I'm in a mess, help please

Gilgrissom

I am hoping this is a short term thing and we can go back to paying our full amounts. My hubby was made redundant a few months ago and is looking for another job now

eyeopener2

Gilgrissom wrote: »

Thank you for your help. Do I just move the DD over for my mortgage and cancel the one I have now. I'm worrying they won't let me cancel it.

Just move your DD over. Open your new account, ring your mortgage people and tell them your new account info. Thats all there is to it.

elsie52

Hi

Co-op offer a basic account, no overdraft facility. I opened one a couple of years ago and transferred my DD myself. I only transferred the important ones i.e Mortgage/Rent, Council Tax, Water Rates, Utility Bills etc. Life Insurance......... You must make sure that these are the things you continue to pay. Forget about the others you can then sort out what you have left and as CCCS suggested just pay a token amount until things improve.

mrcow

Gilgrissom wrote: »

When I open my new bank account how do I make lloyds cancel my direct debits to them? They won't let me do it on line and how do I sort out my overdraft?
Thank you for your help

Okay listen - you need to do this today.

I understand that you are panicing, but panic doesn't achieve anything. You need to open a new account today, call CCCS back and talk to them about setting up a DMP (their website is very helpful too), get your wages etc paid into the new account and cancel all the direct debits that you can on your Lloyds account.

Lloyds are sods for this. As your money is coming out of a Lloyds account, they won't let you cancel the payment. The only solution is to pick a new bank where you have no other financial ties, get a basic account with no overdraft facility and make it your mission to never go overdrawn on it.

The way you are going to this is with a budget that will be affordable - and you will be paying reduced amounts each month to your creditors (so yes, it's going to take a while to pay everything off, but most of them will freeze interest). The good thing about a DMP is that it's flexible, so if your circumstances change then you can adjust your payments accordingly (so if your finances do improve, then you can pay it off more quickly).

The way you do this is by paying your bills (phone, water, mortgage etc) and your other creditors (loans and credit cards) £1 each BY CHEQUE for now (and each time a payment is due until this gets sorted). As soon as you have your new account transferred, tell Lloyds you want your bank account frozen and give them the details of your new account. Once they have the DD set up on the new bank account, cancel it as you have with all the others and pay them £1.

DON'T DO THIS ANY OTHER WAY. And don't tell Lloyds that you are only going to be paying them £1. They will try and tell you that you can't change accounts - this is not true. They will try and sell you another locked-down loan - do not take it.

This is hard, but it's only the first step. You are going to get this sorted.

And just remember - it's only money. Life is far too precious to be losing your health over such matters.

When you start facing up to the problems and getting everyone in line, yes it does feel like you're never going to get there. But this site is living testiment to the fact that you WILL get there. This will get sorted.

Make it your mission:

1. Get that new account sorted today.
2. Get your new account number and tell your employer. Get all funds put into new account (don't delay on this as sometimes it can take a while to get this sorted
3.Cancel all direct debits on your Lloyds account - tell all your utility companies that you have changed account
4. Call CCCS today and talk to them about going on a DMP
5. Post that SOA you did up on this site
6. Make it your mission to come back here each day and tell us how you are doing and where you are in the process.


This is all do-able. You are NOT alone and you certainly aren't the only one going through this type of thing at the moment. Stay with us here. You're going to get through this and it doesn't have to involve you selling your house.

Gilgrissom

Thank you so much for the step by step instructions. I am soooooooooooo tired. I haven't been to bed yet, this goes on night after night and then I'm falling asleep during the day through exhaustion:eek:

eyeopener2

Once you've done the above you will sleep better. Take it from one who knows!

Nargleblast

Hello Gilgrissom and welcome. As others have said, get that new bank account opened pronto, today if possible. Phone all your people you pay bills to (mortgage lender, council tax dept, gas/electric/water etc) and say you have changed banks - sometimes they will change your bank details over the phone, sometimes they may want you to fill in a new DD mandate, see what they say. If there is any credit balance left on your current bank account, draw it out in cash. Get all wages/benefits switched to the new account. Your old bankers will now be one of your creditors, you should have nothing going in or out of that account from now. Post an SOA on here and we can advise on steps you can take to cut costs or tackle specific debts. Remember priority bills - housing, heating, water, lighting, council tax - CCCS can help you with a budget for the rest and set up a Debt Management Plan for sorting out your creditors. It won't be easy, but you will feel better once it is all under way.

pure_dead_dopey

Gilgrissom

Please do what has been suggested and i know you are panicing, but try to remember you are still a bank CUSTOMER and they have to do what you ask on your account, the Direct Debit is totally within your control, if you cancel it either by phone or online or writing, it is cancelled, if they argue or don't cancel, they are breaking direct debit guarantee rules and must refund the money. Like I said before knowledge is power, so have a cup of coffee and follow mrcow's great plan. Good luck and keep posting, let us know how you go.

hugs (cos its hard at first)
PDDxx

Gilgrissom

Thank you everyone. I am going to start by typing up the letters I need to send out. I have a lot of health issues and find it really difficult to go out on my own. When hubby comes back we will go to CAB I think and also go and open a new bank account. I cannot do this on my own ( sorry I'm a wimp)

pure_dead_dopey

Gilgrisson they are only banks, no need to fear them, you are believing their publicity!!! They are not all powerful and actually er not very efficient or caring or working in your interests. So you have to look after your interests!!! You can open a bank account with the co-op on the phone, ask for a Cashminder, no credit checks no scary anything. You could also start cancelling non-priority DDs with your existing bank online.

Come on let's get this started..........