Debt free by Summer 2012 (if not sooner!)

**Kat**_2

OMG blinkin Catalogues.

It's my reserve which is hindering my progress DF - wondering if it would be better to do what you did - terrified of rejected payments though so totally don't know what to do.

DebtFree2012

Hi Kat - I can't tell you what a relief it is to not get those £22 weekly charges - every 5 days is it? I opened another account and put wages in there then had to put couple payments off so called the companies and told them, of course they charged me but in long run it was cheaper. That's what got me onto being able to start paying things off. In fact I haven't got that in sig - original OD was 1k OD and 500 reserve.

I really would give it a go.

x x x

Woowoo

Sounds like the only way you might crack that damm reserve Kat x

**Kat**_2

I tried opening another account a while ago though and computer said no! Don't know why as I did an equifax check on me not long ago, any defaults I had in the past are settled and all payments on this "newer" debt have been paid on time every time.

DebtFree2012

Can you open a basic account with no fancies or was that the type you tried for? Was it with a totally different bank to the one where debt is?

I got mine with Lloyds if that's any help, when I was in same boat re reserve etc. It's a classic plus account.

**Kat**_2

I will speak to DH and give it another go. I was also thinking of going in and talking to someone in Barclays rather than just looking at my pre-approved offers, it could be the computer won't give me a proper overdraft as it thinks I will keep the reserve too, I just want to turn it into a normal overdraft and it will be paid off so quickly. Or, see if they will give me another account (at least my money will still be with them). The reserve is the bain of my existence, I wish we had never been given it.

DebtFree2012

I did exactly the same thing and they offered me another account however I had already opened the lloyds one as this is where my kids have accounts and DH does too. You should be able to get another account at least but they wouldn't take the reserve off for my by increasing the OD - presumable cos they wouldn't get as much money - which is when I took the decision to not pay others things for 2 months (phoned and told them) and it was risky but worked as meant I didn't use reserve any more.

Can you get a payment break on anything to allow you to get out of it?

x

**Kat**_2

I don't know - would they class as defaults? If so I won't do it, my credit rating is damaged enough as it is!

I think the first step is talking to the bank and we can go from there....

DebtFree2012

yes it's a default but mine was that bad it couldn't be worse hence why haven't missed payment since, trying to fix it. By the time I am DF it should be ok.

Kepp

Think it's Co-Op that do absolute basic bank accounts if you're struggling to get a new one open Kat - they even give them to people who've gone bankrupt so shouldn't be a problem for anyone to get one x