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Need to up my Barclays Classic Account

I'm in the **** with money as usual and was wondering if anyone can give me advice. I have a 51k limit on my mortgage current account that is maxed. I am in court with the tax man this month as I owe him 5k.

Nobody knows better than me that I'm a bad risk but as the total secured on the house is about 100k below the market value do you think I could get Barclays to increase the account to 60k.

I have CCJ's but I am well aware that should I default they coul repossess.

Cheers

Comments

  • What sort of CCJ's? If Barclays look to increase your limit they will credit score you and so no telling what there position will be in relation to the existing adverse credit history.

    Any way of negotiating with the tax man come to an arrangement to pay, or has this route already been exhausted? I am sure that you are aware that the tax man can obtain a charging order and slap the debt straight on the house?

    Increasing the secured debt on the house (although I accept LTV is still low) does increase your risk of losing the house further on down the line if the finances are not sorted?

    Are you bringing in an income at present?
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • chipbeck
    chipbeck Posts: 1,372 Forumite
    1,000 Posts Combo Breaker
    Mrs_Bumble wrote: »
    What sort of CCJ's? If Barclays look to increase your limit they will credit score you and so no telling what there position will be in relation to the existing adverse credit history.

    Barclays have a CCJ against me so I realise that I am Peeing into the wind. But if I got the increase I could pay off the tax man and ensure I can pay all outgoings from my wages anmd use the wifes for uni fees and general living.

    Any way of negotiating with the tax man come to an arrangement to pay, or has this route already been exhausted? I am sure that you are aware that the tax man can obtain a charging order and slap the debt straight on the house?

    I have offered to pay a monthly amount.

    Increasing the secured debt on the house (although I accept LTV is still low) does increase your risk of losing the house further on down the line if the finances are not sorted?


    This is my only option unfortunately.

    Are you bringing in an income at present?

    Yes I earn a good wage which is spent on debts run up through stupid spending in the past.
  • What about the tax man then have you spoken to them about a payment arrangement? They can be helpful :)

    Have you got the other debts on a management plan? I suppose you have been on the Debt Free board?
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • chipbeck
    chipbeck Posts: 1,372 Forumite
    1,000 Posts Combo Breaker
    Mrs_Bumble wrote: »
    What about the tax man then have you spoken to them about a payment arrangement? They can be helpful :)

    Have you got the other debts on a management plan? I suppose you have been on the Debt Free board?

    Yes I'm trying to get sorted.

    The fact is that if I pay off the tax man and clear a couple of other debts my wage will pay all debts leaving the wifes to pay for other outgoings. I realise it's a longshot but I can't sleep for worrying about it. Trying to persuade Barclays that it's a sensible option will probably be a non starter but I feel I have to ask. They know there is plenty of equity in the house and have the boss hand with the account being secured.
  • Do you have a good relationship with your own Branch? Can you ask them the hypothetical question before making it a formal request?

    How much other debt are we talking here as Barclays will see your full profile if they credit search you and so if the whole thing doesn't look good it might not be a good idea to even ask the hypothetical question.

    What have you negotiated with the Inland Revenue, what tax year(s) is the money that you owe them from?

    Are you self employed?

    If you haven't already posted on the debt free board I think it would be a very good idea as looking at the whole picture and dealing with it will perhaps lead to more sleep than just borrowing further to keep a couple of creditor happy?
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • chipbeck
    chipbeck Posts: 1,372 Forumite
    1,000 Posts Combo Breaker
    Mrs_Bumble wrote: »
    Do you have a good relationship with your own Branch? Can you ask them the hypothetical question before making it a formal request?

    How much other debt are we talking here as Barclays will see your full profile if they credit search you and so if the whole thing doesn't look good it might not be a good idea to even ask the hypothetical question.

    What have you negotiated with the Inland Revenue, what tax year(s) is the money that you owe them from?

    Are you self employed?

    If you haven't already posted on the debt free board I think it would be a very good idea as looking at the whole picture and dealing with it will perhaps lead to more sleep than just borrowing further to keep a couple of creditor happy?


    The tax is from several years ago when I was self employed. Was under an umbrella company and thought everything was ok.

    I'm going to give the mortgage people a bell and ask them straight. To be honest it is my only option. As mentioned I can afford to pay the extra amount and they will be aware of my bad credit history anyway. It is far and away the best option interest wise just a question of them being helpful.
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