DMP Mutual Support Thread - Part 7

Hopelessly_Hopeful

Jaystag wrote: »

I have just started a DMP. Two of my creditors are Wonga & Quick Quid. I have had to change bank account due to these 2 having my details. Bank account has an overdraft that I've included in my DMP so can't close account. Will bank allow these companies to take the amounts owed? If not, will I get a ridiculous amount of bank charges for rejected attempts at taking money out?

Many thanks in advance.

They can't take money just because they have the details. Make sure you cancel direct debits though. they can only take money by 'offsetting' if they are in the same banking group.

Good luck with your start up

HHx

Jaystag

These are payday companies though HH. They will attempt to make the money regardless

Hopelessly_Hopeful

Jaystag wrote: »

These are payday companies though HH. They will attempt to make the money regardless

If they are not linked to your bank they can't offset. Have you cancelled DD?

HHx

ianmak

That is correct Jaystag, because they have card details(?) rather than direct debit details, that is probably what they'll do.

amagicwandplease

:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j:j

Just starting a new DMP and would like to share my first success....

For the first time in probably years the postman MADE MY DAY!! The only thing he brought was a nice letter from MBNA...by far my biggest creditor - £5k, stating that they had stopped all charges and reduced interest from 38% - 0%!!

All this less than 2 weeks of agreeing to the plan with CCCS, SUCH A RELIEF, will sleep better tonight than I have for a very long time!

Hope no one minds me posting this, just thought it might help anyone else in a hole thinking about starting a DMP journey to know how quickly things can start to look up!!

still a long way to go but what a great start, even if all other creditors dig in thier heels i'll be £120/month better off in interest payments alone!!!

Chrisblue1962

Well done amagicwandplease.

Notat all, we are all glad to share our good news / success / "little victories" as they spur others to achieve DFw status.

A DMP is a long haul but fruitful at the end

Hopelessly_Hopeful

ianmak wrote: »

That is correct Jaystag, because they have card details(?) rather than direct debit details, that is probably what they'll do.

Hi Ian

Are you saying this is legal?

HHx

Jaystag

ianmak wrote: »

That is correct Jaystag, because they have card details(?) rather than direct debit details, that is probably what they'll do.

Ian, how long can this go on for? I worry that the charges I incur will set my DMP figures back hundreds or thousands of pounds.

ianmak

Hopelessly_Hopeful wrote: »

Hi Ian

Are you saying this is legal?

HHx

I have no idea, as I paid off my payday companies before I started my DMP.

Maybe someone else can confirm or deny.

However, surely there is a possibility that they will do this.

Hopelessly_Hopeful

ianmak wrote: »

I have no idea, as I paid off my payday companies before I started my DMP.

Maybe someone else can confirm or deny.

However, surely there is a possibility that they will do this.

Thanks Ian

I think they will try but if they dont own the bank they dont have a legal right so it so would be taking it illegally. I'd call debtline and the bank and back it up in writting that you are not authorising it.

Good luck

HHx