All My Eggs in A Barclays shaped Basket??

donnap83

Can someone help me with a bit of info?

I have a Barclays current account, which i'm in the process of changing to a current plus account to take advantage of the mobile insurance. I've also just taken a small-ish loan out with them for £3000, the first payment is next week over a period of 2 years. I've also just been approved for a platinum card with barclaycard. Is it bad to have all your finances in one place???

I understand that they can take money from your account to pay off other debts? How does that work??

Thanks:o

ExNicotineQueen

It's called the 'right to offset' I believe, which usually happens if you default/fall behind say with your loan or cc payments, if you had any money in your Barclays bank account, they would use that money to pay off the defaulted sum from your loan/cc payment.

donnap83

ExNicotineQueen wrote: »

It's called the 'right to offset' I believe, which usually happens if you default/fall behind say with your loan or cc payments, if you had any money in your Barclays bank account, they would use that money to pay off the defaulted sum from your loan/cc payment.

So they'll only take the money from my current account if I fall behind with repayments? They wont just decide one day that 'shes got £500 in her account, lets take it to pay the loan'?

paulmcerlean

No. It will only happen if you default or fall badly behind on a loan or CC with them.

Pay everything on time and keeping your eggs in one basket can reap rewards of higher levels of granted credit from being a loyal and good customer, and perhaps preferential rates.

fozmcfc

I've had more savings then debt with Natwest for a long time now.

I was concerned about this, but of course as others say, just make sure you make your payments on time and it shouldn't ever be a concern.

Sometimes I wish they would take the whole lot and leave me with no choice as I can't bring myself to doing it and watch my savings go down.

donnap83

Good to know. Ultimately I would like to get a mortgage through the bank so building a good history with the bank is important:o

triggerrabbit

Yes you are being a fool sort your finances out:mad:

Fruit_and_Nut_Case

triggerrabbit wrote: »

Yes you are being a fool sort your finances out:mad:

Who was that aimed at and why? Thanks.

triggerrabbit

Fruit_and_Nut_Case wrote: »

Who was that aimed at and why? Thanks.

The OP is being silly

donnap83

triggerrabbit wrote: »

The OP is being silly

Searching out my posts now? Very silly. :spam:

And theres nothing wrong with my finances. Moron

triggerrabbit

donnap83 wrote: »

Searching out my posts now? Very silly. :spam:

And theres nothing wrong with my finances. Moron

Obviously yawnnnnnnnnnnnnnnnnnnnn