Debt management plan

jamesuk01

Hi

I have been in touch with payplan today. A lady took some details then someone called me back later for my interview.

She went through all my outgoings etc and she/we came to the conclusion that a dmp is best for me.

I owe around 15k

After the interview she said to cancel all my direct debits and to open a new bank account so my bank dont take all my money and then someone else from payplan will be in touch on monday or tuesday.

I am a bit worried about cancelling all my direct debits. Surely as soon as I do that then I will default. Also, I cant get a new bank account that quick. I have applied for some but dont know if I have been sucessful yet.

When will Payplan tell my bank etc? I have agreed to it all but havent signed anything yet.

I havent defaulted yet, my incomings are about 100 quid off my outgoings. Obviously I couldnt keep that up. I am paying nearly all of my wages on debt.

Thanks
Jim

RAS

Hi

You need a new basic bank account that needs no credit check.

Try barclays or Co-op if you do not already bank with them; there are loads more. i think you can do them on-line?

Do that before you cancel the DDs (and remove any money that you have in the old account).

When is your next pay day?

You may want to ask Payplan to delay action a few days until you have the account sorted and your salary re-directed to it.

jamesuk01

Hi. Payday is today so a lot of the direct debits will be paid anyway for this month. I am hoping they delay telling anyone until I open a new account, lol.

Jim

gizmo111

Yo can still instruct your bank to cancel them.