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Can anyone tell me how you go on changing your direct debits plus income from an account that will be one of the creditors that I owe a very large overdraft to. I applied for a new account but have no idea when to stop payments and cancel the direct debits. There isn't enough money in the account to pay the DD'd so the overdraft will go even higher.
Can this mean that they will refuse to transfer everything to the new account. Should I contact DD's and income providers seperately?
I'm very confused about this as my account is a mess.

It is usual for the new bank to arrange all of this for you, but you could try writing to the companies with direct debits to provide them with your new banking details.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

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http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Thanks Melanie,
What do I do in respect of the overdraft. Surely the bank will realise what is going on and stop the new bank taking the account. Do you think this is what will happen?

Your current bank have no ambit to stop you opening a new account, and the overdraft will be just another creditor in the proceedings.

Hopefully some other posters who have been through this experience can help you better than I - Andy, Scaredkez, Emmat, Sadsack, Soulgrowth, Bear - are any of you out there?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

Direct debits are controlled by the companies taking the payments and not the banks. The companies take direct debit from the account details you provide, If you contact the company taking the payment giving new account details, they'll take payments from the new account. The banks can't stop you from doing this.

Hiya .... we opened the new bank account and gave the new bank account number to our boss....who then started to pay our wages into the new bank account...i stopped all the direct debits from the old bank account....rang them all to give my new bank account details and most sent me a new direct debit manadate to fill in and send back....

It didnt take long for some money to build up in the new bank account (we get paid weekly) with nothing going out for a few weeks....and no debt payments (c/c...loans) so this helped to cover the new direct debits that would be set up.

The old bank account with massive overdraft just sat there...nothing going in and nothing going out....the IVA sorted it and i assume it just got closed.

Angie xx


My IVA Story......http://bagpuss.blogs.iva.co.uk/2007/09/ ... iva-story/

Thank you to all of you. You're a Godsend. Another thing less to think about in the middle of the night.

Because I was opening a basic bank account I had to change the DDs over myself - I suppose as they wouldn't make any money out of me they didn't want to waste too much time on me!

I contacted the companies who I had DDs set up with and they either amended them there and then or sent me forms. Once I had spoken to the companies I cancelled the original DDs online.

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/

I did more or less the same as skippy, got my new account. Cancelled all the dd's etc online and then rang each company with the new ac details.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

Thanks everyone.
I'll get on to that tomorrow. I know when you set up some DD's they do it over the phone so I guess they can do the same when there's an account change.

Hi LadyC I was in the same position and cancelled my D/D and S/O on line then made a list of the creditors and reference numbers from my old DD after the new account was open I just rang them all and gave them the new bank details over the phone just said that I was changing bank accounts some didn't send out new forms and just took the info over the phone and some did. Gave payroll my new bank account details and just set up the DD and S/O from the new month. Then the overdraft sat there until the IVA.
HOpe this helps
Rainbow

Every Cloud has a silver lining. At the end of the Rainbow is a Pot of Gold - Or Hope!

I have recently left my bank with an overdraft, for a basic account, I did it all myself in respect of direct debits. Again, just cancelled them all with original bank and rang each compay to just advise of a change of bank account. All went smoothly, apart from a few phone calls to make not much effort neeeded really. Good luck x

Hi
Contact your bank and cancel all direct debits.This will stop them bouncing your DDs and you incurring more charges
Next contact each company that you have a DD set up with and ask them to either send you a new mandate or some will set it up for you on the phone.You will need the new sort code and account of your new bank.

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp