Barclaycard & The Woolwich B.S.

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jtomo64

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Post by jtomo64 » Fri Aug 08, 2008 12:40 am
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Hi guys, a question if I may. One for the experts I think!

I am about to start the application process for an IVA but am a little concerned over my Mortgage v Debt.

I have a Mortgage with the Woolwich (which is owned by Barclays), I have only had the Mortgage about 6 months. I also have a Barclaycard (again owned by Barclays) with about £3,000 debt on it.
I know that creditors are able to "offset" debt with any money paid into partner or subsiduary companies.
Will this therefore affect my Mortgage? ie. When I pay my Mortgage payments, will Barclaycard be able to take that payment to "offset" their debt?

J.
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size5

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Post by size5 » Fri Aug 08, 2008 12:48 am
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No,

Please arrange an account, with no credit facilities, to cover all your normal payments, with a bank that you have no debts with.

Job done.

Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself

Follow my tweets at http://twitter.com/debtmastersize5
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jtomo64

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Post by jtomo64 » Fri Aug 08, 2008 12:53 am
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Thanks size5.

J.
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kallis3

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Post by kallis3 » Fri Aug 08, 2008 10:58 am
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Co-op and Nationwide are a couple of good banks to try.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
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sjbyron

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Post by sjbyron » Fri Aug 08, 2008 11:04 am
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Hi

I dont think BarclayCard would take mortgage payments as it would just be offsetting a debt vs a debt which wouldnt make sense, plus I dont think Woolwich and Barclays share credit details, some banks dont some do, for example Natwest Savings doesnt share it credit details with RBS.

I wouldnt bank with Barclay or Woolwich to be on the safe side though, go for another bank.

Hope that helps
Stu J Byron
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