Direct debit question

[plasticdaft]

Hi folks

Our notice of trust deed(scottish IVA) is due to appear in the edinburgh gazette on tuesday,how quickly do you think our bank will freeze our account as we have some direct debits due to come out in the 1st gew days of june that we havent been able to switch to our new account yet(mortgage and car Hp)? Will the bank let theses things be paid or will they suspend the account as soon as they get wind of whats occuring??(the overdraft in the bank account of £700 has been included in the trust deed)

Thanks for any help.

Blind panic time!!!

[Viki.W]

Hey plasticdaft, I'm not sure how the scottish thing works but I was told to open a new account immediately with a bank that wasn't a creditor and transfer all direct debits to that. Do you have any other account. Will the bank find out straight away do you think? Viki X

[plasticdaft]

Hey plasticdaft, I'm not sure how the scottish thing works but I was told to open a new account immediately with a bank that wasn't a creditor and transfer all direct debits to that. Do you have any other account. Will the bank find out straight away do you think? Viki X

I have a new account with the co op(not one of my many creditors) but only got the account number and sorte code today and havent got enough time to transfer over the mortgage DD or the car HP one,so I am hoping that the bank dont find out straight away and stop the payments although the mortgage is with them so they would be a little silly to not take money thats in my account to pay for it. Hopefully it will work itself out. Timing is everything and the last bank holiday has thrown my plans into chaos(taken a whole week for co op to send me account details and a pay in book).

Ack nothing more I can do tonight,I am off to hit the hay.
2moro may be a better day than today.Heres hoping.

goodnight.

[Viki.W]

Night night plasticdaft, hope you get it all sorted. You seem on the ball. Viki X

[plasticdaft]

Awake again,bump time!!

[Rainbow]

I wouild go the bank as soon as salary is paid in and withdraw the cash and pay into the new account. I would then phone the mortgage company and HP company and tell them that you have switched bank accounts and give them the new bank account details and ask them to collect from this account - Just to be on the safe side!
Best wishes
Rainbow

[glen1971]

Hi Plastic daft. As a fellow trust deed chap i also had the same dilemma. I had a 3k overdraft with Nationwide and like yourself i had another bank account set up but not enough time to set up the direct debits. I simply withdrew all the money and made debit card payments for my bills until the direct debits were set up. Though i can also say that it was 3-4 weeks after my advert in the Ed gazette until my bank withdrew / froze my banking facilities so the chances are you should be fine with your direct debits if left alone. You will find out that generally it takes at least 2-3 weeks for the credit companies to log recepit of the trust deed notice - you will get a number of calls from your creditors asking for payment (as you have probably cancelled your payments now) weeks after the TD has been advertised as the info takes an age to filter through to the collections department.

If you have any other questions dont hesitate to ask.

Glen

[plasticdaft]

Ack,unfortunately due to timing we cannot use our £700 overdraft so will be much less off than we though.Our IP said if our wages had gone in to withdraw everything but leave a big enough credit balance to pay the mortgage DD,and that if we go overdrawn it would look like us taking on new credit even though we were £600 O/D when trust deed was signed. As we arent paying any of the credit cards or loans we will just about have enough to scrape by.

Just spent 55 minutes on the phone changing the child tax credit bank details,it could take me weeks to get round to telling everyone our new details!!!!

Thanks for your help.

name in gazette on tuesday,cant wait for that!!!

[Viki.W]

Ah plasticdaft, I know exactly how you feel. It won't take that long if you make time one day, get a cup of tea(or something stronger), have all the details infront of you, and call EVERYONE. Once you start, you'll be surprised how quick you can get through them all. Good luck, Viki X

[plasticdaft]

Got 3 sorted already hehe,just did check on how much we have cash wise and what we need and we are only £30 short,the extra from the O/D was getting put to one side to pay for my car service due in july and as a little emergency kitty,now that didnt last long did it???

Hoping that co op bank stuff arrives today coz the matress has never had so many 20's shoved under it!!!(cant deposit into new account without our super duper visa electron cards.

[Viki.W]

Plasticdaft, I banked with TSB, one of my main creditors so I changed to HSBC, who I was then told (by the forum) that close the accounts of anyone in an IVA, so I THEN changed to NatWest, who I have just found out are linked to Mint, one of my creditors, so NOW, I've just opened an account with the Co-op but as yet haven't transferred anything as.....I'M FED UP DOING IT!!!!![:(!]

I obviously don't practise what I preach![:I]

Viki X

[plasticdaft]

Thats why I choose the co op account,its not linked to anyone we are due money too,that and the fact that the woman at clydsedale bank treated me like a dog with rabies when I asked about a basic account!!!

[plasticdaft]

Well it took egg just 1 day to spot that 2 d/d's for credit cards had been cancelled as we got letters to that effect this morning!!! The hunt is on,HOLD MY CALLS PLEASE MISS MONEYPENNY!!!

[kallis3]

Gosh, that was quick of them!

It was a week before I got my first call from Barclaycard.

We had already changed from HSBC to Barclays, then they gave us both a credit card which we stupidly used. Have had to change to Nationwide now with no cheque book or no debit card.