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A lot of our clients worry about this. If you stay with the bank that you have credit facilities like an overdraft or loan, they may take steps to collect the money owed to them as soon as your salary or any other payment is paid into your account with them.
Because your programme operates by offering payments to your creditors that are based on how much you owe each one, then if your bank takes their full payment, you will not be able to make reasonable payments to your other creditors.
You should consider opening another account with no overdraft attached to it. This will give you more control over your money and will make sure that all your creditors get their payment. If some of your creditors see they are not getting a reasonable payment, they may not agree to take park in your programme. Our advisors will give you any advice you need to change your bank account.
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