Jump to content


Do Credit Card companies regularly check CRA for other unrelated defaults?


Recommended Posts

Clumsily phrased question but I'll try and explain:

 

I have a loan with TSB with about £3900 outstanding from an original £5000 principle.

 

I also have a Barclaycard with a £7k limit, and £2k balance - on 0% for another 15months.

 

Due to Covid I have recently lost my job.

 

I have no savings.

 

In the, hopefully, short term only, I will need to use my Barclaycard for living expenses, cash, rent, utilities, food, etc. Not ideal, I know, however needs must when the devil drives and I'd rather get through this current situation and stay afloat to worry about future debt at a later date when hopefully I've secured more employment.

 

My question is, the upcoming payment on my TSB loan could be covered by transferring cash from Barclaycard to my TSB account, but is it better to let the loan default and come to an arrangement with them (I've already used up my 3 months deferment/repayment holiday grace period with them)? And if the loan was to go into default with TSB would Barclaycard eventually see the default due to my credit rating crashing, and pretty soon cut off my 7k line of credit, or as it's unrelated company am I "safe" to keep using Barclaycard over coming months.

 

I don't expect to be in a position to pay the loan in the next 2 to 3 months either way, so would rather just bite the bullet and let it default now. However I NEED this Barclaycard as my only source of funds for at least the few months too. I can keep affording to pay the minimum payment on Barclaycard each month irrespective.

 

Hope the question makes sense, please ask if I need to explain my reasoning further.

 

Ta. 

 

Link to post
Share on other sites

Just to clarify, I'm not looking to get new credit or new cards/loans, I'm concerned that if my loan defaults with TSB, then Barclaycard will eventually get wind of it and cancel my EXISTING credit.

 

Make sense?

Link to post
Share on other sites

nope they don't do that..

 

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... 

Link to post
Share on other sites

what you asked...

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... 

Link to post
Share on other sites

Ha! A man of few words I see DX100UK! I meant is anyone sure that Barclaycard won't get some sort of warning that my credit rating has nosedived and I've defaulted on other lines of credit. Are you sure they don't routinely check that I'm still a good risk, etc.

 

If you are sure, could you let me know why you seem so sure. ie/ evidence. 

 

A man on the internet who only responds with 3 word answers doesn't inspire me with confidence, sorry!

 

Anyone else? Thanks.

 

Link to post
Share on other sites
4 minutes ago, Dankest said:

A man of few words I see DX100UK!

 

you already know that..and have stated such numerous times here before..

 

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... 

Link to post
Share on other sites

Eh? I've just signed up today. 

To be honest you sound a bit up yourself and odd mate.

You are now blocked. Go away.

Does anyone else have any advice please.

Ta.

 

Link to post
Share on other sites

Hi Dankest 

 

And welcome to the forum - Yes - Banks and Credit Card providers do regular administration checks to check for defaults. 

I personally have had a CC removed because of a default early in my days. 

 

They do it even more so now. My brother had an OD removed because of a late payment caused by a catalogue company causing an error. It was resolved and a £500 cheque sent to him.

But that should answer your question now. 

 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

Link to post
Share on other sites
Posted (edited)
6 minutes ago, fkofilee said:

Hi Dankest 

 

And welcome to the forum - Yes - Banks and Credit Card providers do regular administration checks to check for defaults. 

I personally have had a CC removed because of a default early in my days. 

 

They do it even more so now. My brother had an OD removed because of a late payment caused by a catalogue company causing an error. It was resolved and a £500 cheque sent to him.

But that should answer your question now. 

Thanks for an adult and comprehensive response at last, fkofilee, you've restored my faith in the site! Ha! Don't know what that last bloke was about! Odd!

 

This is exactly my concern, I was worried Barclaycard may become aware of my suddenly reduced credit rating due to loan default and cancel my credit.

 

So in your opinion, would it be better for me just to borrow the money to keep paying the monthly loan to stop if from defaulting then, in case it forces Bcard to cancel my credit?

Edited by Dankest
Link to post
Share on other sites
1 minute ago, fkofilee said:

No - My advice is to speak to your creditors directly and pursue no further borrowing from any institution. 

I have to keep Bcard as I have no other source of income till my UC kicks in in 5 weeks, but even then it won't be enough to cover bills till I find a new job.

Link to post
Share on other sites
Just now, fkofilee said:

You do have other options. But you need to seek advice elsewhere for this on I think.

What "other options" might there be when I have £9.34 in my bank account, and £5k available on my Barclaycard?

 

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...