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Topic starter
17/04/2012 4:24 pm
Hi everyone, a bit of advice please if possible.
A bit late in the day, but we've got a potential problem one with Santander which we hadn't realised until very recently....
We have our mortgage, current account (opened at the start of the TD process) and 4 yr loan with Santander.
One of our creditors is Asda Credit Card, however behind the scenes it is administered by Santander and I didn't realise that until today when Santander Card Services themselves contacted us. So, unless I am wrong we actually owe Santander that money so there might be a conflict. The amount in question is ironically pretty low (<£600).
We are literally just at the point of signing the TD docs and returning them.
Do you think Santander will freeze our bank account in order to get the money owing ? Or in reality is the credit card management separate from the mortgage / current account.
17/04/2012 5:12 pm
I think the credit card management probably is quite separate from the mortgage/current account operation. You mention a 4-year loan too though? I would always advise someone who banks with a creditor to change bank accounts just in case of problems...
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Topic starter
17/04/2012 5:18 pm
Kevin, thanks for the reply I did wonder if that is the case. The 4 year loan was one of those interest free deals (to buy sofas of all things). We've always paid it and never missed a payment so didn't want it to go into the TD as it just felt dishonest really. Is it feasible to call Santander to discuss ? I don't really want to change bank accounts again after such a short time period but if that's the case will have to.
17/04/2012 5:41 pm
Hi Redguard.
Unfortunately you must include all of your unsecured creditors in a trust deed, it's not allowable to carry on paying one in full as it's unfair to your other creditors (and will place a strain on your budget).
It does sound as though a new bank account will be required.
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Topic starter
17/04/2012 6:50 pm
Ok, thanks for that - I will start on a new bank account. Strange that the loan thing was not picked up during our initial meeting with Kelsom. I remember them asking what it was and remember telling them exactly what it was for.
17/04/2012 7:21 pm
Is it a normal unsecured loan Redguard?
Most of these types of sofa finance are.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
Topic starter
17/04/2012 7:38 pm
As far as I can remember yes it is. My wife is now worried they will get repossessed - is that a possibility ? To be honest after almost 3 yrs I am not sure they would want them !
17/04/2012 8:34 pm
Hi redguard
No they have no repossession rights under the agreement.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
17/04/2012 9:19 pm
Ok thanks Mark.
