Bank Won't Cancel Standing Order.

SAGWALA_3

I am currently under negotiations for an IVA. However, this has been adjourned now on 2 occasions and my IVA IP is starting to take DD. The problem I have is my current bank (COOP) is one of the creditors and they will not stop taking the DD payments for 2 loans I have with them. Is this proper and correct. Technically until my IVA is approved formally, My outgoings have just gone up by £300 per month on top of everything else. I cannot afford this and fear further spiralling debt. HELP !!!!!

thepinkladez_2

hi, i have no idea whats correct regarding your iva and if you do have to pay or not, but surely if you cancel your direct debit then no moey can be taken from your account this way without your prior consent?
Also is it possible to set up a new bank account that is with someone not associated with your debt and have your money paid in there least that way if the coop can not touch it, unles you provide them with the new bank details.

pania

Hi Sagwala and welcome. Well done on taking the difficult step of sorting out the IVA.
Regarding the co-op, you need to shift your bank account pronto to prevent them taking any more money. There are a number of banks that will offer a number of basic bank accounts to people with poor credit, yes it will be basic but will stop Co-op nabbing £300 squid each month from you.
Shift your salary payments and DD's over to this and co-op won't have access to your money to keep taking it. just make sure that the bank you open a current account with isn't one of your creditors.
Good luck!!
P
XXX