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luckyme66

barclays and poa

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can someone please help

 

my father filled in a lpa in 30 sept

i had a letter from the opg saying is was registered on the 5th feb

and was sent via courier to the solicitors

 

 

im hoping i can pick it up mon depending when the solicitor gets the document

was sent via a courier on the 9th taking ages

 

 

this is my problem

 

i am to be my dads full time carer he has early onet dementia and is disabled hence the poa

 

we are buying a house together and its an auction proprty which means you have to move with 28 days paid deposit

so only 26 days left to complete before solicitor takes rest of money

 

my dad has a savings bond in barclays which matured last april and says available on his bank statements,

but when my dad went to transfer it to his current account,

it said no its not matured

 

 

im told banks write and give 3 weeks notice that a bond is maturing so you can move it

but i cannot find any letter saying that as far as dads concerned its his money and available

 

it would seem its auto renewed itself

 

 

the rpb is we need that money transferring to his current account now

as its needed upon completion on the 29 feb

 

i rang customer services

of course without my name on account as poa they cannot discuss this matter

it has been registered im waiting to pick it up

 

i emailed the fca who advised me to write to head office with evidence of house sale

which i did on the 5th feb with 2 first class stamps on

 

 

i was also advised to email the head man bob cliff

i did that too and got an email back from another member of barclays

saysing he s dealing with my compaint and he asked for dads name etc

 

 

he said my complaint will go to the decisions maker who will let me know.

 

 

surely this is exceptional circumstances?

its not dads fault it auto renewd itself?

and if we dont get the money he may well go bust/sued/homeless

 

 

im presuming its auto renewed for another year menainh its up in april

still no good need it before 29 feb we re slosing sleep here its so stressful

 

why are they taking so long

 

another thing

i rang up barclays to tell then i will be coming in next week to register the poa at the bank

 

i got a snotty woman asking me for all sort of id and said once they see the original poa

the need to send it to their specialit team to check its genuine!! really!

and this takes 10 working days!!

 

 

then i need another appointment so they can add me to his account

they need his permission for me to do this

 

 

isnt that the whole point of a poa!!!

and it will take another 2 weeks to get a debit card cheque book etc

 

sorry about the rant

they have got me sooo angry!

 

 

im not trying to steal form dad,

im looking after him

 

 

all i want them to do is transfer the bond to his current account thats all!

help please

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Hi Lucky and welcome to CAG

 

I can see how frustrating this must be but the bank has the right and the duty to exercise due diligence in checking that you have the right to represent YD with his financial affairs.

 

You need to find out everything you can about the Bond, whether it has been auto-renewed and whether this was the correct . If it has, YD may be able to access the funds but suffer a penalty for doing so.

 

But regardless of the detail about the Bond and it's accessibility, I think you may have trouble getting the bank to act quickly in verifying your authority under the LPA.

 

I suspect your best chance is to use a solicitor to convince the bank that you have the right to act under the LPA.

 

It was unwise in the extreme to commit to an auction property purchase without ensuring that the necessary funds were in place, accessible and ready for you to move to complete the purchase.

 

Find out all you can about the Bond and whether it was right for it to be auto-reinvested. Perhaps also get urgent advice from your solicitor about possible best moves.


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my dad thought it was available thats why he didt know that it could be possibly renewed

im waiting to hear from heads office even if they agree will the branch believe me and ttrasnfer it there and then? or will head office do it automatrically

 

im not sure the branch will take my word for it thats it can be trasnferred if head offce agree and do it there and then?

once i pick up the lpa i hope tomorrow as i made an appointment with barclays for tues afternnon surely the cedrtified copy signed by a solicitor is good enough? and as for wanting to send the poa off the their specialist to inspect it it a bit ott?

 

we need this money transferring and cannot wait 10 working days while they inspect the documents

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Hi Lucky,

 

If you wait for Barclays to come back to you, you're likely to miss the deadline.

