More Victims

My wife & I are yet another ‘victim' of Barclays Bank's SAM Scheme. Our financial advisor suggested it in June 1998 after I had left the National Charity I ran due to ill health.I was then 55 years old.

Our house (which was all paid for) was valued at Ł175,000 (even though I thought it should have been Ł185,000). The fact that the person valuing it lived nearly 20 miles away speaks for itself. We took Ł35,000 from the house.

In August 2002 just 4 years later the house was valued at Ł320 / Ł330,000. This means that if we had sold then Barclays would have received Ł125,000 and we would have received Ł200,000 assuming we sold for Ł325,000.

This rate of interest is nothing short of scandalous.

The other thing that is not made clear or really dealt with is the fact that in the last 4 years we have spent around Ł17,000 on the house which must have increased its value. But Barclays do not appear to recognise this.
……….Most bank employees clearly don't understand this product….Sitemaster

I recently spoke to my Financial Advisor who said that we could get a mortgage for Ł125,000!!!! to pay off Barclays. That was his only thought!!

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