DMP mutual support thread part 13 !!

breathingspace

Hi again. One of my CC and also a small overdraft is with HSBC. (I have another bank account with no overdraft facility I can use.) I also have a joint mortgage with HSBC but my ex pays this. If I include the HSBC CC and overdraft in DMP will they not just add it to the mortgage? I can’t have this. We have no contact with him and wouldn’t want to do anything that would give him any reason to get in touch.

Many thanks for any help.

Suseka97

breathingspace wrote: »

Hi again. One of my CC and also a small overdraft is with HSBC. (I have another bank account with no overdraft facility I can use.) I also have a joint mortgage with HSBC but my ex pays this. If I include the HSBC CC and overdraft in DMP will they not just add it to the mortgage? I can’t have this. We have no contact with him and wouldn’t want to do anything that would give him any reason to get in touch. Many thanks for any help.

These are completely separate products and so HSBC cannot just 'add' non priority debts (cc and loan) to a priority debt (mortgage). Also, if the cc and loan are not 'joint' then they would be in breach of data protection if they were to contact your ex and disclose anything relating to payment or 'non-payment' of those accounts.

Edit: I know you say you've spent time reading this forum - but do check that your new bank account has no association with any of your current creditors. This is to avoid the risk of the 'right to offset'.

breathingspace

Thank you so much. That’s another weight off my mind. My new account is with Starling so I guess not connected to any other providers. I’ve had it a little while with the intention to switch from HSBC. I’m not going to switch now - my salary will be paid to starling from this month and I’ll change the DDs individually. I’ve cancelled the CC DDs.

sourcrates

breathingspace wrote: »

Thank you so much. That’s another weight off my mind. My new account is with Starling so I guess not connected to any other providers. I’ve had it a little while with the intention to switch from HSBC. I’m not going to switch now - my salary will be paid to starling from this month and I’ll change the DDs individually. I’ve cancelled the CC DDs.

I would be wary of starling bank, they are a high end provider.


I dont know of many people in debt mangement that bank with them, be aware, these type of banks regulaly credit check their customers, precicly to see if they may be in financial trouble, it is a possibility they may decide to close your account, if they dont like what they see.


Other more suitable providers of basic accounts are the Nationwide and the Coop, both are bankrupcy friendly.

breathingspace

Argh, ok. Starting to panic again now. I have a limited company - using Starling business account on advice of accountant. I set up a personal account with them and my salary goes into that but straight out to my hsbc account. Would they close the business account too? I can’t DMP if there’s any risk of this.

sourcrates

breathingspace wrote: »

Argh, ok. Starting to panic again now. I have a limited company - using Starling business account on advice of accountant. I set up a personal account with them and my salary goes into that but straight out to my hsbc account. Would they close the business account too? I can’t DMP if there’s any risk of this.

I cant answer that im afraid.
Debt mangement is all about reducing the risk of things happening, thats why we recomend a basic bank acount, no credit checks are done, and almost anyone can get one, they are designed for people with bad credit records, although your credit is fine now, it wont be 6 months down the line.

Im not saying they will close the account, but its always best to be prepared.
Maybe give buisness debtline a call and ask them.

Fiona_CW

I have a personal account with Starling and have never had any problems with them. I don't have an overdraft with them and my salary is paid into my HSBC account. I opened the account about a year ago and have been in a DMP since August.

Cheesephetamine

just updating you guys on my DMP. I have personally sent letters to my creditors saying that I am in financial problems and that I am at present asking for financial advice and budgeting and that I will (or StepChange) contact them soon with a repayment solution. That it is my sincere desire to clear all my debts ASAP and that I will only accept contact from them via royal mail. I have stopped all DD as you have advised me and I have also sent my DMP agreement signed back to StepChange. My income has been changed to my new clean account at barclays as well as my other DDs and I have put all my cards (credit, debit and store) deep into my underwear drawer (LOL) I guess now I just need to wait to hear from the charity, right?? What should I expect will happen in the next days / weeks? I have sent the agreement via post and all my credit data via email. I am just waiting to get my latest payslip on friday to send them via email. Haven´t heard back from them yet. Anyone can explain what will happen now that i have stopped all DD? when will SC start taking money off me to pay my creditors? I am scared... And concerned about my credit score but as someone said before, it is the least of my problems. I am NOT planning on getting more credit anyway and it will heal overtime I guess!

On the side, i have started a no-buy year and after opening up to my husband I feel much better but I am going though serious withdrawal symptoms, physical and mental, this is crazy!! Im crying, furious, anxious, sick... I feel like a crazy person. who new i was so addicted!

Tomorrow is my 1st week into my no-buy year and I have only spent £3.70 (on a bus ticket and a bottle of water - have switched to reusable bottles now). i havent spent so little since... forever

DogFace

Hello lovely people!

I’ve been on a DMP with Step Change for a few years now. I had never considered the possibility of managing my own. What are the advantages of that/disadvantages of using Step Change?

Apologies if this has been answered before (I’m sure it has) but there are many many pages!

sourcrates

Cheesephetamine wrote: »

just updating you guys on my DMP. I have personally sent letters to my creditors saying that I am in financial problems and that I am at present asking for financial advice and budgeting and that I will (or StepChange) contact them soon with a repayment solution. That it is my sincere desire to clear all my debts ASAP and that I will only accept contact from them via royal mail. I have stopped all DD as you have advised me and I have also sent my DMP agreement signed back to StepChange. My income has been changed to my new clean account at barclays as well as my other DDs and I have put all my cards (credit, debit and store) deep into my underwear drawer (LOL) I guess now I just need to wait to hear from the charity, right?? What should I expect will happen in the next days / weeks? I have sent the agreement via post and all my credit data via email. I am just waiting to get my latest payslip on friday to send them via email. Haven´t heard back from them yet. Anyone can explain what will happen now that i have stopped all DD? when will SC start taking money off me to pay my creditors? I am scared... And concerned about my credit score but as someone said before, it is the least of my problems. I am NOT planning on getting more credit anyway and it will heal overtime I guess!

On the side, i have started a no-buy year and after opening up to my husband I feel much better but I am going though serious withdrawal symptoms, physical and mental, this is crazy!! Im crying, furious, anxious, sick... I feel like a crazy person. who new i was so addicted!

Tomorrow is my 1st week into my no-buy year and I have only spent £3.70 (on a bus ticket and a bottle of water - have switched to reusable bottles now). i havent spent so little since... forever

Hi,

Nothing much will happen, people think the world will end because they don’t make a payment, trust me, it won’t, 30 days breathing space is currently standard, soon to rise to 8 weeks.

You may get a few letters/phone calls, you can either ignore or just tell them your taking advice.

Stepchange take your payment on the agreed date, then distribute it to your creditors on their preferred date of the month.

Relax, sit back, let the cogs turn and the wheels grind.