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Ox1987 wrote: »

Ok need some advice been doctor so was hoping to distress but have not

New bank has still not sent details to sign to get account open and was due to switch DD by the 20th for priority payments etc. This looks a bit impossible now. Salary is also set to go into that account on last day of month. However I would as you have described continue to use my HSBC account and make sure they get paid as normal as not to invoke setting off. Will they not get wind of DMP when I cancel all other DD and set off anyway. Also if I have to pay HSBC which is approx 360 then it would leave me short for the month and not able to feed the kids etc

iT IS WORRYING ME LIKE HELL ESPECIALLY IF I MISS PRIORITY PAYMENTS

Hi again Ox,

I'd suggest getting in touch with your new bank to see if the transfer of Direct Debits can still go ahead on the 20th. Once you know for sure you'll be able to make plans.

There are probably a few different ways you could manage the transfer between accounts and it's a matter of picking what works best for you. It's probably unlikely that HSBC would offset any money but I can understand that the uncertainty can be unsettling.

If you've received the last payment into the HSBC account you could draw out all the money you need from the account, notify them of the DMP straight away and cancel all the direct debits. Then you can make a gesture payment towards the HSBC loan and make one off payments to your priority bills by another method.

You could pay this months priorities by cash if you contact them and ask them to send you payment slips(that can be used to send a payment through a bank or post office), or if your new bank account comes with a debit card you could pay over the phone.

This strategy would involve more work than using your new bank's switching service but it would remove the worry of HSBC offsetting your account.

I hope this helps.

James

Hi, I wonder if anyone can help me.
I got a call from a company called Advantice saying that I owe £3000 of tax credit overpayment, the man didn't have my current address, I've been here a year, or any other details other than my phone number and name. Stupidly I told him my NI number, date of birth and new address. I have had no letters even though I am still in receipt of tax credits and they have had my new details for a year.
He told me to get credit via the bank or credit card to pay for this and wanted my debit card details, I refused as was worried, so he said it would be marked down as a refusal to pay and that as he had so many details about me he couldn't see why I was concerned, but he had nothing I hadn't given him. He wanted an immediate payment and then. 12 monthly payments of £266.
They then phoned me again at 8.50 this morning, I didn't answer as I am so scared, I suffer with depression and anxiety and am so scared right now I feel really down. Can anybody give me some advice please.

Hi,

I've carelessly racked up an absolute ton of credit card debt over the last decade. It started off when I was at university and rather than keep my lifestyle aligned to my income after I graduated I just allowed my debt to increase month after month after month. Credit card companies kept increasing my credit limits, presumably because I always paid on time and my salary increased over the years too. However, this has just made things worse.

I now have over £39,000 in credit card debt. Currently, every single bit of that debt is on a 0% card and I've never missed a payment. Up until now, I've always managed to transfer each balance from one 0% card to another as each deal expires. However, I'm now out of runway. I have no other cards to transfer balances to. And I know from informal 'inquiries' to my existing creditors that further wiggle room isn't likely to be granted.

It's only since the start of this year that I finally started being sensible and 'snowballing' my debts but I have to face facts. One 0% deal runs out in June and I owe more than £16k on that card. Another one runs out in July and I owe more than £5k on that one. The interest rate on the former is going to be 18.9% (possible more).

My salary is probably just about such that I could keep paying the minimum amount each month, even with the interest charged on top. But this will never allow me to actually make headway with my overall debt. I see no light at the end of the tunnel.

I already have a comprehensive Statement of Affairs but I found I had many additional costs that couldn't be reflected on the Step Change website when I went there to fill theirs in. Costs that are necessary in the short-term (i.e. dental treatment over 6 months that will be in excess of £1k) or income protection insurance (which in this age of austerity I feel is more important than ever!)

When I got my Personal Action Plan it suggested that I had over £1,000 after household bills that could be distributed across creditors. This simply isn't feasible. It would leave me unable to buy a simple birthday present for a family member and I couldn't have so much as one evening at the cinema every month.

Additionally, I found that the automatically-calculated contractual payments for my creditors was on the high side (some only charge 1% of the current balance, for example) so the amount I am contractually required to pay them was wrong.

Ultimately, I just don't know what to do for the best. Is there enough flexibility in Step Change's offering to reduce the proposed amount I pay creditors from more than £1,000 to, say, £750?

And how frequently does it happen that a creditor doesn't accept a DMP? Mine are all household names and I can deal with my credit rating being destroyed, but if going down the DMP route also leads to threatening letters or one creditor not agreeing to it then I know I'll worry myself sick.

Please help.