will this idea work?

welshangel

Hello

I am a brand new poster here, but have been following you for ages and am amazed at some of the people here.

I thought I would ask a little advice, I am going to do a SOA at some point for a little pointer her, but for starters, I am going to arrange an agreement with Payplan in teh next few days, but don't want to move banks at the moment as I am not sure that I can get an account elsewhere with my credit rating.

I have 3 cards with my bank, so obviously with not moving, I am not wanting to put these on the credit arrangement. I have £1600 on one, and was wondering if it would be a good idea to put £1000 of this over on to the egg which I am putting into the agreement.

Do you think this would work or am I just being daft?

Cheers
R

DVardysShadow

I think you are being daft. if egg ever got wind of what you had done while negotiating an agreement, I think they would have good reason to pull the plug on it. I think basically, you are not trying to get out of debt, you are trying to manage it down and leaving your cards available to carry on once you have managed the debt down.

Your credit will hamper you getting another account, but it won't stop you getting a basic account with no overdraft. If you are serious about going debt free, you will get one of these accounts and put all of your accounts with the current bank into your plan,

welshangel

DVardysShadow wrote: »

I think basically, you are not trying to get out of debt, you are trying to manage it down and leaving your cards available to carry on once you have managed the debt down.

Your credit will hamper you getting another account, but it won't stop you getting a basic account with no overdraft. If you are serious about going debt free, you will get one of these accounts and put all of your accounts with the current bank into your plan,

Harsh I think, and a really spiteful (wrong) assumption you have made there. I am not wanting to keep hold of them for any reason onther than being worried about not getting another bank account. If I could do that then I would put everything in there.


I don't want an overdraft, I don't want to keep the cards, I want to be able to sort everything out.


I like many others have gotten myself into trouble not from frittering it away, it has been putting myself through university, then moving away and living alone. I have had no help from anyone else, so I am trying my hardest to sort things out the easiest way I can.

I think I am going to stay off these boards if this is the kind of reply I am likely to get.

mum2one

Hi
I noticed you said 3 cards with your bank account, sorry not being nosey, the reason I ask is do you have an overdraft on your exisitng account, if you have and thats going to included in your dmp then there is the possibility the bank could say bye bye.

Before you do anything open another account, if you want something basic get a Co-Op (think its called cas minder), its a account that gets used by a lot of people going bankrupt.

It's a long shot but have you looked at opening an Alliance + Leciseter, they were doing cashback through Quidco.

I don't know what your debts or, or how much of a problem they are, but put your SOA up, as there may be ways of cutting back, that may make a small difference on the SOA, but a big difference in the debt free trail.

I can't quite get my head around ur card swopping, (its the time if ngt), but I would say don't do anything out of the norm as it could be seen as your acting fraudently, even thou ur trying ur best, doesn't always come like that to banks x

welshangel

Hi Mum2one
I do have an overdraft on the existing bank account, and they are all Barclays cards..platnum, basic, and another. Reason being that they were sky and goldfish cards, but got taken over by Barclays.

I was thinking of trying to open a basic account if I could, and if so getting all my DDs moved and getting my salary paid into that which will cover day to day stuff, rent etc.

Then I was going to transfer money into the Barclays account to pay off the OD, but then thinking about it, if I have another account I dont need to do that as I can put it all into the same aggreement.

I dont want to keep my cards as the above poster suggested, I was only worried that I couldn't get another account. I have since looked into the fact I could get a basic account so that shouldn't be a problem.

It was just going to be a balance tranfer, certainly not trying to scam anyone at all and am really quite upset that it may have come across like that. I figured balance transfers were ok.

I shall put up my SOA later Thank you.

mum2one

welshangel wrote: »

Hi Mum2one
I do have an overdraft on the existing bank account, and they are all Barclays cards..platnum, basic, and another. Reason being that they were sky and goldfish cards, but got taken over by Barclays.
Thats the trouble they buy out others or bring out new names.

I was thinking of trying to open a basic account if I could, and if so getting all my DDs moved and getting my salary paid into that which will cover day to day stuff, rent etc.
Good idea

Then I was going to transfer money into the Barclays account to pay off the OD, but then thinking about it, if I have another account I dont need to do that as I can put it all into the same aggreement.
I'd get the new account up and running 1st before do anything, just that Barclays aren't the nicest one.
I dont want to keep my cards as the above poster suggested, I was only worried that I couldn't get another account. I have since looked into the fact I could get a basic account so that shouldn't be a problem.

It was just going to be a balance tranfer, certainly not trying to scam anyone at all and am really quite upset that it may have come across like that. I figured balance transfers were ok.

