Iva or Dmp

Grumpelstiltskin

Hi do you mean your trade union or a credit union?

Depending on what you signed in the agreement the answer could be different.

ManyWays

Im going to say this again, you cannot commit to an IVA unless you are both in stable work and have a fixed living situation, it would be madness. (Well done to SC for not suggesting it.)

You can, if you want, start a DMP now and also probably kick off some affordability complaints as some lenders seem to have lent you a lot! Then in 6-12 months decide what to do. If you are happy and settled abroad, feel this was a good choice, then stopping paying the DMP may be a very good option!

Shookt38

Grumpelstiltskin said:

Hi do you mean your trade union or a credit union?

Depending on what you signed in the agreement the answer could be different.

Transave credit union.

Grumpelstiltskin

OK Credit unions can be a pain in the xxxxxxxxxxxxxxx.

That will still need paying at least for the time being, you must have agreed to have it deducted from your salary, so it's up to you if you want to carry on with that or ask for it to be deducted from your bank account.

Do you owe any money to anyone who is in the same banking group as your current account?

If you do you need to get an account with a banking group you don't owe money to, if you do this you need to transfer vital direct debits manually and not use the banking switch service. Then you stop paying all unsecured debts as long as they aren't with a credit union.

This is the normal thing to do  so don't panic about it.

RAS

How much do you owe the credit union?

Shookt38

RAS said:

How much do you owe the credit union?

£5000. I agreed to pay in 24 mos. Should I just continue paying them? 

Shookt38

Grumpelstiltskin said:

OK Credit unions can be a pain in the xxxxxxxxxxxxxxx.

That will still need paying at least for the time being, you must have agreed to have it deducted from your salary, so it's up to you if you want to carry on with that or ask for it to be deducted from your bank account.

Do you owe any money to anyone who is in the same banking group as your current account?

If you do you need to get an account with a banking group you don't owe money to, if you do this you need to transfer vital direct debits manually and not use the banking switch service. Then you stop paying all unsecured debts as long as they aren't with a credit union.

This is the normal thing to do  so don't panic about it.

Oh are they that difficult? 😞 

It is a 24month loan. But if i am moving how will that affect them? Since im having them take money from my salary? 

I have loan from natwest. But i dont have in my monzo account. So do i start moving my salary, and all direct debits to my monzo as well? 

Grumpelstiltskin

Not all direct debits, just vital ones not debt repayments. You have to do it manually and not use the switch service, then you should have no problems.

Shookt38

Grumpelstiltskin said:

Not all direct debits, just vital ones not debt repayments. You have to do it manually and not use the switch service, then you should have no problems.

Morning, 

you mean i cannot do it online? I need to call them one by one? And even my work to inform them to move my salary? I am also paid weekly with bank staffing. 

kr

Grumpelstiltskin

If your old current account and your new one are both online then you can do it online, what you can't do is use the bank switching service as it can cause problems.

Your work maybe phone just tell them you are changing bank accounts and would they pay your wages into xxxx as soon as possible.

The problem with the bank switching service is it transfers everything including the debts you won't be paying., so make sure you cancel the direct debits for the debts. You shouldn't need to talk to any of them.

Vital debits make a list, eg. council tax, gas, electric, water, insurances, phone and just work through.

This is not unusual it's something we advise everyone to do.

When it's sorted open an easy access savings account and put as much money as you can to start and save for when you move and any emergencies that may crop up before you go.