Barclays Bank and DMP's

[skint of leek]

Hi there, has anybody had experience of entering into a DMP while banking with Barclays Bank. I have a loan with them, a credit card and an overdraft as well as other creditors

I've been told by CCCS to change my account to a basic one (i.e. without a debit card) and that Barclays will agree to do this as the DMP is being administered by CCCS. Has anybody else done this with Barclays, I'm just concerned that they'll get arsey and once my monthly wage has been paid in they will absorb it all by cancelling the overdraft, thereby leaving me with nowt all month. My other option is to create a new bank account separate from Barclays (Yorkshire Bank seems to be a good one)and once my wage has gone in let them know that a CCCS DMP is being proposed - or will they get even arsier with the fact that my wage is no longer being paid into their bank?

any tactics or advice greatfully received

[MelanieGiles]

You should definately not be using a current account with a bank to whom you owe money, so the advice to change to another bank is good advice.

[David Mond]

You must change your account to a bank where you owe no money to.

[skint of leek]

thanks for the clarification

[kallis3]

Co-op is a good one as well, and I don't see any reason why you can't have an account with a debit card if you can get one.

[kalla]

You'll lose the use of the Connect visa debitcard.But not a great lost! Just make sure they don't charge interest on the DMP.

Personally I don't like Barclays, they are in the 'high risk' category for HMRC for legalised Tax evasion costing depriving the country of much need income. My step Brother works for HMRC till he retired 3 years ago. You won't believe in the scams, ruse,schemes they use.

[kallis3]

Even though I don't use it at the moment, I still have my Barclays account, complete with debit card - they've never asked for it back, or suggested that the account be closed or changed to a basic one.

[David Mond]

That is interesting Kalla - how to I get more information as to what barclays are upto?

[skint of leek]

when I'm in the DMP will barclays still try and take loan payments out of my old account, thereby putting me further into overdraft and giving them the excuse to charge more fees or when approached by CCCS will they close my account and lump everything together

[kallis3]

Possibly. HSBC did that with mine and hubbys account. Even though there was no money in there, they took out the loan payment, then refunded it and charged us for the privilege.

They did eventually stop though, and closed the account.

There are no guarantees that creditors will freeze interest or stop charges in a DMP.

[hopefull1]

Hi

I am currently on a dmp and Barclays are one of my creditors and they have been very fair they have frozen all interest and charges and I never hear anything from them and I owe them £12000 on a loan plus an overdraft. I swapped my bank to Yorkshire bank ready cash and have been happy with this account. Going on a dmp can be very nerve racking especially as there is so much negative feedback about them but I can honestly say my has been fine I never hear anything from any of my creditors and that includes mbna who are known to be aggressive I am also with CCCS.

I am sure evertytink will be fine but keep us updated.

Regards

Hopefull

[kallis3]

That's good news hopefull 1, hopefully skint will have no problems either.

[Andrew Graveson]

Hi skint of leek,

To reinforce the advice that you've had from others it's very important that you change bank accounts.

Barclays (like other banks) may try to take payments for the loan from your current account and this could lead to penalties in the early days of the DMP but hopefully your DMP provider will bring this to an end fairly quickly.
I don't think Barclays will try to lump everything together; normally they'd continue to seek payments on each seperate account.

Our clients have found Co-op to be very helpful in opening new accounts. A client also contacted me today to say Think Banking provided an incredible service in getting an account open (she was unable to use Co-op as she owed them money) though this account does come with a monthly fee.

[kalla]

David wrote:
"That is interesting Kalla - how to I get more information as to what barclays are upto?"

I'll asked my step for the info on Barclays and he said its public info but Barclay's don't talk about their tax evasion practices. However they have been lured by some of the biggest Accountancy firms like KPMG, PWHC who charge about a off fat fee to exploit tax loopholes!! We are talking about tactics more complicated than American football or debt securisation. Poor HMRC can't keep up with them who are short on staff, and redundancy is looming and that means they are too tired to fight for years to cliam the tax back through the high court and prefers a name and shame approach! The tax top guru at Barclays earn 40 million a year and he is saving the Bank money many times over. As this is an IVA forum, I'll refrain from the subject. Accountancy firms between them have 40 companies they advise and implement tax evasion scam all codenamed - one is aptly known as PITA - pain in the arse.

The whole thing is so perverse and makes you cringe.

[David Mond]

Thanks Kalla, it appears more than likely tax avoidance schemes rather than tax evasion - but still interesting.