barclays openplan problems

[luckypup]

Trying to find out if anybody else has the same problem. Last Oct I started questioning Barclays about my mortgage statement . I have documentary evidence where they advise me on monthly statements that I am reducing the term of my mortgage by offsetting money in my current a/c. Igot to 28 months off! those staements stopped without explanation. I queried this and met a stonewall. I wrote several letters and today at last after 8 months they have replied saying and i quote "the information you received, detailing the reduced term on your mortgage was indeed flawed. The information that had been used to calculate the remaining term took account oft he interest you were saving by offsetting your investments and incorrectly adding them to the monthly payment you were making....Regrettably this was due to a system fault that once recognised, had been corrected."
Well they didnt tell me!
Additionally they have documented that I have saved over £5000 in interest but that I still have the original term!! They dont seem to understand there product.
Any ideas where I should go from here?

[MARTIN3030]

Welcome to the site-sorry for the late reply.
Will move your post to the Mortgage forums someone there may be able to help.

[MortgageTalk]

A real can of worms and possibly the tip of an iceberg. I currently have a number of clients actively challenging Barclays on the balance of their offset accounts. The problem they face is that no one at Barclays can clearly explain how the balance has been reached. Barclays either explain the theory behind offsetting (not rocket science), or forward letters full of technical terms, but no substance or clarification. Barclays appear unable or unwilling to provide actual calculations to these clients to support the relevant statements. The same problem occurs at redemption.

Recently, I accompanied one of my clients to a meeting arranged by Barclays at the local branch to (in Barclays own words) ‘meet the local offset expert’, who would be able to answer any queries. Embarrassingly for the ‘expert’ and frustratingly for my client, the meeting lasted but a few minutes with the ‘expert’ readily admitting he could not explain how the balances were calculated. Following another round of correspondence, Barclays have now promised to send someone from Head Office to ‘re-assure’ my client. I am looking forward to that! Due to lack of progress and faith in Barclays, the clients have approached the FOS for assistance.

MortgageTalk