Barclays credit nightmare!

Barclays credit nightmare!

9:48 AM, 5th October 2023, About A year ago 13

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Barclays put bad credit on my file 154 times while the Financial Service Ombudsman are investigating them, even though I OVERPAY my mortgages!

I am not the only person to be affected. Customer accounts managed with the bank’s Trinity IT system did not accurately record monthly loan repayments, resulting in the bank wrongly flagging customers in arrears and marking down credit records shared with credit agencies.

Borrowers were left unable to secure new loans or move to other lenders, including over the past two years when interest rates have soared. In one case, Barclays mistakenly issued seven monthly defaults on 22 mortgages on a single borrower’s credit file.

The high street bank has informed one affected customer that it is “unlikely” to resolve the problem before the end of 2024, when it plans to move clients to a new system.

It all started in 2017, when I first became aware of the problem. At the time, Barclays said the matter had been resolved. However, the issue worsened when I attempted to remortgage the three properties held with a different lender two years ago.

In 2021, I was offered a mortgage rate of 1.49 per cent on the three properties only to have a credit check fail. I am now paying more than 9 per cent having been placed on tracker rates.
I have not slept for three years. I can’t get a credit card, a phone contract. Normally my credit is clean. I have been reduced to handing out leaflets to passers-by in front of my local Barclays branch decrying the situation. Once, I glued myself to the counter in protest.
The Financial Ombudsman has upheld complaints made by me, while public records show it did so for similar complaints made by at least two other customers. In July, it ruled Barclays should pay me £1,300 and the difference between the current market rate and the one I would have been able to access had he not been flagged in arrears. This would come on top of some £1,600 in compensation he had already received.
Barclays said it had provided a “dedicated point of contact” as ordered by the Financial Ombudsman. It declined to comment on why Roberts had been informed his account would not be migrated to a different system until the end of next year.
The full story can be read here in the Financial Times (for some users this may be behind a paywall)

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Mick Roberts

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16:27 PM, 3rd January 2024, About 11 months ago

Reply to the comment left by JAH71 at 02/01/2024 - 00:19
Yes, I imagine there has been many of us.
Yes, I've had same as u, Credit cards refused, mortgages etc.
I've just been paid about £14,000 compensation with lots more to come.
I'm trying to message u on here, but don't know how to do it.
Here is the Journalist at Financial times who did want to get hold of more people:

rafe.uddin@ft.com

Stella

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16:41 PM, 3rd January 2024, About 11 months ago

Just a word of caution about Nationwide.
I read a while ago that Nationwide were promoting Shelter even though TMW are also part of Nationwide.
That is the only reason I personally would not have an account with them.

Stella

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17:50 PM, 3rd January 2024, About 11 months ago

Reply to the comment left by Mick Roberts at 03/01/2024 - 16:27
How about also getting in touch with the BBC "Rip Off Britain"
They might be interested as it affects so many people.

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