Overdraft dmp

Floss

Sorry for the shouting but DON'T USE THE BANKING SWITCH SERVICE to set up your new account.

Use this weekend to list all your direct debits (should be able to view who & how much on your online banking), and to open your new Monzo (other "clean" banks are available such as Co-Op or Nationwide!).

Then contact them all, asking to change details to your new account from 1st July. Some will be phone calls, some will be on their online systems, some will have to be written to:

Dear sirs

Please note that with effect from 1st July 2023, my bank details will be: 

00-00-00
01234567
Mr Joe Bloggs

Please amend my direct debit accordingly.

Love & kisses
Joe xx

kimwp

Ross891 said:

I get paid the last working day of each month, I've not planned this well at all im so ashamed, I obviously needed a decent amount in credit before I decided to do a dmp

Hi there, this makes me think that you've not fully understood the concept. The idea is that your monthly income comes in and that should cover your monthly outgoings - you don't need to save ahead of the dmp to cover your normal living costs.

Note that it is a good idea to save ahead of your dmp to cover emergency costs - washing machine unexpectedly breaks etc as you won't have access to credit for a while.

ayupmeduck

Ross891 said:

I get paid the last working day of each month, I've not planned this well at all im so ashamed, I obviously needed a decent amount in credit before I decided to do a dmp

your pay should be going to the new account then won't be used up by the overdraft.

Bored

You don't need to wait until you pay off your overdraft and you don't need to try to transfer the money from your overdraft into your new account in order to start the DMP. You just need to set up a new bank account that is separate from your creditors and ask your job to pay you into the new account instead. The older account with the existing overdraft then just becomes part of the DMP. 

sourcrates

The OP was confused as to how the process worked.

He has got himself together now, thanks all.

Ross891

I'd like to thank you all for all your help, I went abit daft with my thinking but all good now lol