Overdraft and dmp question

lillypoo

Hi all

Just wondering if anyone has any recent experience with an overdraft/current account going into default 

I stopped using my black horse bank account last May. I have a maxed out overdraft on that account and also two CCs with the same bank . The two CCs have just today shown as defaults.

I'm just wondering if I should start the dmp with the cards or should I wait fir them to default the o/d too. I'm not sure if the different bank departments liase with one another, and if they do, what effect making payments to the CCs now would have on pushing them to default the O/D too.

Sorry ...thsts a very jumbled explanation. Hope someone can work out what I'm asking lol 

fatbelly

I think I'd start the plan with the two credit cards.

It may be worth asking if they will terminate the current account as that situation could go on for ages.

lillypoo

Thanks @fatbelly. They haven't sent any info since the default notice. I'm going to dawdle a little bit, see if they hand the defaulted CCs to someone else to manage etc. But yes I might write to them about the current account. Thanks again 

sourcrates

Bank accounts do not have to have payments made by a certain date each month, they are repayable on demand.

So they can stay open gathering default interest, for a long time before the bank decides to take action to close it.

Your plan to write and advise the bank of your circumstances should see them close your account for good.

lillypoo

Thanks sourcrates. They actually stopped interest back in June which was terribly decent of the old chaps! I didn't even ask!

fatbelly

So if there's no money going in and no interest being charged it could stay that way for a long time. In some circumstances that would be a good thing. But if you want to get all the negative stuff on your credit file now so that it all drops off in 6 years you are going to have to nag them to close the account.

They may struggle to get the point

lillypoo

Oh I can nag till the cows come home lol. Ask my ex