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Help regarding CAB advice
Southpaw
Posts: 94 Forumite
Hi
I don't know if I know the full details but a friend of mine has been to the Citizens Advice regarding her debt problems and has had some strange sounding advice.
She currently is well into her overdraft and has other debt on credit cards.
The CAB have advised her to open another bank account and to move her salary into the new account. Therefore leaving her ther account overdrawn with no other funds going in. Then to ignore the original bank and its demands.
Does this sound right?
Obviously I only know what I'm being told, however believe this to be correct.
I don't know if I know the full details but a friend of mine has been to the Citizens Advice regarding her debt problems and has had some strange sounding advice.
She currently is well into her overdraft and has other debt on credit cards.
The CAB have advised her to open another bank account and to move her salary into the new account. Therefore leaving her ther account overdrawn with no other funds going in. Then to ignore the original bank and its demands.
Does this sound right?
Obviously I only know what I'm being told, however believe this to be correct.
0
Comments
-
Hi
I believe that is correct. You are normally recommended to open a new account separate from your exisiting bank, but a basic account without an overdraft etc, so that your existing overdraft gets treated as a debt along with the others and therefore included in the dmp. Phew! That was a long sentance.Debt 30k in 2008.:eek::o Cleared all my debt in 2013 and loving being debt free
Mortgage free since 20140 -
Yes, standard debt advice. New account should be unconnected to other creditors.
The aim of this is to enable the client to be able to control her income and use it for esential expenses, rather that have it swallowed up in charges and interest.
The bank will get an offer of repayment in due course.0
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