Halifax demanding money back

Carter25

Hi I recieved a letter today from the Halifax informing me they have reduced my over draft from 1350 to 810 and it will decrease £90 a month.

There is noway on earth I can afford an extra £90 a month I am struggling to meet my creditors demands now. I phoned the bank and they said that there is nothing I can do unless I go in arrears. Im current negotiating a dmp with the CAB...and my current budget only gives me £45 a month to pay my current creditors.

I am really strugglling and dont know wot to do?

Am I best to stop my wages goin into this account and tryin to find a basic account and adding these onto my creditors?

Any advice wud be helpful

miss_missy

hi
if your going on a dmp your overdraft should be part of it and you need to get a bank account with a bank which you have not debts with

get a new basic bank account straight away and have pay paid into that youll need to talk to work to find out how much notice they need to change where your pay is paid to and you need to do it immediately

then you need your overdraft added to your dmp and the CAB should contact halifax with a payment like any other creditor

someone else will hopefully come along and add anything else which i may have forgot to mention as i dont know alot about dmps but please sort your bank account and wages straight away

teeni

In a word yes, open a basic account and have your wages transferred into that, the overdraught then becomes part ofyour debt management plan being arraned with the cab.

Carter25

thanks any good basic accounts that wont take into account the massive debt I have?

cottager

One of the stickies on the board is for basic bank accounts:
http://forums.moneysavingexpert.com/showthread.html?t=319736
The first post is old and will have outdated details and links, but the basic info is useful. Then fast forward to the end of the thread to see some of the recent questions/details. There one post (#1207) which lists a selection of basic accounts.

Martin also discusses basic accounts when a full current a/c isn't possible:
http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#cant

I believe it's not wise for your new basic a/c to be with a bank in the same group as your existing one, so as you're with HBOS this would exclude Lloyds TSB.