Advice about DMP and opening a new bank account

kashton_2

Hi there.

I have just got off the phone after setting up our new DMP. Am pretty nervous about the whole thing but cant really see any other way out with debts of 43k.

Anyway,

Have been advised to set up a new bank account ASAP, one with a debit card.

Would this new bank realise our intentions and turn us down? Does anyone know which bank/building society we could switch too? I need to get onto this as son as possible.

Also, can i do any of this online? Just had a baby by c section and unable to get out and about right now

Thanks in advance

Tixy

You need to swtich to a bank not conncted with any of your current creditors. So it depends on who you owe.

You need to ask for an account without an overdraft.

Barclays and co-op cashminder are popular accounts for people in DMPs / with poor credit but if you owe money to them then choose someone wlse.

Is your DMP with one of the charities? they should be able to advise on a bank not connected to any of the people you owe.

kashton_2

Tixy wrote: »

You need to swtich to a bank not conncted with any of your current creditors. So it depends on who you owe.

You need to ask for an account without an overdraft.

Barclays and co-op cashminder are popular accounts for people in DMPs / with poor credit but if you owe money to them then choose someone wlse.

Is your DMP with one of the charities? they should be able to advise on a bank not connected to any of the people you owe.

I owe with lloyds, mbna, barclays, rbs and ryanair which is part of santandar. (leaves me limited i know!)

I have been given advice from chilton and was advised about halifax but saw they were part of the lloyds group.

Thanks

amorge

Nationwide do a cash card account, no overdraft but a debit card

Tixy

I would suggest you use one of the charities for your DMP - they will run this for you for free and not charge an upfront fee or an ongoing monthly fee. They will also give you impartial advice.

See here - IMPORTANT - Where to seek professional impartial advice about your debts.

Have a look at the tables of this link regarding related banks - http://www.payplan.com/debt-news/2011/01/20/right-to-offset/
Co-op might be a good one for you (they are not connected with anyone aside from smile). I think you can open an account with them on the phone or online.

peb

The Co-op cashminder does sound best - BUT you DO have to go to branch. 20 min appointment when I went in. There are not that many branches but since they merged with Britannia you can use Britannia as well as the post office for some banking. (also online of course!) Good luck


ps do check out the charity DMps rather than paying!

sickasachip13

Hi welcome.

Please, please check out Payplan or CCCS - these organisations offer the DMP service for free. I'm with CCCS, which is a charity, on a DMP and I can't fault them.

In terms of banks etc and also to get some support and advice here, have a look at the DMP Mutual Support Thread - there's lots of info and discussions about linked banks, CCCS and Payplan etc.

SAAC

rubyjam

Hi, baby congratulations!

I opened a Nationwide Flex Account and did it all online. You get a debit card but no cheque book or overdraft. Not sure how far along you are with your DMP but I didn't tell them about my DMP because I applied for the bank account before I signed the DMP agreement so strickly speaking I didn't have a DMP at the time. It was straight forward to apply and my debit card arrived within days.

Dare_2_Dream

I went into the coop and managed to open a cashminder account pretty quickly - thought I would have ID trouble as I don't drive or have a current passport but they must have managed to verify me online as they didn't ask for much ID.