Credit card debts

Looking4silverlining

Hi all.
So good news, Ive got a Co op account and a Natwest account so now Im going to move all my business stuff over to one and all my personal stuff over to the other one. I don't need a business account, I just find it much easier to separate them.
Now for the tricky part....Im a bit scared to do it to be honest.... Defaulting....
Im a bit worried that it will make my van insurance rocket, can anyone advise?

stu12345_2

why would it rocket, my car insurance went down £60 this year, got renewal in post.
and I have lots of defaults.
 and ps my defaults are not part of my risk criteria for the price of my insurance.its 
your car insurance risk has everything to do with your car accident claim history, postcode, engine size etc.


you will even still be able to pay it on installments. with interest obviously 

it's when you are bankrupt and trying to pay in installments that will see you the most trouble, as you are borrowing again. and bankrupt 

my insurance is £206 a year, paying it in one go

relax, default those debts and improve your life and your nights sleep 

EssexHebridean

As Stu says - the only reason that your credit file has any impact when applying for insurances if because a lot of folk pay them monthly so there is a credit check - just a soft check IIRC. It won't have any impact on the price you get quoted for the policy! 

Looking4silverlining

Thanks to you all for helping me with this, I really appreciate the help and support.
I have one more question before I switch all my bank stuff over.
Im worried about making links between banks but Im not sure how things work like this. I was avoiding giving my other bank details to my new bank because of the debts. So my question is, should I let my new bank switch over all of my direct debits? I have to give them my other account details to do it. I think its called CASS?

enthusiasticsaver

It doesn’t work like that. There is no reason you can’t give your new bank direct debit details. They don’t see the balances of any of your cards. 

RAS

Looking4silverlining said:

Thanks to you all for helping me with this, I really appreciate the help and support.
I have one more question before I switch all my bank stuff over.
Im worried about making links between banks but Im not sure how things work like this. I was avoiding giving my other bank details to my new bank because of the debts. So my question is, should I let my new bank switch over all of my direct debits? I have to give them my other account details to do it. I think its called CASS?

Just stop a moment, please. Do not switch to a new bank account. It's not clear from your post whether you are using the new easy switching service or just setting up a new account.

You need to set up a new bank account with no connection to existing creditors; you can then transfer, manually, those DDs like housing, CT, insurance, utilities that you need to continue paying.

If you use the banks' switching service, it will also transfer all the DDs for your creditors. If you aren't sure speak to advisors at you new bank.

Looking4silverlining

RAS said:

Looking4silverlining said:

Thanks to you all for helping me with this, I really appreciate the help and support.
I have one more question before I switch all my bank stuff over.
Im worried about making links between banks but Im not sure how things work like this. I was avoiding giving my other bank details to my new bank because of the debts. So my question is, should I let my new bank switch over all of my direct debits? I have to give them my other account details to do it. I think its called CASS?

Just stop a moment, please. Do not switch to a new bank account. It's not clear from your post whether you are using the new easy switching service or just setting up a new account.

You need to set up a new bank account with no connection to existing creditors; you can then transfer, manually, those DDs like housing, CT, insurance, utilities that you need to continue paying.

If you use the banks' switching service, it will also transfer all the DDs for your creditors. If you aren't sure speak to advisors at you new bank.

Hi RAS.
Ive not switched banks Ive opened new accounts separately but once open they offer a service where they switch all of my DD's and tax credits, phone bill payments etc etc. 
Ill have to be careful then as I do have one DD set up for a loan so will have to do it all manually then. That makes sense. 

sourcrates

Life continues as per normal despite having to default on your debts, you will find little or no change in all aspects of your life, insurance has never been a problem for most people.

The default process is just a means to an end, you don`t want AP markers, and you don`t need creditor help, you need a nice fit fighting fund, and a full house of defaulted accounts where no interest is charged.

Most creditors will follow due process in time, you may find some dragging their feet, if that`s the case then go when the majority have complied.

Looking4silverlining

sourcrates said:

Life continues as per normal despite having to default on your debts, you will find little or no change in all aspects of your life, insurance has never been a problem for most people.

The default process is just a means to an end, you don`t want AP markers, and you don`t need creditor help, you need a nice fit fighting fund, and a full house of defaulted accounts where no interest is charged.

Most creditors will follow due process in time, you may find some dragging their feet, if that`s the case then go when the majority have complied.

sourcrates said:

Life continues as per normal despite having to default on your debts, you will find little or no change in all aspects of your life, insurance has never been a problem for most people.

The default process is just a means to an end, you don`t want AP markers, and you don`t need creditor help, you need a nice fit fighting fund, and a full house of defaulted accounts where no interest is charged.

Most creditors will follow due process in time, you may find some dragging their feet, if that`s the case then go when the majority have complied.

Hi again.
Thanks for your reply. 
So it's an absolute must for me to get the defaults, I get it.
What shall I do though if some give me defaults and others don't and time is ticking by? Should I sort out the token payments for some and wait for the others? Im worried about having bailiffs show up at my address as its a shared property.
Also what do you mean by fighting fund, Is it money to offer to settle the debts after a few years?

stu12345_2

pay no creditor anything, no token payments, except your priority bills in full, gas, council tax, rent, car insurance,  road tax, water
the creditors cant do anything legal until you default, they can email, phone, sent letters saying you must pay, you must clear arrears,  before the defaults, lol 

it's only when they default then  you offer payments.  a fighting fund is money you keep saving up , so you can offer them a reduced full and final   offer a year or two or three down the line.

you do this by not giving them every  spare last penny  when you do eventually make repayments.

 bailiffs only come if you default and you then still  don't pay anything  and you get a ccj and you don't make any payments to your ccj. but you won't get to that point, it's years down the line
if you follow our instructions