 

Unless you have a good senior contact in the bank branch, the staff there are unlikely to have the discretion to deal quickly with matters regarding LPA.

 

Also, you cannot rely on any opinion given other than what they put in writing. Anything you're told by phone counts for nothing unless you record the conversation.

 

You need to research the Bond so you know definitively what the terms are. You need to find out for yourself whether the Bond is still tied in and, if so, whether it can be accessed with whatever penalty. Once you know this, you can tell the bank what you need them to do, perhaps with the help of your solicitor.

 

:-)


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until i have the poa in my hands i dont think they l tell me much just that customer services said it would seem like its auto renewed that's all they could tell me

 

on barclays website its says you cant access the money unless your dead or bankrupt! which we will be if they dont release the money!

customer services said all calls are recorded they do have an extreme circumstances policy and mine certainly comes under that

thats just the word of a person on the phone though

 

my complaint is taking a long time to get back to me

i guessing it will be in writing and not a phone call?

i wrote letter on the 5th feb to leicester head office that's what the fca said to do

and i emailed bob cliff on same day

all i know it the matter has gone to the senior decisions maker

 

time is running out

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From a look at the generic T&C's of Barclays Fixed Rate Bonds, Term 6.4 confirms that funds would be reinvested in a new Bond unless YD gave instructions to the contrary.

 

I doubt there's mileage claiming that YD didn't get the renewal letter.

 

I'm going to seek input from the Site Team to see if there are any other suggestions that could help you.

 

:-)


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i have the poa and im seeing barclays later today

 

ive still not heard from my complaint to head office

 

do i mention to the branch lady im seeing today about the bond and exolain and hope they transfer it and are understanding?

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........ explain and hope they transfer it and are understanding?

 

You can try but I think you are expecting too much from a bank that doesn't allow staff to make decisions at branch level. They don't have that level of discretioin.

 

The other possibility mentioned by Site Team is seeking a Bridging Loan using the Bond as security until the Bond matures. This makes obvious sense and is worth trying but the LPA may be a problem.

 

See how you get on with the bank and report back to us.

 

Otherwise, you may need to seek urgent advice from a solicitor about your options.

 

How much did you pay at the auction as a deposit. Do you know if that is what you stand to lose, or are you liable for any more under the Auction House T&C's.


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deposit £8,280 and yes be liable

 

barclays cancelled the appointment its been rearranged for friday 12 30

 

this morning barclays head office senior decisions man rang me

said he s dealing with it

asked me to repeat everything agian

he said he will do everything he can to help me and will ring the branch im going to on friday and explain

but they need to see the poa first

 

thats something i guess

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Hi Lucky,

 

Do you mean you'll lose the deposit, or you'll be liable to pay more if you fail to complete.

 

Good to hear HO came back to you. Did you mention a possible bridging loan or are you hoping to avoid that.

 

:-)


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both i think

 

no i didnt mention the bridging loan yet

 

im hoping he has had a word with the lady im seeing on friday

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Surely you need to check the Auction House T&C's to see if you'd 'just' lose the deposit, or whether you are liable for more.

 

:-)


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i was in barclays nearly 2 hours while they checked out my ids and photo copied the poa

the issue isnt with releasing the bond as it matures agian on the 10 april im told due to the circumstances they wil release it

barnch cant do it

the problem i have is that barclays legal team are saying it takes 10-15 days to inspect the poa then anout 5 working days to send me cards online banking etc

james from head office says when the leagal team receive it he will do everything he can to escalate it for me

 

so now i wait

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......... the issue isnt with releasing the bond as it matures agian on the 10 april im told due to the circumstances they will release it.

 

I understood that WAS the problem. That the money YD needs to complete the auction property purchase is tied up until April and therefore not available, hence the purchase will fail.

 

Did you discuss the option of a bridging loan using the Bond as security ?

 

:-)


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Hi Luckyme,

 

Can you let us know what happened with this as we're now well-passed the Auction House's completion deadline.

 

Thanks :-)


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