Consolidation Loan Barclays due to missed payment

[Banksarebullies35]

Hi I have been pondering this sometime.

 

A few years ago 2006 I had an overdraft with Barclays for £5000 despite being on a low wage.. Also another couple loans with them. The latest one was a £1000 loan paying about £66 a month.

 

Well what happened I stupidly emptied my bank account and missed the first payment of the new £1000 loan

 

I suddenly got those red letters for payment interest etc. I phoned up Barlcays as the local bank could not accept my late payment of £66 a ew days later.

 

I told the bank HO debt section I was struggling financially and admitted I had a gambling problem and had been allowed to take out large debt despite a low wage. Thinking they would be sympathetic.

 

BIG MISTAKE

 

I was more or less told my £5k overdraft would be drawn in and the only solution was to consolidate this with my £1k loan and the other one £3k I think.

 

I was shocked I said I was able to make the £66 payment after missing it by a few days but they would not accept the payment and I continued to get the red letters for large amounts I could not afford until I accepted a 10 year consolidated loan.

 

I think I have been duped as I felt forced into this. I went to the local branch and was moreorless told it was out of there hands despite being a loyal customer with a once a1 credit rating.

 

I wish I had not signed the loan now. The consolidation loan now came to £19998.99 10k more than the original debt and I am on a low income. £166.50 over ten years beginning Nov 2007.

 

I feel now I should have refused the consolidation loan and feel I was coerced into this from a vulnerable position.

 

Also I was told that I was given all these loans/large overdraft because they saw large amounts coming in from the gambling..

 

I now owe about £18k on the loan but feel I am struggling and should never have felt threated into taking the loan. They kind of threatened with court action if the larger payments were not made and I could obviously not afford!

 

Is it too late to do anything now. Is there any possibility I could get at least the debt but back to the original size roughly £9k if any case could be proven for malpractice.

 

I am currently on less than £8k a year and really struggling

 

Your advice please do I have any case>

 

Thanks

[slick132]

Hi BABs and welcome to CAG.

 

Whilst the bank may have pressed you into taking the consolidation loan, you have to accept responsibility for the individual loans.

 

Were you managing to service the smaller loan on time each and every month.

 

Did you have decent credits to your a/c on a regular basis, which would lead the bank to feel confident about lending you the further £5K loan when you took it.

 

Were you completely honest about your income in the application for the £5K loan and for the consolidation loan.

 

Read this thread which leads on to deal with a situation that may be similar to yours, as regards "Unfair Relationship between Creditor and Debtor". It's a work in progress which I hope will move forward shortly.