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Barclay's default marked on our credit record


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Hello,

 

A number of years ago we had a business. In 2004 we found a buyer for the business and informed our bank (Barclays) to this effect. We were then informed that our overdraft facility of £10000 was to be removed. Our business manager said we would have to take out a loan to cover the outstanding o/d. We did this but then when the business was sold 3 months later we found we were liable for additional charges for paying off the loan early. This would not have applied had we been able to continue our o/d to the sale of the business.

 

After selling the business we started to examine the charges we had been paying over the previous 7 years. We asked for copies of all bank charges for the period but were stalled at each attempt. We issued a letter of intent that we would be challenging the account charges, the over-priced critical illness cover we had been forced into taking out, and we stated that the loan to cover the overdraft was now in dispute and that repayments would be suspended.

 

There followed a period of letters and phonecalls from ourselves and denials by Barclays that any of this had ever been received. In the meantime we were harrassed from other departments for repayment of the (o/d) loan. Eventually Barclays sent a letter saying that they now considered the loan in default and that unless we repaid the full amount immediately it would be put into the hands of a debt collection agency. We were so fed-up with the whole thing we sent a cheque for the full amount and just wanted nothing to do with Barclays ever again. Now we find there is a default notice on our credit record in relation to the loan. It states that the loan is ''satisfied'' but it blights our chances of ever obtaining credit.

 

I intend writing to Barclays as I feel this is beyond unfair. Any comments or help would be much appreciated.

Edited by royalflush
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Hello,

 

A number of years ago we had a business. In 2004 we found a buyer for the business and informed our bank (Barclays) to this effect. We were then informed that our overdraft facility of £10000 was to be removed. Our business manager said we would have to take out a loan to cover the outstanding o/d. We did this but then when the business was sold 3 months later we found we were liable for additional charges for paying off the loan early. This would not have applied had we been able to continue our o/d to the sale of the business.

 

After selling the business we started to examine the charges we had been paying over the previous 7 years. We asked for copies of all bank charges for the period but were stalled at each attempt. We issued a letter of intent that we would be challenging the account charges, the over-priced critical illness cover we had been forced into taking out, and we stated that the loan to cover the overdraft was now in dispute and that repayments would be suspended.

 

There followed a period of letters and phonecalls from ourselves and denials by Barclays that any of this had ever been received. In the meantime we were harrassed from other departments for repayment of the (o/d) loan. Eventually Barclays sent a letter saying that they now considered the loan in default and that unless we repaid the full amount immediately it would be put into the hands of a debt collection agency. We were so fed-up with the whole thing we sent a cheque for the full amount and just wanted nothing to do with Barclays ever again. Now we find there is a default notice on our credit record in relation to the loan. It states that the loan is ''satisfied'' but it blights our chances of ever obtaining credit.

 

I intend writing to Barclays as I feel this is beyond unfair. Any comments or help would be much appreciated.

It certainly does seem unfair, but is just another axample of how these institutions now behave.

 

It is probably worth writing to Barclays in the first instance, laying out the situation and telling them that you think you have been treated unfairly and that their manager was irresponsible, mis-selling you a long term loan, when clearly what you needed was a short term solution. Ask them to remove the default.

 

If they have registered a default, then they need to issue you with a Default Notice. This is an important document and hopefully you still have this. If you do, can you post the date of the notice and the date when the default has to be rectified. You may be able to refer to this in your letter.

 

Copy this letter in to the CEO of Barclays.

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