I shall put up my SOA later Thank you.

I certainly didn't think u were trying to scam, but c where your coming from, in normal circumstances balance transfers happen all the time, but once you've breathed the work dmp - (you get the trolls out of the woodwork - someone who trail the threads throw in some sarky comments, cause a fuss and walk away), and also it would be seen as favouritism to one account.

Def go down the SOA route.

You've done the hardest step,by acting on the debt, I had 3 lightbulb moments b4 got my rear moving, if Ihad acted 1st time, been debt free by next March, now its Nov 2015, but each month, one month nearer xx

GeorgeUK

Welshangel, the comment by DVardysShadow ay seem harsh, but it depends on how you read your comments in the first thread.

If you were going to do a DMP with Payplan, you would need to include all your creditors in this so they could all get a fair share of the available funds.

I have 3 cards with my bank, so obviously with not moving, I am not wanting to put these on the credit arrangement.

From what you have put here, it doesn't sound like you are going to include all your accounts so you would not be a,,wed to do this.

Your comment:

was wondering if it would be a good idea to put £1000 of this over on to the egg which I am putting into the agreement.

Shows that you would not be treating all creditors equally so Payplan would not like this and possibly not assist with setting up a DMP, but also if you arrange a BT with Egg, then turned around and said you had no money, they would find this highly suspicious.

The assumption of keeping your cards for you to carry on spending is a bit harsh, but i think this is more to do with you not being fully informed of what will be required of you in a DMP. If you were fully informed and had taken this attitude, then i would have agreed that you were not taking this seriously.

If you can't manage your minimum payments or have been missing payments then definaltely seek help from Payplan or CCCS. Hopefully we will be able to help with the SOA.

velrist

Put up your SOA, it will possibly make more sense of what you're trying to do.

All banks offer a basic bank account without a debit card or overdraft - just the facility for DDs/SOs and cash withdrawals as it is every person's right to have a bank account regardless of credit rating. I would definitely open an account with a bank that is not one of your current creditors.

If you are going on a DMP then you will need to include all your creditors otherwise it will be seen as favouritism. Some debts will be marked as priority debts but your debt counsellor should go through all of this with you.

I'd advise against doing a BT to anywhere as it will look as if you are trying to pull something, even though you're not.

Good luck!

MrsTinks

In a DMP you are not allowed to favour one creditor over another - and if you do then prepare yourself for some seriously narked creditors who are MUCH more likely to go for CCJs against you!

Set up a basic account (I think people on here seem to use the Co-op cashminder a lot) with a bank you have no debts with. Once you have done what move your DDs and bills to that and your income too. Now treat ALL your debts equally.
If you don't treat them all equally and they find out then your DMP provider will refuse to handle the DMP and your creditors will get nasty pretty quick.

welshangel

GeorgeUK wrote: »

Shows that you would not be treating all creditors equally so Payplan would not like this and possibly not assist with setting up a DMP, but also if you arrange a BT with Egg, then turned around and said you had no money, they would find this highly suspicious.

I don't understand what you mean by saying that 'if I turned around and said I had no money' and by saying I am favouring different debts. Which debts would I be favouring?

I am not sure if I made it clear, but I WILL be paying ALL debts, including the ones that I was not going to be putting into the agreement.

I guess I need to get my head around this all, the thing is I know I will need a debit card as I do a lot of my shopping etc online, therefore a debit card is necessary.

I am so confused, and considering forgetting the dmp and just carrying on as I am.

DVardysShadow

welshangel wrote: »

Harsh I think, and a really spiteful (wrong) assumption you have made there. I am not wanting to keep hold of them for any reason onther than being worried about not getting another bank account. If I could do that then I would put everything in there.

....

I think I am going to stay off these boards if this is the kind of reply I am likely to get.

Yes, it may be a bit harsh. I could be all lovey dovey and scared that you would leave these boards. But i tell you what, egg will think exactly what I have put down there, and then you will have a very uncomfortable time. Spiteful it ain't - nothing like what the bank could do to you if you go down your path.

You can of course get a basic bank account with no overdraft, with very little problem as I suggested in my post. Being willing to do this would mean that you are accepting the limitations of your financial position while you are on your plan.

You do have to appreciate the point about treating all creditors fairly. Be aware that your bank may well have their systems set up to flag payments to Payplan and any of the other DMP providers, so this could fail to fly under the radar in quite dramatic fashion. If they catch wind of it, they could call in all your debt immediately, which would put you in a terrible position.

Now, tell me how spiteful that advice is!