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debt management plan? ??
tania12
Posts: 125 Forumite
If i have a bank loan with the bank i bank with and have put my loan in the debt management plan how will this affect me?
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If i have a bank loan with the bank i bank with and have put my loan in the debt management plan how will this affect me?
The rule is never bank where you have debt. It's possible your bank could set off money from your current account against your debt:
http://www.moneysavingexpert.com/banking/setting-off
Who is your DMP with? They should have told you to open a new bank account.
If you want any support, help or advice with your DMP, please check out the DMP & Mutual Support thread:
https://forums.moneysavingexpert.com/discussion/4988866
TTFTM xLBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero:staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day ThreadsMortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads"Debt is normal. Be weird!" Dave RamseyProud to have dealt with our debt
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Even have in a current account with a bank you have no debt with do not been it will not be effected 3 years in to my d m p my debit card was change to a basic cash card and cheque book took away and arranged overdraft removed only ever went in to 4 or 5 times in 20 years never for more then 2 months0
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So will the debt management plan affect my bank current account? I have been told by a friend that even though im in a debt management plan my bank will still try and take their payments by direct debit even though ill be paying it off through the dmp??0
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So will the debt management plan affect my bank current account? I have been told by a friend that even though im in a debt management plan my bank will still try and take their payments by direct debit even though ill be paying it off through the dmp??
The bank could try and take money out, not will. It is called the right to offset. However major banks will honour a DMP so it is unlikely they will try and take money out unless you stop paying into the DMP or pay very little in proportion to how much you owe.
It is probably still a good idea to move banks anyway to a bank that isn't part of the same group. While you are at it take advantage of any transfer deals banks do (e.g. Halifax will give you £125 for switching with them). Just bear in mind that if you have a poor credit report then you may only be able to get a basic bank account, in which case I believe none of the transfer offers apply.0 -
So will the debt management plan affect my bank current account? I have been told by a friend that even though im in a debt management plan my bank will still try and take their payments by direct debit even though ill be paying it off through the dmp??
Hi,
Who is your DMP with ?
Part of the process is to open a new basic account, with a Bank with whom you have no debt, this should be done long before you start any debt management plan.
You should of cancelled all direct debts to creditors, who has been advising you on this ?
I have a nasty feeling you may of signed up with a fee taking debt management company, who are only interested in making a profit from you, and have not fully explained the way this works, please tell me I am wrong !!!!I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
No im with stepchange who are charity based free dmp0
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definitely open a new current account that is not with someone you owe money to. Makes everything much simpler.Debt at highest - June 2013 - 26k/ March 2018 - 2500
Proud to be dealing with my debts0 -
How long does it take a payment to come out of your hsbc account??0
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How long does it take a payment to come out of your hsbc account??
Hi Tania
Are you asking when payments for the DMP start coming out of your bank? If so, you'd need to ask Stepchange directly.
Dennis
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0 -
No just general from hsbc like when will it show the money has been taken?0
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