Credit Card Debt - Advice needed

ste1406

I have two credit cards, a Halifax Credit Card and Bank of Scotland Credit Card. My current account where i have my salary paid is also a Halifax Account.
Due to circumstances, I may need to contact the credit card companies and offer reduced payments and ask them to freeze interest.
If I did this, as they are all Halifax/Bank of Scotland related, could they actually take my salary from my current account towards the credit card debts. Any advice would be appreciated. Thank you.

Tixy

You would definatley be at risk of offsetting from the Halifax account to the Halifax Card. Not totally sure about BOS.

I'd suggest you open a basic account with a bank you owe no money to before you contact the companies.

Here is a list of basic bank accounts - http://www.moneymadeclear.fsa.gov.uk/pdfs/bank_accounts.pdf

Numpty_Monkey

Yes they could:mad:
Something to do with "offsetting"

Mine didn't, I was with Yorkshire Plank and they didn't , but a lot of people have had it done to them.

Before sending any letters out, look at getting a new account that isn't linked to HBOS
These might help
http://www.payplan.com/debt-library/miscellaneous.php
http://www.stoozing.com/cards.htm

While you are planning on dealling with your debts:j why not post your SOA and see what the clever and good people here can sugest to see if the above is really needed:cool:
sometimes a little tweak on a budget can stop a lot of things;)
use this
http://www.makesenseofcards.com/soacalc.html

:A

gfplux

Hello ste1406,

I would agree with Tixy you should open another bank account and have you salery paid into this. Do it now (next 24 hours) step one open account tomorrow morning. step two tell your employer tomorrow afternoon the new bank account details sort code etc. step three transfer this months salary when in arrives in old account (it will be too late for your employer to change Septembers payment) by internet banking into your new account. = job done.
Then you can contact the card company's or before doing that if you want more help on your finances why not make out your SOA (link http://www.makesenseofcards.com/soacalc.html ) Try not to guess at the figures, dig out the paperwork! However remember a partial completed one is better than none. It is in fact one of the most IMPORTANT things you will ever do to start on the road to recovery. If you want a lot of help on this forum, posting your SOA is the first and most important step. After it is done it is very easy to keep it up to date. In my opinion everyone should have an up to date SOA even if you have little or no debt. It is a great tool to manage your life with. If you post it on the forum answer the obvious questions before they are asked so you get immediate feedback, such as :-
If there is “other” Income explain what it is
Mortgage – interest only or not.
What is the age of any children.
Council tax over 10 or 12 months.
Electricity and gas any arrears.
Water rates meter yes or no.
Mobiles, how many and when are the contracts up for renewal.
If no contents insurance is it include with buildings insurance.
If pets cost money, what are they.
House or flat value, has it been valued by an Estate Agent and when.
The more that can explain about the financial figures and circumstances the quicker the post will get advise rather than lots of questions.
When you have posted it and it does not look right or you want to change it, do so and repost it.


Good Luck

gfplux

Hello ste1406,

I would agree with Tixy you should open another bank account and have you salery paid into this. Do it now (next 24 hours) step one open account tomorrow morning. step two tell your employer tomorrow afternoon the new bank account details sort code etc. step three transfer this months salary when in arrives in old account (it will be too late for your employer to change Septembers payment) by internet banking into your new account. = job done.

Then you can contact the card company's or before doing that if you want more help on your finances why not make out your SOA (link http://www.makesenseofcards.com/soacalc.html ) Try not to guess at the figures, dig out the paperwork! However remember a partial completed one is better than none. It is in fact one of the most IMPORTANT things you will ever do to start on the road to recovery. If you want a lot of help on this forum, posting your SOA is the first and most important step. After it is done it is very easy to keep it up to date. In my opinion everyone should have an up to date SOA even if you have little or no debt. It is a great tool to manage your life with. If you post it on the forum answer the obvious questions before they are asked so you get immediate feedback, such as :-
If there is “other” Income explain what it is
Mortgage – interest only or not.
What is the age of any children.
Council tax over 10 or 12 months.
Electricity and gas any arrears.
Water rates meter yes or no.
Mobiles, how many and when are the contracts up for renewal.
If no contents insurance is it include with buildings insurance.
If pets cost money, what are they.
House or flat value, has it been valued by an Estate Agent and when.
The more that can explain about the financial figures and circumstances the quicker the post will get advise rather than lots of questions.
When you have posted it and it does not look right or you want to change it, do so and repost it.


Good Luck