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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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My mortgage finishes October,I have a reserve loan of £30,00

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My mortgage finishes October,I have a reserve loan of £30,00 that Barclay wants me to pay off then.I have never defaulted on payments.How can I continue just increasing loan payment ? My three children can all guarantee me they are all in well paid jobs.I have left the house to them in my will.( I have a life insurance of £40,000 on my death)
Any suggestions?
Jill Francis
Hello Jill my name is ***** ***** I will help you with this.
Have you asked Barclays if you can continue to pay it off please?
Customer: replied 2 years ago.

House bound for a couple of months because of operation,Barclay hopeless on phone,when I can actually get through.!

Was this loan just added to your mortgage or did it have to be paid off then your mortgage was complete?
Customer: replied 2 years ago.

Originally the reserve was with Woolwich with no time scale,then Barclays took over, and I found out last year That I had to pay back the whole amount in October.I have paid over the interest ,no default,every month.

But did the terms of the reserve loan say it had to be paid back at the end of the mortgage period or within another fixed term?
Customer: replied 2 years ago.

The original was about 12 years ago,can' t remember having a contract,all very casual to help improve the house.My house is worth,£260,000.I didn't even know about the take over,until I started having statements from Barclays.

My yearly mortgage statement comes from Woolwich.

But the loan shows this outstanding balance?
have you asked for a copy of the terms?
Customer: replied 2 years ago.

My monthly statement always shows the balance and the interest for the next month.I hadn't thought to ask for the terms,anyone you get through,doesn't seem to get much idea.I will phone tomorrow and chase somebody it come back to you.?

Sure. You need to ask for the terms as well.
Customer: replied 2 years ago.

Thanks,speak to you tomorrow

Customer: replied 2 years ago.

Just been able to get through to Barclays 1/2 hour going all through India.

Terms of the loan was pay up on completion of mortgage,they have booked me for 1 hour phone call with advisor to discuss options.

Thank you for your help,

Excellent service,

Jill Francis

Happy to help Jill.
In short my advice is this. If the terms say it was due when the mortgage ended then you are stuck.You would have agreed to those terms and conditions.
If the terms did NOT say this then you are ok.
In any event you should write to Barclays and set out your complaint. They will investigate it and you should write to head office. If that does not resolve the complaint then you can complain to the Ombudsman. They offer a free, independent service at:
Can I clarify anything for you about this today please?
Ash and other Law Specialists are ready to help you

I am just following up on this. Is there anything else I can help with? If so, please let me know.