DMP advice please

jayn_3

Hi
I am about to arrange a debt management plane, and am in the process of putting letters together to my credit crd holders. I have a current account with an overdraft in my name and a joint current account with my partner, neither overdraft has been exceeded although we use the facility each month. (Both with Halifax)

Up to now I have never had debt problems and my credit rating upt the end of last month is OK. All priority debts are upto date and I can still afford them. I cannot afford to repay my credit cards though.

I have been advised I need a safe bank account. Is this strictly necessary? None of the credit companies have my bank account details. I have banked with them for over 20 years ahnd have a good relationship with them.

I am fairly ok with changing banks if I really need to, but I was wondering what happens to the joint account?

My partner does not know about the credit card debts yet(which are high), and I dont want to jepordise his credit rating, he is retired-aged 60-and on a private pension so we do not get any benefits.

Your thought please

Thanks

garbaldisham

You need to tell him asap. He's going to find out soon enough, however hard you may try to keep it from him, and it's a lot better coming from you from the off (I've been there - yeah, it's hard, but it's really the only way.)

As for your bank account, we kept our full current account, which had a very low overdraft, but on the understanding that while the DMP is ongoing we cannot extend it. However, if you included your own current account overdraft as a debt on the DMP you'd have to revert to using your joint one only, or switch to an individual basic bank account.

You're doing the right thing with the DMP - once it settles down everything gets easier. Good luck, and you'll get loads of support on here .