Getting DMP sorted - question about linked banks

bunkbed

Hi

I've finally realised I have to face facts and that I'm way over my head with debt, so contacted PayPlan and they're helping me (probably going to be a DMP).

I owe money to my current bank (card and loan), they said I should get a new account to stop my current bank taking what they wanted.

My list of creditors is :-

• HSBC
• Virgin/MBNA
• M&S
• Barclaycard
• Egg

As banks are tied to each other I did some research and went for an Alliance and Leicester account.
I told PayPlan and they said that A&L and MBNA were linked so MBNA could dip into my A&L current account.

I though A&L were owned by Santander and MBNA by Bank of America. I know that MBNA do the A&L credit cards but are they so linked that MBNA could get to my bank account?

GeorgeUK

I don't know that one to be honest.

I've seen people mention the postoffice and co-op accounts when at this stage, but i too didn't think that card suppliers could just dip into accounts they supply for.

Anyone know about this?

terri72

Hi,

I also wouldn't like to say for 100% if they are linked, but I do know that Abbey Credit Cards are run by MBNA and thay Abbey are part of the Santander group.

My debts are with similar companies to you, so I have another account with Nationwide. I opened this a few years ago but never used, so I wouldn't like to say how easy it would be for someone to get a new account with them.

Good luck with your journey to being debt free, I start mine with Payplan this month.