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  • #1

    I can't afford my current account anymore. Need help please

    To keep it short and simple, i cannot afford my barclays additions+ account any more. From the 16th june this year, i will be charged £1.50 per day due to barclays new overdraft charges. I'm £1600 into an agreed £1750 overdraft. I already pay £16 per month for the account, so that will be £60 per month on average i will be paying out. I've currently got a complaint open with them about the package account mis-selling fiasco, but i'm not holding my breath to be honest. My question is, what sort of help is open to me from the bank? As i understand it, the debt is enforceable. I don't want to leave it and let interest build up, so what would be the best route to take fellow AAD members?

    Thankyou
    Tags: 1st, account, bank, banks, barclaycard, barclays, branch, card, cca, charges, con, credit, credit card, current account, dca, debt, default, defaulted, family, finance, financial, fos, funds, help, information, interest, law, letters, loan, mis-selling, miss-selling, money, natwest, niddy, online, overdraft, overdrafts, package, paid, pay, problems, roso, s.74, safe, set aside, wages, woman, wrong
  • #2
    Re: I can't afford my current account anymore. Need help please

    I am in a very similar position, so know exactly how you feel. In fact I am just looking at my outgoings to decide who to default on in order to live :-(
    Is it possible for your overdraft to be transferred to a small loan?
    With regards to the additions + account, just ask for the additions part to be removed and explain that you just want a current account with your overdraft as arranged. If you have any problems, then send an online complaint to Barclays.

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    • #3
      Re: I can't afford my current account anymore. Need help please

      I doubt i'll get a loan with my credit rating, and even if i could, the most i could afford would be about a tenner per week. Is there really no other way other than to default on the account and force them to accept a repayment plan that suits me?

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      • #4
        Re: I can't afford my current account anymore. Need help please

        hi.

        If you want to try and resolve this, can you borrow the money from a family member or friend and pay them back? This is assuming the rest of your credit file is OK (or you want to keep it that way).

        If not, you could set-up another account and have wages paid in to that but they will default you and you won't get credit for years afterwards. Once defaulted, they can't charge any more interest and assuming they sell the debt you should be able to settle for less.

        I'd have a good hard think about the overall financial picture you are in and post back.

        Best
        SA Gold
        When Gold isn't enough, there is SA Gold! New to the forum and find the UE route a bit scary? Take a look at my diary here and judge for yourself. I am now saving the money each month that was making little difference to the balance and not a bit of difference to my credit file as a result of finding AAD.


        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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        • #5
          Re: I can't afford my current account anymore. Need help please

          Thanks for replies gents. Some good news though. Just received over £2600 for mis-sold package on my barclays additions account. I've transferred it to a natwest parachute account immediately due to my debt with barclaycard and the right of offset. Can barclaycard use this law to dip into my overdraft of £1750?? I'm currently in credit by a a couple of ££ now on the current account.

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          • #6
            Re: I can't afford my current account anymore. Need help please

            Yes so if you clear the OD then close the account and remove OD. If you just walk away then you'll find they might offset against your current account yes.
            I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

            If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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            • #7
              Re: I can't afford my current account anymore. Need help please

              as far as I under stand it , no, but I have been known to be wrong.and I was
              do you intend to pay off the overdraft with the money you got,?
              If so then close the account at that point and use the Natwest account. simples

              crossed post Niddy
              I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

              If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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              • #8
                Re: I can't afford my current account anymore. Need help please

                Thanks for quick reply gents. Yes, the overdraft is fully paid off now. It's a couple of quid in credit. So it's definitely best to close the account then? It would really piss me off if they used Right Of Offset and took me back up to £1750 OD

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                • #9
                  Re: I can't afford my current account anymore. Need help please

                  Wow, brilliant news on the refund :-)

                  Comment

                  • #10
                    Re: I can't afford my current account anymore. Need help please

                    Originally posted by Mr-Boink™ View Post
                    Thanks for quick reply gents. Yes, the overdraft is fully paid off now. It's a couple of quid in credit. So it's definitely best to close the account then? It would really piss me off if they used Right Of Offset and took me back up to £1750 OD
                    Yea close it down mate. Best option.

                    Nightwatch is a woman btw

                    NW - enforcer has a thread about Barclays right of SetOff. I've argued with him at the FOS and although it's not in Barclays terms and the FOS found in their favour (yea right how so) we DID get Barclays to admit they'd done wrong. So they *do* do it but they shouldn't.
                    I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

                    If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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                    • #11
                      Re: I can't afford my current account anymore. Need help please

                      Brilliant Niddy. Thanks for that. I'll have to visit a local branch then. Can't do it online. They want it in writing. That'll take too long.

                      Also, sorry nightwatch.

                      Comment

                      • #12
                        Re: I can't afford my current account anymore. Need help please

                        thanks for not calling me *that bloody woman* niddy. hubby does it all the time
                        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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                        • #13
                          Re: I can't afford my current account anymore. Need help please

                          Haha you're safe - for now
                          I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

                          If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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                          • #14
                            Re: I can't afford my current account anymore. Need help please

                            I thought that they could only take a positive balance out of an account but that they cant take you overdrawn even within an agreed overdraft facility (happy to be corrected though). Isn't the reasoning along the lines that money you take form an overdraft is not yours. Its someone elses that you are borrowing so its not up for grabs by way of set off. (I may be confusing this with the principles that were/are in place for a garnishee order when taking money from an account to satisfy a judgment without the judgment debtors consent or knowledge).

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                            • #15
                              Re: I can't afford my current account anymore. Need help please

                              If you have an OD and are not in it, they *shouldn't* dip in.
                              If you have an OD and are in it they can use upto any limit (offset).
                              If you have no OD they cannot make you overdrawn. If so s.74 kicks in.

                              s.74 (part v) argument again lol. I argue that an OD is a form of credit so a statement needs to be sent etc but banks think it doesn't apply. This sums it up -> http://forums.all-about-debt.co.uk/s...l=1#post159386

                              My argument is that if they use offset to create an OD then s.74 kicks in. Surely?

                              It doesn't help that the FOS find for Barclays in cases such as Enforcer.
                              I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

                              If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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