’t happy them trying to take advantage of a vulnerable person and to leave him alone.
    They rang continuously for the next few days and I picked up one of the calls as I was waiting for a call myself. I gave the poor bloke such an earful but to his credit he apologised and said he would escalate it and the calls stopped.
    They deliberately exploit the vulnerable (in any way) it seems.
    Open University BA (Hons) English Lang and Lit Graduate; MA English De Montfort Uni 2018- PASSED WITH MERIT!! Round 2 OU started 06/10/18, BSc Combined STEM, Year 1 E117 and DE100.
    Got Engaged 02/10/2018 Our Civil Partnership planned for 15/02/20
    Miss you always JV
    Elle
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