Doing DMP, Bank questions

MrHanky

Hi,

Im in the process of starting a DMP and understand that I should switch banks so that the overdraft isnt automatically sorted by the bank once they find out that I am going into a DMP.

Im currently with Nationwide (who have been very good and its a shame I will have to move).

Has anyone got any recommendations?

I was thinking Halifax as I am not going to be using an overdraft (there rates seem terrible) but you do at least get £5 a month into your account.

Also this month is looking pretty bad so far and if I dont use a credit card to live on (food wise) I could not meet the current minimum payments for all debt as they stand currently.
So should I use the credit card or knowing that I am heading into a DMP look to just make token payments?
So far I have not missed any payments on anything.

Thanks for your help.

Mark

Tixy

Which bank is suitable depends on who your creditors are. You need a bank that is not connected to any of your current creditors.

If you have decided on a DMP and are in the process of setting that up then I would send token payments only to your creditors.