Iva or Dmp

Shookt38

Grumpelstiltskin said:

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.

Hi! Yes i can do online from my current natwest to my monzo account. I have actually recently changed my other debts to be debited from my monzo. I guess i just have to cancel them.🫣 coz i was hoping to separate some from my current NatWest account. 

With regards to credit union, do i just continue paying them? 

Grumpelstiltskin

At the moment I would still pay the credit union, maybe closer to the time you move you can stop because then they won't have time to do anything.

At the moment it will be doing everything you can to build up savings going towards your move as you don't want to have to get into debt in the middle east.

Shookt38

Grumpelstiltskin said:

At the moment I would still pay the credit union, maybe closer to the time you move you can stop because then they won't have time to do anything.

At the moment it will be doing everything you can to build up savings going towards your move as you don't want to have to get into debt in the middle east.

Should I just add the credit union later on my dmp? Or should I not start any dmp? 

Sourcrates suggested i can start dmp and yes by the time they start doing the payments i would have defaulted already.

Grumpelstiltskin

Don't start your DMP until the debts have defaulted. We suggest a self manages DMP as the debts will default at different times, with self managed you can start paying them individually when his happens, but this can be a slow process and you may get away with not paying anything for many months, the main thing is not to panic and start paying too soon especially in your situation, concentrate on getting prepared financially for your move.

Shookt38

Grumpelstiltskin said:

Don't start your DMP until the debts have defaulted. We suggest a self manages DMP as the debts will default at different times, with self managed you can start paying them individually when his happens, but this can be a slow process and you may get away with not paying anything for many months, the main thing is not to panic and start paying too soon especially in your situation, concentrate on getting prepared financially for your move.

As long as I don’t accept Sc dmp that is okay? They keep on emailing me about dmp. I feel pressured to say yes

Grumpelstiltskin

Yes just contact them and say thank you for your help but at the moment I am not going ahead with the DMP.

Shookt38

Grumpelstiltskin said:

Yes just contact them and say thank you for your help but at the moment I am not going ahead with the DMP.

I also wanted to ask because im leaving for December holiday of the kids and coming back January. Any implications ofa dmp for immigration or at the airport? 

Grumpelstiltskin

Look debt is a civil matter not criminal, if all people with debt were stopped at the airport planes would be 3/4 empty, please stop worrying.

Shookt38

Grumpelstiltskin said:

Look debt is a civil matter not criminal, if all people with debt were stopped at the airport planes would be 3/4 empty, please stop worrying.

Apologies.. I overthink a lot..:( too stressed to know what to do that is why I researched and ended up here in MSE. I am learning a lot but a loooong way to go for me…

Grumpelstiltskin

No problem, just try and stay calm, remember you aren't the only person in debt, it is very common.

Whatever you do don't speak to your creditors, delete any numbers they use to call, text or E Mail you but open any letters you receive by snail mail and come on here with any queries you have.

Debt collection can be a very slow process that is why we are telling you to concentrate on saving for your big move.