By Ben Kerrigan-
Barclays Bank, one of the largest financial institutions in the United Kingdom, is losing credibility by the day for its questionable practices and lack of accountability towards its customers.
One of Britain’s leading banks has long subjected its customers to unfavourable experiences.
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Barclays Bank is facing mounting pressure to promptly address a critical issue that has seen numerous customers unfairly burdened with bad credit on their files
The latest complaint comes following a shocking revelation that this financial giant has marked some customers as defaulting on their loans when they were, in fact, making timely payments.
The issue which has plagued borrowers for years, has left many struggling to secure new loans, mortgages, and even basic credit, significantly impacting their financial stability.
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The bank has repeatedly been accused of failing to accurately record monthly loan repayments, resulting in the bank wrongly flagging customers in arrears and marking down credit records shared with credit agencies.
Borrowers have in many cases been 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 latest problem centers around Barclays’ Trinity IT system, which has been responsible for inaccurately recording monthly loan repayments.
This has led to Barclays erroneously flagging customers as being in arrears and subsequently damaging their credit records, which are shared with credit agencies.
However, the problem resurfaces in the worst possible way when customers attempted to remortgage their properties with different lenders two years ago.
The Financial Times exposed the bank’s irresponsible treatment of businessman buy to let landlord, Mick Roberts, confirming it had also examined two other complaints against the irresponsible bank.
The FT has seen emails, correspondence and the findings of regulator complaints.
Roberts from Nottingham, said he first became aware of the problem in 2017. At the time, Barclays said the matter had been resolved. However, the issue worsened when he attempted to remortgage three properties held with a different lender two years ago.
In 2021, Roberts was offered a mortgage rate of 1.49 per cent on the three properties only to have a credit check fail. He is now paying more than 9 per cent having been placed on tracker rates.
The embarrassing revelation comes on top of complaints this year that customers were locked out of their of their accounts, and their overdrafts were insensitively withdrawn without justification.
Barclays is losing its professional credibility very quickly, and will soon begin see some of its customers moving elsewhere, with very few recommendations to join the bank
Barclays declined to comment over the latest embarrassing revelations.
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