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Original poster

Urgent help needed please

57 replies

nutcracker · 27/10/2007 11:54

It's a really long story, but basically about 5 years ago I had a loan from Barclays who I also bank with, for £6000, I paid the monthly payments without fail for about 2 years until I started to struggle and the loan was redone with lower repayments.

When I split with xp last year, I couldn't afford the repayments anymore and Barclays were awful with me, eventually saying that my only option was to go onto temp payments of £40 a month for a year and then go back up to payments of £104 a month.

They have written to me today stating that from Dec my payments will go back up to £104. I have just rung them and they have said that it is non negotiable, I either pay £104 (for 118 months) or it goes to court. I explained my circumstances and they didnt give a toss.

They said that basically, when it gets to dec, they will take out £104 a month from my account wether it is in there or not, which will then mean I am overdrawn without authorisation, even tually they will sell the debt on, after they have got me into loads more debt and left me without money to feed my kids, and then they will close my account.

I said that surely it is within their interests to accept the £40 a month I am offering, rather than it go to court and me get told I can pay £2.50 a week, and they said no, we'd rather close the loan down.

What do I do now ??

I feel so ill.

OP posts:
Original poster
nutcracker · 27/10/2007 11:55

I need to open a new bank account don't I ? somewhere

OP posts:
charliecat · 27/10/2007 11:57

Yes new bank account would be good. Have you been to CAB with this? they may be able to word it so they do take the 40 quid? for you

Original poster
nutcracker · 27/10/2007 11:58

He said go to CAB, and I said, what for, you just said you won't acept £40 and he said no we won't. He was very arsey tbh, I had to keep asking him to stop intterupting me when I was trying to talk.

OP posts:
notjustmom · 27/10/2007 11:58

This reply has been deleted

Message withdrawn at poster's request.

Original poster
nutcracker · 27/10/2007 11:59

Which is the best bank to try for a bank account ?? I don't have a great credit history although i have been trying to repair it recently.

OP posts:
CarGirl · 27/10/2007 11:59

they are insured I suspect, so you fail to pay they close and get the money of the insurers anyway!

I would recommend Nationwide they are a building society and are not paying share holders from charging unreasonable bank charges (IMO) you can also raise buiding society cheques free of charge (these are like bank orders that are a guranteed payment). Altogether a very positive experience banking with them for us.

LIZS · 27/10/2007 12:00

Go to CAB. The problem obviously isn't going to away but they may be able to negotiate the lower repayments more longterm for you and help you budget accordingly. You are right they are being shortsighted but it might be better to let someone impartial find out the options and why they are resisting. They may also be able to get past the rigid call centre patter you are being given more easily and talk directly to someone with more discretion.

Original poster
nutcracker · 27/10/2007 12:00

Have to go do assignment now but will read replies later.

OP posts:
charliecat · 27/10/2007 12:00

try ringing again get a different operator? or go to CAB. Im sure they can negotiaite with them...thats spelt wrong but YKWIM

Original poster
nutcracker · 27/10/2007 14:29

Just having my lunch break.

CC, that was the second operator I spoke to, the first one cut me off after telling me it was non negotiable.

I will sort out a new bank account this week, thanks for the reccomendation cargirl

It just annoys me how they seem to think I don't give a toss about it. I have spent all year trying my hardest to get a job and haven't suceeded. It's not like I sat on my ass all year doing nothing and then expected them to say oh never mind carry on as you are.

I will try and ring CAB, but it's very hard to get through to them around here. Or I will try the credit CCCS.

OP posts:
SpookyDooooo · 27/10/2007 14:43

Are you still paying through barclays?

I did this when i was 18 i borrowed £2900 i paid it for the 1st yr at £90 a month, then when i fell pregnant with ds i had to give up work at 6 month pg & could not afford the £90 a month, they passed my loan debt to a debt collecting agency, & they phoned me to sort out what i could afford, at the time it was £15 a month, they accepted this & tried to up it every 6 months to a yr.

I am still paying it off to this day i pay £30 a month now, the interest was stopped write back from the beginning but somehow i still owe them £3060 makes me sick.

