DMP & Mutual Support Thread - Part 9

Sazzie23

spiffyiffy wrote: »

Hi all,


Just a question:


I've read here that you should open up another current account but I have 4 current accounts already. The one all my direct debits come out from has an overdraft which I want to be included in my DMP. My question is that if I can just move all my Direct Debits into one of my other current accounts I have already?


Thanks

Hi spiffy

It's all to do with something called offsetting where money in one account is used to pay off some of your debt in another account. Therefore don't bank where you have debts that are included in the DMP. Some banks are linked, like tsb and lloyds, not sure if they can offset between accounts. Let us know where you bank and which account you want to move it to and someone will hopefully be able to advise if safe or not.

Hope this helps

spiffyiffy

Thanks Sazzie.


I bank with HSBC and all my direct debits come out of this.


I also bank with Barclays and my joint mortgage with my parents comes out of this.


I also bank with Natwest (but will be closing as I don't use) and Santander normal account.


I recently opened a Santander 123 account and have moved my council tax and Santander credit card direct debits over to this one.


I hope this helps.

Jetsetwilly_3

spiffyiffy wrote: »

Hi all,


Just a question:


I've read here that you should open up another current account but I have 4 current accounts already. The one all my direct debits come out from has an overdraft which I want to be included in my DMP. My question is that if I can just move all my Direct Debits into one of my other current accounts I have already?


Thanks

Hi. I was with Lloydstsb (before the split) and also with Halifax. I opened a new account with Natwest but because I wanted to keep the overdrafts on the other accounts to pay off with the dmp I had to manually phone up all the direct debit companies and swap them to the new account.. Pain in the backside but worth it.

If you do an account switch they'll take the overdraft which isn't much use when you say you're on a dmp to the new account!

Before I did this I forgot to withdraw £400 from one account and they took the lot

spiffyiffy

Thanks Jet Set.

So I'm thinking of manually removing all non DMP related direct debits from my HSBC account (the one with the overdraft) to my 123 Santander current account. I'm guessing this is Ok as they are not related.

Would this also be fine as I won't have any overdrafts or anything on my Santander account?

Time_to_face_the_music

spiffyiffy wrote: »

I bank with HSBC and all my direct debits come out of this.

I also bank with Barclays and my joint mortgage with my parents comes out of this.

I also bank with Natwest (but will be closing as I don't use) and Santander normal account.

I recently opened a Santander 123 account and have moved my council tax and Santander credit card direct debits over to this one.

I hope this helps.

spiffyiffy wrote: »

So I'm thinking of manually removing all non DMP related direct debits from my HSBC account (the one with the overdraft) to my 123 Santander current account. I'm guessing this is Ok as they are not related.

Would this also be fine as I won't have any overdrafts or anything on my Santander account?

Is your Santander credit card going into your DMP? If so, this is still associated debt and you should change your "safe" bank account to one with no links to any debt.

TTFTM x

Kate_fixing_it

COMPLETELY off topic but following the conversation a few days ago around the "calls from Debitas" thread I just got one So here's my entertainment for the day...!

I apparently now have a new friend. His name is David and he's from India but working in London. He wants to be my friend and I can call him day and night. Apparently it's a common Indian name and his mother chose it. 5 minutes and 8 seconds later David hung up on me. I had him on speakerphone and my brother had tears rolling down his face at the conversation, particularly when I told David off for getting cross with me for not answering his questions and changing the subject. He never got to the sales pitch part.

Brother has been challenged to answer the next call (unless it's David again) and see how long he can drag it out. And the MSE message? Hilarious and FREE! Also probably a lot more pleasant than the usual s*d off most cold callers get

Kate x

jubilee14

Kate_fixing_it wrote: »

COMPLETELY off topic but following the conversation a few days ago around the "calls from Debitas" thread I just got one So here's my entertainment for the day...!

I apparently now have a new friend. His name is David and he's from India but working in London. He wants to be my friend and I can call him day and night. Apparently it's a common Indian name and his mother chose it. 5 minutes and 8 seconds later David hung up on me. I had him on speakerphone and my brother had tears rolling down his face at the conversation, particularly when I told David off for getting cross with me for not answering his questions and changing the subject. He never got to the sales pitch part.

Brother has been challenged to answer the next call (unless it's David again) and see how long he can drag it out. And the MSE message? Hilarious and FREE! Also probably a lot more pleasant than the usual s*d off most cold callers get

Kate x

ha ha Kate that made me laugh out loud. you could start a diary the chronicles of David and Kate:rotfl:

jjm1960

Has anyone heard of or had dealings with debt advice company called Money & More?
Were they reliable?

Growurown

Kate_fixing_it wrote: »

COMPLETELY off topic but following the conversation a few days ago around the "calls from Debitas" thread I just got one So here's my entertainment for the day...!

I apparently now have a new friend. His name is David and he's from India but working in London. He wants to be my friend and I can call him day and night. Apparently it's a common Indian name and his mother chose it. 5 minutes and 8 seconds later David hung up on me. I had him on speakerphone and my brother had tears rolling down his face at the conversation, particularly when I told David off for getting cross with me for not answering his questions and changing the subject. He never got to the sales pitch part.

Brother has been challenged to answer the next call (unless it's David again) and see how long he can drag it out. And the MSE message? Hilarious and FREE! Also probably a lot more pleasant than the usual s*d off most cold callers get

Kate x

Aaaah isn't it nice to make new friends! Well done Kate, it can be hard to keep up the spirits sometimes but I think you've managed it today:rotfl::rotfl:

Growurown

jjm1960 wrote: »

Has anyone heard of or had dealings with debt advice company called Money & More?
Were they reliable?

A quick search online seems to suggest no - avoid at all costs, but I haven't had any direct experience with so can't say for sure. There are free debt management companies, so don't use one that charges fees.