How To Stop DD's ??

[alan1951]

When the time comes to stop paying my creditors do I just tell my bank to stop paying the direct debits ( my bank is one of my creditors with two CC and a personal loan ). Or should I just close the account, I already have setup a basic account with another bank, but not using it yet.

I ask because I don't want the bank to just keep paying and pile it onto an overdraft. Before when I was paying my CC by cheque each month, I missed a payment and the credit card part of the bank just took the payment out of my account. Did I kick up about them taking a payment without authority, they just said they could do it.

Alan

[aguise]

Hi Alan
I just cancelled them on the internet, but you can do that over the phone, obviously set your direct debits for household bills in your new ac, just cancel all the creditor payments, the only ones I left alone were the ones with the actual bank,bank loans, I just cahnge dmy wages to the new ac and let them default, if they charge you it just goes on to the iva anyway. You can cancel dds over the phone I think, any questions just say you are rearranging your finances.

Hope this helps

Ang

[aguise]

Me again alan, just to add my overdraft was part of my iva and was at the limit anyway, the best thing might be to ask your company, I stopped my wages going in beforehand and sat with a coffee and all the ref numbers and reset all the household stuff to the new ac, I just let the bank close the ac, but if your od is not included then it would be different so ask to be on the safe side.
Probably confused you more now.

Ang

[Skippy]

I cancelled mine online, but if you your loan and current account are with the same bank you will most likely be unable to do this. I would open a new acccount with a bank who are not one of your creditors and have your salary paid into that. I had to leave the loan and let them keep trying to take the money!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[marie]

I'm in the same situation ! I have a loan with my current bank,but i'm changing banks today.So i'll do that i think skippy13 ! Only one snag i also have an overdraft on that account,what then ???? coz they'll try to take the loan money and use the overdraft wont they ??

[Skippy]

That's what they did with mine Marie and they added some charges but all that just got swallowed in my IVA and subsequent bankruptcy.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[marie]

Hi again Skippy13
My Daughter has her Child trust fund (tax credits) through Halifax but this should be ok,do you think.She also has a savings account also and i am the trustee what will happen to them ???

[Skippy]

Hi Marie, to be honest I'm not sure about your daughter's money but I'm sure one of the experts will be along to advise you shortly.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[scaredkez]

marie for my iva, i was told to close any childrens accounts that were in my name or empty them, as the bank if you owe them can take this money, the tax fund will be ok, as no one can touch this even tho your name is on it, it is a government initiative for your child and can't be touched until they are 18 and this is the same in bankruptcy, they cannot touch the child fund.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MAY2006]

Hi Alan
I cancelled all my DD online, I too had a loan with my bank. I could'nt cancel it online, when I rang the call centre to do it they put me through to my branch. I basically lied and said my pay would not longer be going into that account and that I would need a paying inbook for the loan rather than DD.
Up to that point I had always paid on time so they believed me and did as I requested.

[alan1951]

Thanks for the replies. I am going to get my pay going into the new bank account and move my household DD's over as well. Then I shall transfer money each month to the LLoyds account to pay for the credit DD's.

Any overdraft that builds up with them taking payments when I stop transferring money will have to be added to the IVA. I will try and cancel non-LLoyds DD's.

ALan