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charlie44
Junior Member



231 Posts

Posted - 16 October 2009 :  17:36:36  Show Profile  Reply with Quote
I have opened a Coop Cashminder account and have arranged for all our credits to start going into there, I have also arranged for our DD/SO`s to start cominmg out of there as well. My question is this, I received a letter from the Coop yesterday saying they had received my instructions, and were notifying the Nationwide about transferring the debits from that account to my new one. What happens if my Nationwide account dips into the overdraft facility while this is going on, or am I able to put money into that account to stop this happening. There is good a chance this will happen while everything sorts itself out with Coop account. At the moment I owe nothing to the Nationwide.

gettingoutofdebt
forum expert



2418 Posts

Posted - 17 October 2009 :  07:24:50  Show Profile  Reply with Quote
I presume that because you have a OD on the Nationwide account that you are not yet BR? If so then you could pay some money into the Nationwide account to stop it going OD. This shouldn't be a problem with the OR as once you are using the Co-op account you won't have an OD facility so would need to pay money into that account if a DD/SO would mean the account going OD.
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charlie44
Junior Member



231 Posts

Posted - 17 October 2009 :  13:06:31  Show Profile  Reply with Quote
Thanks for the reply to my question. You are right about being BR, we have to wait until 25th of November for our hearing, (I wish it was sooner to be honest) With the accounts, they are sort of crossing over one another, if you see what I mean, so whilst the payments going into the new account is sorted the DD/SO`s have not yet been transferred, even though I have requested them to be.
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gettingoutofdebt
forum expert



2418 Posts

Posted - 17 October 2009 :  13:14:41  Show Profile  Reply with Quote
If you are not declaring BR until the 25th Nov then I would definitely make sure that the Nationwide account is not OD especially if the OD isn't being used at the moment. If you use the OD now (1 month before BR) then the OR could assume that you had no intention of ever paying the debt off, which would definitely be frowned upon.
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charlie44
Junior Member



231 Posts

Posted - 17 October 2009 :  13:32:49  Show Profile  Reply with Quote
That what I was worried about, I will transfer some money in to it on Monday, thanks for the help.
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