DMP Mutual Support Thread - Part 12

dynomot · 10 September 2017 at 7:09PM

Thankyou carbootcrazy and fatbelly.

Unfortunately there is no way of paying off the jointly owned overdraft. It is £1615 out of an authorised one of £1700 as I type with nothing to come out of it until the 14th. We (my wife and I) were slowly reducing it month by month until now until my bombshell. We will be swapping to a NatWest account tomorrow and I will be tasked with swapping the joint account direct debits to it manually. The overdraft of course will remain in a then totally unused account debit cards chopped.

I understand the need to swap banks, StepChange did advise me yesterday that the joint account would need to be changed as well as my own. What about my wife's personal account, also with them ? I suspect that needs swapping too yes. What would HSBC do if I did not include my personal overdraft as part of the DMP we swapped all our accounts and we (in reality my wife) kept serving the overdraft debts on the old HSBC ones. Finally closing them once the overdrafts were paid ?

Seeking_Simple · 11 September 2017 at 2:45PM

Hi all, I'm new here and just starting out on my journey.

I have a quick question that I hope someone can answer.

My husband and I have 3 joint current accounts with Nat West (all in credit). We have filled out the paperwork to remove my name from all 3 and I have opened a basic bank account with TSB. In time he will close 2 of them and just keep 1.

My question is I have a NW loan and a NW CC. Once I have stopped the DD from one of our NW accounts can they reinstate the DD once the account is in his sole name? Also more worryingly can they take the full amount I owe them via 'setting off 'from his account as it was once joint and in credit?

Thanks in advance.

Leanneglos1 · 11 September 2017 at 2:51PM

I've today received a text message from a payday loan company who I have an outstanding loan with, the text says they will be sending a before action letter to my address, is this a standard computer generated letter, the tone of the text has made me feel anxious about what it may be

sunshinejenuk · 11 September 2017 at 2:53PM

Hi all I'm new, my Hubby and I have been on a dmp since last November (step change sorted it all out) most of our debts now seem to being managed by Westcott now.
I am looking to get back to work now my youngest has gone to school,a friend and I are looking at starting a small cleaning business but because of the dmp no-one wants to give us public liability insurance... Any ideas? Thanks x

sourcrates · 11 September 2017 at 3:18PM

Leanneglos1 wrote: »

I've today received a text message from a payday loan company who I have an outstanding loan with, the text says they will be sending a before action letter to my address, is this a standard computer generated letter, the tone of the text has made me feel anxious about what it may be

No need to feel anxious, if its a letter before claim, then you need to deal with this debt.

What if anything, are you paying towards this loan at the moment ?

Leanneglos1 · 11 September 2017 at 4:58PM

Currently not paying anything as trying to save up an emergency fund, would you suggest starting to pay them something or call them to set up a payment plan, unsure on how to move forwards.

sourcrates · 11 September 2017 at 5:13PM

Leanneglos1 wrote: »

Currently not paying anything as trying to save up an emergency fund, would you suggest starting to pay them something or call them to set up a payment plan, unsure on how to move forwards.

If you receive a "letter before action" then yes you need to deal with it to avoid a CCJ.

The reason they send you this is to comply with the pre-action protocol (civil procedure rules) its to give you a chance to come to a payment arrangement before court action is commenced.

If a creditor sends you one of these letters, then you should make an arrangement to pay yes.

Most debts dont ever see a court room, but occasionally a creditor will go down that path, however, they have given you ample warning, so you can deal with it.

Leanneglos1 · 11 September 2017 at 5:15PM

So I've just discovered an email from them sent today in my junk folder, email says
'If we've not heard from you by close of business today we hereby notify you that it is our intention to issue proceedings against you forthwith without further notice to yourself. Please note any court proceedings issued will include a further claim for interest and charges'
The company is cashfloat, surely if they were going to take me to court they would have to issue some sort of warning unless I'm being naive and they are not required to.
I'm thinking now to call them and set up some sort of plan but if they continue charging interest I've got no chance in hell in ever reducing the balance, it will just continue to increase:(

sourcrates · 11 September 2017 at 5:33PM

Leanneglos1 wrote: »

The company is cashfloat, surely if they were going to take me to court they would have to issue some sort of warning unless I'm being naive and they are not required to.

This is your warning, they will most likely back it up in writing too.

Fourteen days is the norm though," the close of business" today is a little naughty, but there should not be further interest, if this was a payday loan, they can only charge a maximum of double the original loan, and no more.

Leanneglos1 · 11 September 2017 at 5:57PM

Thanks ever so much for your help, going to call them to discuss further and hopefully come to some sort of arrangement

DMP Mutual Support Thread - Part 12

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