overdraft while on DMP?

Raksha

We've been on a joint DMP for nearly 3 years, still a long way to go, but I found out yesterday that OH has an overdraft despite me regularly transferring top ups to his account from the housekeeping budget.

I seem to remember when the DMP was set up that we had to agree not to take out anymore credit.

So where does that leave paying car insurance in instalments.?

sourcrates

Raksha wrote: »

So where does that leave paying car insurance in instalments.?

Hi, as car insurance is a legal requirement, this will be allowed within the parameters of your DMP.
Its not a regulated agreement your on, so "credit" for car insurance is up to you really, when you apply for insurance, the companies that allow you to pay monthly are displayed, so should not be a problem.

dancingfairy

Why does he have an overdraft?
Is it a new overdraft or should it have been included in the dmp?
It needs to be put into the dmp really and he may need a new bank account so the bank doesn't raid his current account to settle the overdraft.
What has your husband got to say on the matter?
df

Raksha

He has one because he can't/won't manage his money.

It's a new one, I only became aware of it because it was part of the security he had to go through when he phoned the bank - he thought I was out of earshot as he had moved out of the room when the phone banking person asked him to verify the current balance.

He doesn't know I know how much it is, but tried to brush it off when I pointed out that it was part of the DMP agreement that neither of us have any more loans or overdrafts. In other words, he's trying to hide it from me.

It's with a bank that we currently don't have any accounts on the DMP, as is the housekeeping account.