Direct Debits?

D

defiant1

Guest
Hi Guys, a little advise please.

Due to illness and redundancy my wife has not worked in a couple of years and is no longer receiving any state benefits. We have to survive on my income alone.

My current account has been overdrawn for the last couple of months and i have to sort it out. The problem is that over the years i've set all my payments up as direct debits.
My mortgage and utilities come first, i don't want to start missing payments on these. I have a personal loan with GE money and a car loan with TSB, both payed by DD. I would rather start missing payments on these than keep sending my account overdrawn.

My question is how can i change my payment method if i can at all?
Should i just cancel my overdraft altogether?

Cheers...
 
you can cancel the DD mandate. If your car loan is with ptsb you probably won't be able to cancel that dd, i know i can't cancel my mortgage dd anyway and there's nothing stopping ptsb from putting a hold on your account if the choose to. word of warning though, it might be in the terms of your loan that the repayments must be made by dd, in which case you're violating the terms of your loan agreement by cancelling the dd.
 
Some banks allow you on a one off to go interest only on the mortage for 6 months. This will reduce your payments and extend the mortgage for 6 months, but might be worth while to give the bank a call.
 
Thanks guys, I've already done the six months interest only route with the mortgage.
With only one income now i can't afford to cover debts/utilities and still be able to put food on the table.
I haven't actually missed any payments yet but it's gonna happen very soon. I've wrote to all mt creditors explaining my situation and that i may soon miss payments but none of them responded to me...
 
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