DMP Question -

twisty37

I'm on the verge of starting on a DMP, and have prepared for it by getting a seperate bank account. I have a cc of £500 and unsecured loan of £5500 with my current bank, which will fall within the DMP.

However, I am one of 2 directors of a company, which banks with and has a loan from the same bank. As I understand it the company is a legal entity in its own right and as such my personal banking shouldn't have an affect on it, but I've seen cases of peoples banks taking funds from other accounts within the same bank, and wonder if it could happen to me.

Im trying to suss out all the possible fallout from taking on a DMP before finally taking the plunge, not that I've much choice, but it would be useful to work out all the implications...

Hoping that someone will be able to help..

Sea78

I'm not sure about this - are you starting the DMP with CCCS/Payplan or going it alone? If with one of the companies, do ask them - they should be able to help. If on your own perhaps it's worth ringing CAB for advice?

Sea xx

itsnowtime

Hi twisty37

I was also in a similar situation to you however I'm a Sole Trader. I was informed by my bank that they are not allowed to touch the business accounts and this would be treated independently from my personal ones.

As yet this has been the case - I did ask them to confirm this in writing in July and as yet i'm still waiting for that letter to appear.

Speak with you bank and ask them to clarify and if necessary confirm in writing.

Good luck with your DMP

twisty37

For your advice I'm going to go with CCCS I think, but am still at the stage where I'm looking for ways to save on the spending and find ways of getting a few extra quid through the door to see if I can manage.
It's a scary business this, but the help I've had from everyone in the forums has been amazing, and as has been said loads of times, just admitting to the problem makes a huge difference.

Sea78

Have you posted up your SOA on here for us all to [STRIKE]pull apart[/STRIKE] offer valuable advice? Go on - you know you want to!!

Sea xx