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Hello, (I hope I posted in the right place) 
A mix of mental health, employment, unemployment and homelessness. 
Generous student overdraft £2000 which is still active with Natwest. -I dont really want to leave them per se.

And two ordinary credit cards (was £1000 Barclaycard but went to around £1091 and £1700 with Virgin Money that went to around  £1900) 
which have resulted in default to my knowledge. I didn't want to 'lose' either of them.

They date back to around 2016 and 2017, I had around two years of uninterupted minimum payment history that may be in my favour not missing a payment until mid 2019. I am just content now budgeting for Universal Credit for now trying to find work. Living with a family member informally for now. 

I have been paying £5 per month to PRA (Barclaycard) and £5 to Moorcroft who are managing that account for Arrow Global (Virgin Money) for the sake of doing something- I will attempt to ascertain which parties own the debts. 
 I am confused about the advice about parachute accounts. I've had banks behave as if they must be the sole bank? 
I must not be left without a bank or available funds for basic living.

I had flirted with the ideas of DMP And DRO but neither really appealled to me- meanwhile Insolvency and bankruptcy seemed like a step too far based on the total debt. 

I have seen Clearscore but nothing further in respect of CCA.  One last thing, I may also now need a car. 
Advice greatly appreciated.
 

Edited by Beans57
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No no  - I have 2 bank accounts - Monzo and Starling.

They work really well together. 

 

Banks cannot be your "Sole" Bank nor have that mentality when dealing with you.

People used to open numerous accounts to get signup bonuses etc. 

 

 

 

We could do with some help from you.

 

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Receptaculum Ignis

 

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The idea behind a 'parachute' account is related to banks taking money from one account to pay off another which is in arrears. For example, it you have a current account with funds in it with Natwest, and a credit card with Natwest, it can take money from the current account to pay off credit card arrears. Where you open an account with a bank which you do not owe any money to, that money cannot be offset to pay other debts.

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9 minutes ago, Will Goodfellow said:

Where you open an account with a bank which you do not owe any money to, that money cannot be offset to pay other debts.


This contradicts stepchange:

"If your bank isn’t able to help, or you’d prefer not to stay with your current provider, we recommend setting up a new basic bank account with a provider that isn’t connected to any of your outstanding debts." 


 

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It goes on to say, "If you don't do this, there's a very small chance of your money being taken from your account by your bank to pay your debts off, which could affect your ability to pay for your essential household and living costs."

 

https://www.stepchange.org/debt-info/basic-bank-account.aspx

 

That's explaining the right to offset. It doesn't contradict, Stepchange are stating exactly the same as I have, it's just worded differently. The only way creditors can take money from a bank account where you don't owe money to that bank is where a CCJ is granted and the creditor applies for a third-party debt order.

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I'm not sure what you mean by that, you can open as many accounts with as many banks as you want as long as your applications are accepted. It's very unlikely that the Barclaycard and Virgin Money credit cards are still active if you missed minimum payments in mid 2019 and have been paying £5 per month for each to Moorcroft and Arrow Global. If you are struggling to meet those payments you can request to reduce the payments to £1 per month each. You could also stop paying and start the process of CCA requests and a SAR to try and challenge your liability.

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£5 to each is feasible at this stage- assuming these arrangements continue without statute bar complication or complication at the end or complication of settlement.
Furthermore, I have learnt Natwest also use Moorcroft themselves,  so I was concerned about ending up with two debts and no bank to pay towards either. 

 

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Paying £5 per month means that the debts will never be statute barred as the statute barring period of six years runs from the date of the last payment or the last date which you admitted to the debt in a signed admission of the debts.

 

As long as you maintain paying any interest due on the Natwest overdraft, it's unlikely that the overdraft account will be closed or that Natwest will refer it to a debt collector. But if your universal credit is paid in to that account, a large chunk of that would be swallowed in interest if it is due. A student overdraft is often interest free for a limited amount of time.

 

If you are concerned about losing your Natwest account and having no account for your universal credit to be paid in to, open an account with a bank you don't owe any money to and have your UC paid in to that account instead. You can still pay any interest on the Natwest overdraft from that account if it is due. But be aware that this can be considered a preferential payment if at a later date you apply for insolvency.

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so two payments going out on 2 sold debts...

why have you never sent arrows and PRA a CCA request each.....

 

as for any income it should never go into any bank a/c whereby YOU do not totally control who gets any part of it whatsoever.

in this day and age it's sooo easy to simply pay what you must and to whom by BACS faster payment.

 

dx 

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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3 minutes ago, dx100uk said:

so two payments going out on 2 sold debts...

why have you never sent arrows and PRA a CCA request each.....

 

as for any income it should never go into any bank a/c whereby YOU do not totally control who gets any part of it whatsoever.

in this day and age it's sooo easy to simply pay what you must and to whom by BACS faster payment.

 

dx 

Sold debts maybe, but I still spent money that was borrowed.

As for the CCA being a little bit unfamiliar with it I want to ensure I get it right. 


 

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Throw the morality card out the window!

 

Why do you think 2 internationally renowned financial companies sold your debts for <10p =£1 rather than crush you in court?

 

Simply send arrows and pra a cca request each.

 

Dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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