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Barclays / Woolwich Mortgage Current Account Reserve


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Hi , I have a Mortgage Current Account Reserve originally with Woolwich which was taken over by Barclays going back to 2005 /6  . I have 3 years and 7 months remaining on my Mortgage and was aware that the reserve would also need to be repaid in full at that stage . 

To my suprise i received a letter yesterday the 16th May ,  dated May 10th demanding the entire sum to be repaid by 20th May and the account to be closed. 

 

Am i able to challenge this decison and what is the procedure moving forward if i can not repay it . I believe this is charged against my property for security . 

 

Over the years they have gradually reduced my reserve amount and i have seen others on this forum compromised by Barclays action but not yet seen someone asked for the full amount , with such little notice . 

 

I have tried to reach Barclays on the number provided but they are unable to find the team that would deal with it and the letter is not recognised on their sytems . 

 

For what it is worth i have issued a SAR and CCA Request to try and slow the process in the absence of being able to speak to someone from Barclays . 

 

Any guidance moving forwards would be hugely appreciated . 

 

Many Thanks 

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you cant CCA a bank account.

 

you say this has a charge registered against your property?

does it?

 

dx

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Quote

A Mortgage Reserve is a secured overdraft facility on a Mortgage Current Account, where you borrow against the equity in your home. The Mortgage Current Account operates like a normal current account. You receive a chequebook, debit card and will also be able to set up standing orders and Direct Debits.

 

Mortgage Reserves are no longer available for new mortgage applications, although a number of existing customers will have a Mortgage Reserve as a part of their Mortgage Current Account. This Reserve must be repaid by the end of the mortgage term. A charge over your property will have been required as security.

 

WWW.BARCLAYS.CO.UK

A mortgage reserve is a secured overdraft on a Barclays mortgage current account. Get more details here.

 

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My Mortgage is also with them so they have 1st charge on the property as expected and i would imagine this extends to the mortgage reserve / over draft .  My issue is a 4 day notice to repay in full when i had it expected it to fall due at the end of the mortgage term . 

What enforcement actions are they likely to take given i am not in a prosition to settle this now ? 

 

Thank You 

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none i expect.

so they'll dump this debt onto the outstanding mortgage balance i expect?

or simply do nothing till the mortgage ends? 

 

9 minutes ago, Andyorch said:

This Reserve must be repaid by the end of the mortgage term. A charge over your property will have been required as security.

 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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The proprietor of the Charge dated xxxxxxxxx 2006 referred to above is under an obligation to make further advances. These advances will have priority to the extent afforded by section 49(3) Land Registration Act 2002.

 

I just found this posted a year after the original charge 

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  • 1 month later...

An update on the thread above . Today i have a letter from Litigators attached to Barclays they demand repayment of some normal mortage arrears which i can pay by the months end and in addition they demand repayment of the mortgage account reserve which is around £40k which i can not repay without time , i can sell an assett   , a second property but this will take time  in this climate .

Barclays did not respond to my SAR of May17th in relation to the above 2 accounts . I have sent a copy of the SAR via e-mail to the Litigators .

Any advice on how to buy time from them , there is 3 years 7 months remaining on my mortgage and i had planned to repay the mortgage account reserve at this time .

Many Thanks 

Andy

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