DMP & Mutual Support Thread - Part 9

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  • Quarry wrote: »
    Hello inbetweener. I understand that the new bank can handle the transfer of direct debits from your old account. I'm not sure if all banks will do this and you have to watch the timings in case there is a delay in the new payments being set up. Personally, I'd prefer to deal direct with my suppliers so that there's a record if something goes wrong.
    Q.:)

    Hi Quarry,

    If this all goes ahead and say starts in april then i plan to take the day off around 22nd march as this is when last direct debit comes out (car insurance), then i will spend the day ringing evey company to change direct debit details.
    Ideally i am hoping they can all come out on 1st or 2nd of every month so it is easier to budget
  • Growurown wrote: »
    The Credit Union suits my purposes really well. I like the fact that they are an ethical lender and that it is owned by its members.

    Unlike a bank I can't go and draw money out on a card which I know I might be tempted to do in a moment of weakness. However I can access my money the same day with just a quick phone call and I find this makes me think about what I need the money for and do I really need it? It eliminates those spur of the moment spends that got me into this mess in the first place.

    Bank of Dave

    http://www.channel4.com/programmes/bank-of-dave/4od

    I use our Co-op savings account but I really must take the time to look for a Credit Union.

    Another one here ready to watch the re-run of the Bank of Dave this week :)
    LBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero
    :staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
    Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day Threads
    Mortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads
    "Debt is normal. Be weird!" Dave Ramsey
    Proud to have dealt with our debt :)
  • Hi Quarry,

    If this all goes ahead and say starts in april then i plan to take the day off around 22nd march as this is when last direct debit comes out (car insurance), then i will spend the day ringing evey company to change direct debit details.
    Ideally i am hoping they can all come out on 1st or 2nd of every month so it is easier to budget

    Depending on who you bank with now and your new bank, it is possible to do all of this online. I cancelled each DD immediately after it left my old Lloyds TSB/OH's NatWest account, and immediately set it up again on our new Co-op account.

    I know banks offer an automated service but as we had debts with both of our banks, we didn't want to set alarm bells ringing by doing it all at once.
    LBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero
    :staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
    Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day Threads
    Mortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads
    "Debt is normal. Be weird!" Dave Ramsey
    Proud to have dealt with our debt :)
  • Mossop01
    Mossop01 Posts: 203 Forumite
    We too had debts with our banks so i cancelled DDs online and set them up myself for new account took a while but pretty straightfoward although some companies did need at least 14 days notice. Like TTFTM i didnt want to draw to much attention to our DDs being cancelled, i was a bit paraniod about it, but it was fine
    LBM Dec 2012 total debt 33,889 :eek:dmp started March 2013 DFD Dec 2024
    Nov 2015 balance £22,679 going in the right direction!!
    Onwards n upwards!:T
  • Julie67
    Julie67 Posts: 2,362
    Combo Breaker First Post
    Forumite
    I did the same thing as Mossop and TTFTM re the bank accounts.
    I am not holding my breath re the hsbc I am sure they are going to be the most difficult to deal with Mossop everyone else seems to reasonable.
    I'm another one who is going to investigate the Credit Union.
    Shall wait and see what the post brings today, hopefully more acceptances of the reduced payments. Some eBay items finishing today so that shall go towards our emergency fund.
    My tumble dryer has decided to give up, it's been on its way out for a while. But I am thinking we will manage without until next winter when it becomes a necessity.
    Started Self Managed DMP 10th May 2017.
    Working hard to get rid of our debt.
  • Mossop01
    Mossop01 Posts: 203 Forumite
    Hi julie, bad news on the tumble drier, least were coming out of winter now, i dont use mine in the summer at all, and at least it will keep electricity bill down a bit, also at least we are in the same boat with hsbc, im gonna give them til end of march and if still nothing im going to FOS.
    Happy monday x
    LBM Dec 2012 total debt 33,889 :eek:dmp started March 2013 DFD Dec 2024
    Nov 2015 balance £22,679 going in the right direction!!
    Onwards n upwards!:T
  • Julie67 wrote: »
    I did the same thing as Mossop and TTFTM re the bank accounts.
    I am not holding my breath re the hsbc I am sure they are going to be the most difficult to deal with Mossop everyone else seems to reasonable.
    I'm another one who is going to investigate the Credit Union.
    Shall wait and see what the post brings today, hopefully more acceptances of the reduced payments. Some eBay items finishing today so that shall go towards our emergency fund.
    My tumble dryer has decided to give up, it's been on its way out for a while. But I am thinking we will manage without until next winter when it becomes a necessity.

    Julie have you investigated fixing the tumble drier yourself? In the last year, we have fixed our cooker, tumble drier and fitted a couple of car parts, all courtesy of parts purchased on ebay and help found on forums and YouTube!

    I wouldn't try every job but we have saved a fortune and managed so far .... :D
    LBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero
    :staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
    Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day Threads
    Mortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads
    "Debt is normal. Be weird!" Dave Ramsey
    Proud to have dealt with our debt :)
  • System
    System Posts: 178,077
    Photogenic Name Dropper First Post
    Community Admin
    Hi everyone!

    With a bit of help from Time to Face the Music (thank you!) I wrote to Barclays and they have agreed to reduce my interest by 1% per month to an APR of 13%.

    Not a huge win but better than a poke in the eye. Should I challenge them, or complain?
  • Hi everyone

    I am in the process of setting up a DMP with Step Change and have a couple of questions.

    1. When sending token payments should I send the total amount that Step Change worked out I could afford and divide it equally (i.e. £400 divided by 10 creditors + £40 each) or a smaller amount at the moment until the agreement is set up?
    2. When setting up new bank accounts I know I have to set one up with a bank which I have no financial ties to however does that include financial institutions that are part of banking groups i.e. Tesco Bank (Royal Bank I think) or is this considered a different institution?

    Thanks for any advice anyone can give me.

    Marie
  • Hi all just been through statements and as expected my debt has risen due to interest charges and late payment fees. On a couple of my credit cards the interest charges and fees have taken me over my limit so therefore they have added more fees, these are also the companies who are yet to respond to DMP, what should i do about this? When they eventually respond to DMP will this be straightened out or should i contact them? Cheers for any advice
    LBM Dec 2012 total debt 33,889 :eek:dmp started March 2013 DFD Dec 2024
    Nov 2015 balance £22,679 going in the right direction!!
    Onwards n upwards!:T
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