Still new to this but want to ask some questions. I have changed bank accounts to Natwest and sorted that out but now I have to sort out my direct debits. I have 2 loans and 1 credit card to Barclays and also my mortgate is through Barclays/Woolwich. Should I give Barclays my new account number for the loans/mortgage or will they take out more money than what they should. I have been told to keep paying token payments to the credit cards and store card but not sure about loans and mortgage. Please can anybody advise?
You do need to keep up the payments on your mortgage (unless you are planning on reposession) so will need to let the mortgage company know the new bank details so they can take the payments.
You won't need to do anything about informing the loan companies - the last thing you need is for them to take payments out.
It is up to you whether or not you make token payments. It will make no difference to your application, and may not stop phone calls and/or letters.
Don't stop paying your mortgage though if you intend to stay where you are.
There are not many companies these days who will accept standing orders.
However, Tracey, your mortgage should be totally seperate from any other loan payments you make. I don't think you have anything to worry about.
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