So I've come to that crossroads where I've come to realise my options regarding this burden of debt on my shoulders. I will either have to go with a DMP or a Trust Deed, the thing is I'm not sure which route to go down.

I know everyone is different but I want to make sure I'm making the right choice and I'd really like to get the ball rolling and make a fresh start come 2010. Any recommendations/stories/thoughts would be greatly appreciated.

I've decided not to go to the meeting with the bank, the girl at Payplan said if the bank find out about my situation they could have 'the right to offset' which I believe means they could take all my wages from my account and freeze it.

I'm now toying with a DMP or a Trust Deed done via Payplan, I must say they have been extremely helpful. I have been very impressed thus far but I'm going to have a real think about this situation over the weekend. How long does it take for a DMP/Trust Deed to be put into place?

Thanks one and all, you've helped me so much since I registered.

A little tip, if I am up against a salesperson that is trying to sell me something I don't want (I can be pushed into things) I set my mind to think they want me to eat/drink something I really hate, it may sound odd but it works for me, I just keep saying NO. But listen very carefully.

So I phoned RBS to ask for some advice and well they've roped me into one of these customer account reviews. I'm not sure what to expect, I tried to explain my situation over the phone but they just seemed more concerned on getting me into one of these meetings.

I'm afraid it'll just be a sell, sell, sell type scenario and I REALLY am not in any position to get into anymore debt. Are these helpful or another gimmick?

I've spoken to Co-Op and I've been successful with my Cashminder application, I would open the current one but the debt helpline have advised against opening an account with more credit available. The guy at Co-Op did say that I wouldn't have been offered an overdraft on the current one but I'll play it safe for now. So it should just be a case of completing my forms and getting my wages and debits transferred i feel slightly better somehow.

The Coop will need the info to transfer your DDs. Your account withe RBS will still be open until you ask teh RBS to close it so no need to worry. Make sure you read the Coop form carefully to make sure you don't tick any option to ask them to close the RBS one.

I have been offered an account 'in principal' with Co-Operative bank but I notice when I look at the forms I need to sign to finalize things, they have a part that wants my old bank details and such. I want to keep that open so I can continue paying off my loan from it.

Anyone got any words of advice?

Think I'm going to get in touch with Payplan again...not sure if just to cut my loses and try for a Trust Deed or something.

I just need one payment so that I can start to try and live again because having no money is really starting to stress me and get me down. I'm miserable.

Jalexa:

scotsgal:

I am sure I have seen reference, probably in this Forum, to banks insisting on payments being made from their own account. Whether this applies to you would depend on what the loan Terms & Conditions say.

I agree with the PayPlan advice to at least have another account up and running, however its possible this will have unintended consequences. Overdrafts are repayable on demand and if you stop funding the account that's likely to happen.

If you meet the FSA hardship rules your are eligible to have claims for "unfair" overdraft charges processed immediately. Note that RBS have recently reduced their charges and they may argue they are no longer "unfair".

Also I don't know if you current bank account pays interest on credit balances to offset interest on debit balances. This may increase the amount of interest you pay on the overdrawn account.

scotsgal:

I am sure I have seen reference, probably in this Forum, to banks insisting on payments being made from their own account. Whether this applies to you would depend on what the loan Terms & Conditions say.

I agree with the PayPlan advice to at least have another account up and running, however its possible this will have unintended consequences. Overdrafts are repayable on demand and if you stop funding the account that's likely to happen.

If you meet the FSA hardship rules your are eligible to have claims for "unfair" overdraft charges processed immediately. Note that RBS have recently reduced their charges and they may argue they are no longer "unfair".

Thanks for the very quicky reply.

Sorry to sound naive but I wasn't sure if RBS would let me do that but as long as the things are being paid I suppose they can't really complain?

Its really the o/d that is the main problem, I'm not sure what to do for the best with it anymore. Its become abit of a nightmare.

scotsgal:

I have a majorly overdrawn account with RBS, not only am I struggling but they are charging me £30 in interest/charges.

I have been advised by PayPlan to open a new account and change all the direct debits..ect. My only problem is I have a loan with RBS that comes out as a DD each month.

Will I still be able to pay the loan or will RBS not be happy to take the money from another account? I'm thinking of just paying of my overdraft bit by bit. I really have no money to live and its beyond a joke.

I'm also looking to the possiblity of taking out a Trust Deed..would this put all my debt payments into one? Or would that be my debt payments AND the Trust Deed?? I'm confused slightly. I have two cards, a loan and an overdraft I really need to pay.

Why not apply a d/d to the new account paying into your old account enough to cover the loan d/d, the interest/charges plus a bit to reduce the o/d.

I have a majorly overdrawn account with RBS, not only am I struggling but they are charging me £30 in interest/charges.

I have been advised by PayPlan to open a new account and change all the direct debits..ect. My only problem is I have a loan with RBS that comes out as a DD each month.

Will I still be able to pay the loan or will RBS not be happy to take the money from another account? I'm thinking of just paying of my overdraft bit by bit. I really have no money to live and its beyond a joke.

I'm also looking to the possiblity of taking out a Trust Deed..would this put all my debt payments into one? Or would that be my debt payments AND the Trust Deed?? I'm confused slightly. I have two cards, a loan and an overdraft I really need to pay.