setting up dmp

barefik

Hi,
I have been in contact with cccs and they have advised that myself and my husband set up a DMP.which they say will leave us debt free in about 6 years.
This is fine but what worries us is setting up a new bank account.
I have filled in a form from HSBC but they want my bank account details for my present bank account. Does this mean that they will see that we are £4000 overdrawn between us and if so will it stop us getting the account?
Also, so far we are actually not in arrears with any of our creditors. When we set the DMP up will we start getting harrassed by them and if we do what can we do about it?
I suppose really we are scared, but if we carry on as we are we will soon be unable to pay anyone as our overdrafts are nearly to the limit.
Any advice woud be gratefully received
thanks

DarkConvict

Did HSBC give a reason for want the bank details?
If someone does a credit check on you they should be able to see the overdraft balance anyway, they only need a name, address for that. The bank details won't give them extra powers.
I can only assume the bank details are for a transfer service.

The most popular account for people going on a DMP is the co-op cashminder. Its a no credit account and the co-op isn't really tied into any other banks (other than Britannia now) so the money is actually safe against be offset.

barefik

They are asking for our bank details on the application form which I have just been filling in.
We cant go to the co-op as my husband has a bank loan with them

katsu

barclays also offer a basic bank account.

You want a basic account with no need for a credit check as it has no overdraft.

barefik

Thanks for the advice but I also owe money to barclaycard so I guess I cant use barclays bank:eek:

anotherdebt

HI
go to Nat West. I have just recently opened an account with them prior to starting a DMP and they were great. I dont think they even did a credit rating. I just went in and asked to open a current plus account and 20 mins later the account was opened and I did not even need any money to open it.

barefik

Thanks for your help. We might try Nat West tomorrow.
Is the current plus account the same as a basic acount?

anotherdebt

Hi Barefik
the current plus account is a step up from the basic in that after 6 months you MAY apply for an overdraft where as the basic account does not have an overdraft facility. Both accounts have visa debit cards in order to make purchases where sometimes other banks do not issue debit cards. Hope this helps

barefik

Hi Anotherdebt
Thankyou for your help. We will try Nat west tomorrow

trulymiserable

HI you might have to start with a step account with natwest to start with they will upgrade this after so long to a normal current account (you just dont get a cheque book with step). I started a dmp with cccs a while ago its a big relief , hope this helps.

anotherdebt

Hi Barefik
How did you get on wit Nat West