www.iva.co.uk

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.

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.

Thanks size5.

J.

Co-op and Nationwide are a couple of good banks to try.

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