Self managed DMP help

Woolywelsh

What is the best way to stop payments. Cancel direct debit and keep overdraft at the max so they can't take payment if they reinstate it. new account is all set up and everything has transferred over. So wondering what to do with the old account. I can't close because of a overdraft on it 

sourcrates

The overdraft becomes just another non priority debt, however it can take ages to default as there are no minimum monthly payment requirements, so your best bet is to write to your old bank and tell them your intentions, that way it will default much faster.

Direct debts, once cancelled, can only be re-instated by you.

Woolywelsh

Ok thank you. I just read in here that the creditors can reinstate them! 
Has there been any success with quicker defaults if they are written too

sourcrates

Woolywelsh said:

Ok thank you. I just read in here that the creditors can reinstate them! 
Has there been any success with quicker defaults if they are written too

If they did do that, you just cancel them (again) and request a refund from your bank under the direct debt guarantee.