Unlocking the Mysteries of Legal Jargon: How AI Legalese Decoder Can Ease the Burden for Parents Facing Unrequested Barclays Account Linked to Mortgage
- May 2, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Complex Situation with Barclays: How AI Legalese Decoder Can Help
Hello everyone,
I’m seeking guidance on a complicated matter my parents are currently navigating with Barclays in relation to an unrequested current account that has been inexplicably linked to their mortgage. The situation unfolds as follows:
### Initial Setup:
Barclays initiated a current account tied to my parents’ mortgage without their explicit consent. They were already diligently managing payments from their longstanding HSBC account, established back in 1986.
### Debt Growth:
Remarkably, this Barclays account has amassed over £30,000 in debt. Approximately a decade ago, the debt was £19,000, of which my mum paid off £10,000. Regrettably, the debt resurged due to accrued interest, reaching £19,000 again a few years later. Following another payment of £5,000, the amount decreased. However, five years ago, the debt ballooned to £23,000. Presently, it stands at an alarming £32,000.
### Communication Challenges:
Several years back, a financial advisor and my parents attempted to solicit information from Barclays regarding this account, only to be met with refusal. Furthermore, two years ago, a Barclays representative assured them of halting the account and reverting with a resolution, but failed to do so.
### Recent Developments:
Barclays recently alleged a missed payment, despite multiple confirmations from HSBC (after four separate checks) that the payment was remitted. As the mortgage nears completion, with less than £21,000 outstanding, the unresolved issues pertaining to the Barclays account remain a pressing concern.
### How AI Legalese Decoder Can Assist:
The AI Legalese Decoder can be a valuable resource in deciphering the intricate legal language and documentation involved in this dispute with Barclays. By utilizing this tool, you can efficiently analyze and interpret the terms and clauses governing the current account linked to the mortgage. It can also provide insights into potential legal avenues to address non-consensual account linkage and escalating debt.
### TL;DR:
My parents are entwined in a perplexing situation with Barclays concerning a current account thrust upon them, entwined with their mortgage. Despite regular payments, this account has accrued substantial debt. Barclays’ unresponsiveness adds to the complexity of resolving this issue.
### Seeking Guidance:
Any counsel on navigating this predicament would be greatly appreciated. We are uncertain about the next steps to take and whom to approach for assistance in resolving these persistent challenges.
Thank you!
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This feels strange. Either there’s significant missing information or Barlcays have been pretty negligent here.
Purely from a credit perspective this seems incredibly risky. A £30,000 overdraft might be reasonable for a customer earning say £200,000+ and using Barclays as their main account, but letting someone with no relationship beyond a mortgage run up that much unsecured debt is quite something. I’d have expected them to have put a stop to this much earlier.
The FCA takes a pretty dim view of persistent overdraft debt too. Based on what you’ve said (accumulating debt over an extended period and no regular income to the current account that could pay it off) it seems likely your parents should have been assessed as being in financial difficulties by Barclays. If so, Barclays should have taken steps to intervene and reduce their overdraft use.
See [High-Cost Credit Review: Overdrafts consultation paper and policy statement](https://www.fca.org.uk/publication/consultation/cp18-42.pdf) and in particular table 17
How had this account accuring debt? Are they spending on it?
You need to log a formal complaint with Barclays ASAP and if they refuse contact the FSA asap. A full investigation is needed.
Also BTW OP, Barclays currently have a number of issues with their mortgages due to miscalculation etc. It’s an ongoing issue and I rather suspect they will be dealt a heavy blow from the FCA re a mass mail out they did recently.
Log a formal complaint, they have 8 weeks to investigate and resolve.
If the final outcome and resolution is not satisfactory, make a report to the Financial Ombudsman Service.
Hi /u/Pale_Astronaut_8603, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/financial-advice/
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