DMP > new basic bank a/c *without* overdraft?

Rochdale_Guy

Hi,

Just a quickie here: when advised to set up a new basic bank account before starting a DMP plan, does that mean no overdraft facility?

I'm worried about totally running out of money, for example being out in the car and needing petrol.
Having an overdraft facility *** FOR EMERGENCY ONLY *** in this situation is invaluable.

i.e. http://www.co-operativebank.co.uk/servlet/Satellite/1208245645198,CFSweb/Page/Bank-CurrentAccounts


Or, does this really mean what is says on the tin, a basic bank account without one?

Thank you.

(I need to apply for one by tomorrow!)

wannabee_in_credit

No overdraft on a basic.
You need to build up an emergency fund for things like that. And you need to budget well enough to live within your means. Spending money you don't have has gotten you where you are now financially. I know I sound harsh, but that is the truth, and I have been there too.
I've had no overdraft for 2 years and have managed with all the little nasties life has thrown at me (Christmas, car repairs, fridge repairs, new toilet).

Rochdale_Guy

Cheers, job done! Thread now closed :j
Please post any new comments in my other thread:
"Hiding your debts? Think you can cope on your own?"
https://forums.moneysavingexpert.com/discussion/3761531
:beer: