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Tracey
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by Tracey » Thu Jan 14, 2010 3:00 pm
Hi Guys,

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?

Kind Regards

 

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Michael Peoples
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by Michael Peoples » Thu Jan 14, 2010 3:08 pm
The only debt you should be repaying to Barclays is the mortgage and if the loans are actually secured. You should notify the Woolwich so as your mortgage is paid and they cannot take out other monies owing to the Barclays group. If you have any doubts you could pay your mortgage online or at any Barclays branch.

 

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kallis3
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by kallis3 » Thu Jan 14, 2010 3:11 pm
Hi Tracey,

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.

 

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MRBLUESKY
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by MRBLUESKY » Thu Jan 14, 2010 3:15 pm
hi tracey and welcome to the forum,sounds like your well on your way,these days token payments are optional,so saving as much money now for contingencies in the future is advisable,your iva will only cover unsecured debts so its important to pay priority payments like mortgage payments utility bills council tax.if you set up standing orders rather than direct debits you will be in control of the payments so creditors could not increase the payments without your knowledge,that goes for your iva payments too when hopefully accepted.
Last edited by MRBLUESKY on Thu Jan 14, 2010 3:17 pm, edited 1 time in total.

 

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kallis3
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by kallis3 » Thu Jan 14, 2010 3:20 pm
With a new bank account, there should not be any problems.

The vast majority of companies these days don't do standing orders, so that might be a problem.

 

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MRBLUESKY
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by MRBLUESKY » Thu Jan 14, 2010 3:21 pm
like jan says dont give your unsecured creditors your new bank details all payments in the future will go through your insolvency practitioner.

 

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MRBLUESKY
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by MRBLUESKY » Thu Jan 14, 2010 3:27 pm
utility companies may not accept standing orders but you can pay council tax payments if you request that payment method,by explaining you are insolvent,and ip companies except standing orders payplan advised me to make payments that way to keep in control.its just a matter of asking personally and i found most companies are helpul with standing orders.
Last edited by MRBLUESKY on Thu Jan 14, 2010 3:29 pm, edited 1 time in total.

 

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Tracey
Posts: 75
by Tracey » Thu Jan 14, 2010 4:42 pm
Hi,

Thanks guys. Yes still going to pay mortgage but was not sure if I was giving Barlays an open invitation to my account! The loans are with Barclays so will leave them as they are and will just set up new direct debits with other companies. Thanks for your help.

 

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kallis3
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by kallis3 » Thu Jan 14, 2010 6:03 pm
Payplan actually advised me to stop making payments!

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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