Santander Preferred Credit?

aimsolvent

Hi,

After years of burying head in the sand, and relying on new credit to carry on I have realised that my husband and I have joint unsecured debts of £61 k (not including mortgage). Rang up Paypal and they said could look at DMP or IVA, after reading these boards rang Melaine Giles and have started the process with them, we would pay back £580 per month 44p in the pound. Am very worried as the largest creditor is the company I work for. Still way at the beginning of the process but have been advised to open separate bank account. We rang Abbey (no debt with them) and stated that we wanted a basic bank account but no overdraft, they have given us the preferred credit account but I am worried as this looks like a full bank account not basic bank account, there is no overdraft on account and they will switch all our direct debits so it would be great if this account was ok? Anyone know if it is acceptable or do we need to get a more basic account?? Thanks in advance.

kns_2

Thats fine it is the same account that I have.
They also no longer do a visa electron it is now a visa debit card which is a lot better I have had this account for four years now,since the start of my IVA.

aimsolvent

Thanks very much, one thing off my list of things to do!

FoggyBrain_2

Might I ask who your largest creditor is --- hopefully not part of the Santander group is what I am getting at (if you prefer not to say -- which, given that you work there, might be wise!). So, as long as you don't work for Santander the Abbey account should be OK, although most seem to go for Co-op and Natwest.

The main criteria is that they are tolerant of those in IVA (some banks aren't), you have no overdraft facility and no cheque g'tee card --- therefore no opportunity to spend what you don't have in the account.

You have made an excellent choice in Melanie --- she and her firm are not my IP ( discovered her too late), but I have heard many good things about her.

aimsolvent

No debits with the Santander, bit worried about timing wages go in on Friday so probably no time to change, should I do a faster payment to get monies out and then cancel direct debits as they are at the end of the month? Also husband's wages go in last day of the month.
Feel sick at the thought of ringing and explaining don't think I can put it off much longer....