Original poster
nutcracker · 27/10/2007 16:11

Yep still paying through barclays at the mo. The interest was stopped for the past 12 mths but will now be charged at normal rate again from December.

I borrowed £6000, but at the rate they want back and the length of the repayments, I will pay back over £12000.

I am going to speak to CCCS who I think will advise that I open a new bank account and then write to Barclays advising them that I can only continue to pay £40 a month.
I think Barclays will then close own the loan and sell it on. If they do that I will see if I can negotiate with the new owners of the debt. If not then it can go to court as far as I am concerned, and they can have £2.50 a week.

OP posts:
3Ddonut · 27/10/2007 16:23

We had similar probs with Barclays, they were not as arsey as you say and to be honest I am and disgusted that they would speak to you like that, cutting you off and speaking over you??!!!! I think most of them get off on the power £40 is a reasonable offer and they should allow you some flexibility.. A holes. See CAB ASAP. Good luck.

brandnewpumpkin · 27/10/2007 16:29

Nutcracker, are you a student (you mentioned an assignment)? If so, you might try your uni/union advice centre - certainly some of them will negotiate with creditors (including banks) and work like a CAB. That's if your CAB is hard to get hold of.

fireflyfairy2 · 27/10/2007 16:38

Close down the account & open elsewhere with no direct debit.

Tell them you can pay £40 a month as before.

And if you do decide to go see your student advisor, I hope he/she is better than ours!!

saggarmakersbottomknocker · 27/10/2007 16:53

Problem is Nutty that they won't let you close that current account whilst you have the loan linked to it. You need to open a new account somewhere else for your money to go into but you may find that they still transfer from your old Barclays account. It's madness because it's just transferring the debt from one account to another (and the interest on an od will be higher).

Definitely speak to CAB or similar - they should write to Barclays with a repayment programme for you.

fireflyfairy2 · 27/10/2007 17:36

But wouldn't it be in Barclays best interest to let you pay it at £40? At least they know they will get it that way..

How about if you open an account elsewhere, put your money in it. Keep the one open with Barclays but don't put any money in it. Surely they will realise that they are just hurting themselves by taking cash from an account where there isn't any

Original poster
nutcracker · 27/10/2007 22:10

If they don't let me close down the account though, doesn't that mean that they can still take the money, even if the account is empty, meaning I end up with an anauthorised overdraft ?? Would they actually be able to do that ???

If so, that is just luicrous.

I so don't need this now, am knee deep in work for college and I can't concentrate now.

I mean fgs where do they expect me to find an extra £64 a month from as a single mum on benefits.

OP posts:
tiredemma · 27/10/2007 22:13

I had trouble with my bank a few years ago and tried to open another acct to make sure that my money wouldnt get taken by my bank. I was refused even basic accounts- it was as if they 'knew' about my trouble with my own bank.

Original poster
nutcracker · 27/10/2007 22:17

I did try and open a Natwest account a few months ago and they did approve it and sent out all of the paperwork, but I forgot about it.

If I don't sort this out, it means I have to find an extra £15 a week from somewhere to pay this, for the next 10 years. Relalistically, it is going to be another nearly 5 years before I can afford to pay it.

OP posts:
tiredemma · 27/10/2007 22:18

you will prob be ok then ( incidently-it was natwest that refused me!)

Original poster
nutcracker · 27/10/2007 22:31

Hope so, else I dunno what else I can do.

OP posts:
CarGirl · 27/10/2007 22:33

have you got a student loan already

Original poster
nutcracker · 27/10/2007 22:39

Can't have a student loan, am only at college on a part time, 1 day a week course, but thanks for the suggestion.

Have just found out that I can earn up to £20 a week and it not effect my income support, so am going to ring up a few schools and see if I can do a couple of days a week as a lunchtime supervisor. Not sure if this will effect my housing benefit though.

OP posts:
CarGirl · 27/10/2007 22:41

My only other suggestion is that you go and talk to nationwide be honest with them and see if they will give you a new loan or something on better terms - perhaps speak to cab first.

Is there a penalty for paying off the loan in full early?

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