Payplan Dmp - New Bank Account

lincscanary

Hi

First post here so here goes!

Have been accepted for a DMP with payplan today and they have told me I will need a new bank account before I can proceed.

What kind of bank account do I need. Is it like bankruptcy where you HAVE to have a basic bank account or can I use a normal current account (no overdraft facility or cheque book though).

I would obviously prefer a normal account with visa debit card than electron card or solo card that are bnot universally accepted.

Any advice much appreciated.

Deep_In_Debt

It's usually recommended to open a basic bank account but I guess if you have no credit facilities with a normal current account that may be ok. I'd check with Payplan though.

Deep_In_Debt

You may find it difficult to open a normal account whilst on a dmp as your credit rating will be shot. Many basic accounts don't credit check.

10past6

I have a Nat West step account with a solo card, tbh, I was worried when I first applied for it, having been used to having a Visa card, but in all honesty I've not noticed any difference in the 12 months I've had the solo card.

sam89

Hi,

I'm with Payplan and I got a normal account with cheque book and switch card but turned down the overdraft facility :rolleyes: (couldn't trust myself not to use it). I was able to do this as my credit history pre-DMP was good. I had been using credit cards to keep up with the payments on credit cards (still annoyed at myself for doing that :mad: ).

If your credit history is already messed up then you may have to get a basic account, Co-op seems to be the most popular one with peeps on here.

Make sure tthat the account you open isn't connected to any of your creditors.

Hope that helps,
Sam,
x.

lincscanary

Hi

Thanks for replies.

My credit history is at present fine, never missed payments on anything.

Just a sudden change in circumstances means that I am in no position to make normal payments on credit card and loan so I have prempted any problems and opted for a DMP at an early stage before I get into dificulty.

Am I obliged to open a basic account or if banks allow (no reason why not as good credit history) can I open a normal account?

halight

Hi mate im on a DMP and i have a normal account iv never had any trouble with opening one, But i dont have an overdraft on any of my accounts.

I would aplay for a normal account and if you dont get one then go for one you can get. If you dont try then you dont know!
All the best and good luck