DDs question. Confused!

geniegal

Am about to start a DMP but right now before 1st march my credit rating = pretty good... but cannot meet payments for 1 march so thats why i need the dmp.

I have 1500 debt with my bank lloyds in loans and c cards, no odraft

I have been advised to change my bank account

Nationwide being one of the recommended ones in my town

Q: I logged on and they have an offer where they will do the whole bank account transfer for you and give you £75, which i would prob be eligible for right now before my credit rating nosedives . The DDs transfer may take 3 weeks

problem - cannot pay all the DDs start of March, which is also when the loan payments for lloyds go out of my account

shall i just go to lloyds today and cancel my DDs then straight away change to nationwide who will hopefully do credit check b4 1.3.10 when my credit rating will start to be affected?

Many thanks for any help

miss_missy

hi geniegal

not really sure how to advise you on that it might be worth posting question on debt free wannabes also as there is usually more people on that forum
i assume the account your going for is a current account if your doing a dmp you should be getting a basic bank account really and therefore no credit check would be done however im not sure how if anything that would effect your dmp other than that you shouldnt have access to an overdraft as that is credit and your not allowed any credit while on a dmp

it might be worth checking with someone who knows a little more about dmps before you go to the bank

miss_missy

oh and just a thought i dont think lloyds will let you cancel the dd to their loan most banks dont i believe people have cancelled dd for loans with their bank online and they have been reinstated by the bank
i would seek some advice on this as ive never had to do this ive only read what has happen to others

hope that helps and good luck with the dmp

CLAPTON

apply for the bank a/c but don't ask for the DDs to be transferred.

gilligansyle

Apply for a basic bank account, don't pay to have the accounts transferred. Do it yourself manually, or even better get an account you can manage online and then do payments as and when you have money available, less risk of charges from returned DD's.

geniegal

Thanks everyone, I see this is a complex issue and i will discuss in my cccs interview on thurs. :cool: