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Swapping bank accounts - can anyone help?
cashlessmummy
Posts: 16 Forumite
Hi there and firstly, thanks for all the great advice I've had before.
In case anyone remembers me (not that you should but anyway) - we have discovered that our home is worth slightly more than we thought and have decided to sell up, pay off all our debts and start afresh with a little left over to build on. Obviously the house sale will take a little while so we are working with CCCS who are arranging a debt management plan for us in the interim.
What I am after some fairly urgent help on is this - the debt management plan isn't going to kick in before next month (when the proverbial will hit the fan as we can't afford to pay everything by a long way now that my maternity leave is finishing).
I have set up a new bank account but the details have only just come through today and I am due to be paid tomorrow with bills going out on the 1st.
I obviously want to protect the essential things like the mortgage and nursery bill going out before the non-essential debts who we are writing to offering a nominal payment but these go out on the same day as our two loan payments. The loans are with our bank.
(Well done if you are still with me!)
If I online transfer all my wages as soon as I get paid to my new account - can my current bank stop it to get their money? Also if I cancel the direct debit to pay them will this hold them up for a few days or can they just take the money anyway?
Any ideas? All help is incredibly welcome!
In case anyone remembers me (not that you should but anyway) - we have discovered that our home is worth slightly more than we thought and have decided to sell up, pay off all our debts and start afresh with a little left over to build on. Obviously the house sale will take a little while so we are working with CCCS who are arranging a debt management plan for us in the interim.
What I am after some fairly urgent help on is this - the debt management plan isn't going to kick in before next month (when the proverbial will hit the fan as we can't afford to pay everything by a long way now that my maternity leave is finishing).
I have set up a new bank account but the details have only just come through today and I am due to be paid tomorrow with bills going out on the 1st.
I obviously want to protect the essential things like the mortgage and nursery bill going out before the non-essential debts who we are writing to offering a nominal payment but these go out on the same day as our two loan payments. The loans are with our bank.
(Well done if you are still with me!)
If I online transfer all my wages as soon as I get paid to my new account - can my current bank stop it to get their money? Also if I cancel the direct debit to pay them will this hold them up for a few days or can they just take the money anyway?
Any ideas? All help is incredibly welcome!
0
Comments
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Personally (I am not a qualified debt professional) I would:
- Cancel all the direct debits/SOs in you old account now. Make a note of the details so you can set them back up in your new account (the important ones anyway).
- Stand at the door of you old back at opening time and draw your wages out in cash.
- Pay the cash in to your new account - minus cash needed to live until your new card arrives.
- Set SOs up and call the priority debt companies up to set up new DDs.
I do not know if internet transfers are reversible. A cash withdrawal is definitely not.BSC No 248
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Thank you - that is very helpful! So they can't stop me taking all my money out of the bank then?0
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