Been recommended a DMP

Teddyuk85 · 21 September 2016 at 7:40PM

Hi everyone,

I have been advised by stepchange a DMP is best suited for my 31k of debts.

This is all fine with me as on paper it looks great.

What worried me is if I go ahead, make the nessescary changes with my bank account etc and stop payments and my creditors turn around and don't accept....

..what happens next.

This is the only thing stopping me sending off the relevant paper work and setting up a new bank account.

Also what would you consider to be acceptable living allowances as I think I've really been tight with what I've mentioned and don't want to struggle with that either?

Also does anyone recommend any banks for a basic bank account?

Thank you in advance for any info or advice :-)

BeTheChange · 21 September 2016 at 8:07PM

Hi welcome and good luck on your journey.

I am new to posting on this site and I am sure there will be more experienced people along to advise shortly.

But I am just about to make my first DMP payments at the end of this month and I had no problems with my creditors accepting payments. I did put a bit of wriggle room in my budget by not putting minimums for all categories after reading advice on here. However I think that if you have genuinely cut your budgets too tight they can be adjusted. The whole point of the DMP is to allow you to live (not a life of luxury of course) and make repayments.

I opened an account with Nationwide and really like their app which shows real time exactly what I have available - as soon as a payment is made it is immediately deducted from your available balance. They also allow you to create multiple online savings accounts which I use to move my different pots of money over to e.g. groceries, birthdays, emergency fund.

Hope that helps.

[Deleted User] · 21 September 2016 at 8:28PM

Barclays do a very basic account, which comes with just a cash card.

Teddyuk85 · 21 September 2016 at 8:45PM

Thank you sooooooooo much!!!

I am nervous but already see light at the end ...... I wish I knew about this fantastic forum sooner and admitted my problem earlier then getting myself into even more debt

Teddyuk85 · 21 September 2016 at 8:50PM

I've checked nationwide.....is it the flex basic.

It says that you can't have another UK account ? I have a account with Santander with an overdraft...... Am I not eligible for this?

Teddyuk85 · 21 September 2016 at 9:13PM

Arghhhhhhh applying online says you can't have another UK current account..... I bank with Santander atm with an overdraft.... This isn't a current account is it

leighavfc · 21 September 2016 at 9:32PM

Hi and welcome to the forums !

I highly recommend you go on a DMP, best thing i did. Ive had no problems with any of my creditors since i started. 3 Years down the line and im around about 8 months away from finishing.

Dont get any phone calls or nothing, they have been great. I have a Nationwide basic account, as said above their app is brilliant and they are very helpful customer service wise in my experience.

All the best!!

Teddyuk85 · 21 September 2016 at 10:01PM

Thank you.

I applied online got accepted.

Only thing is they said I will receive details within the next 5 working days in the post but I have to send them some documentation back before the account is live. And I need it to go live before next Friday so I can move my wages etc.

tallyhoh · 22 September 2016 at 8:27AM

Can you just go & withdraw your wages in cash if its not live, then you have a month to sort the rest out

Muttipops · 22 September 2016 at 10:18AM

Teddyuk85 wrote: »

Thank you.

I applied online got accepted.

Only thing is they said I will receive details within the next 5 working days in the post but I have to send them some documentation back before the account is live. And I need it to go live before next Friday so I can move my wages etc.

Teddy, I just went into the local branch the day after I had applied and been accepted online and gave them the documents they requested; I didn't even know my account number, but they had it all on computer as I think they send you an email with a confirmation or customer number on it and I took that to the branch as a reference. If you can do that, things move a lot quicker than snail mail.
They gave me the account and sort code numbers, so although the debit card and online gizmo machine took a few days to arrive, along with the pin number and authorisation code, i could at least pay things in and give my employer the new details.

Teddyuk85 · 23 September 2016 at 6:45PM

Muttipops wrote: »

Teddy, I just went into the local branch the day after I had applied and been accepted online and gave them the documents they requested; I didn't even know my account number, but they had it all on computer as I think they send you an email with a confirmation or customer number on it and I took that to the branch as a reference. If you can do that, things move a lot quicker than snail mail.
They gave me the account and sort code numbers, so although the debit card and online gizmo machine took a few days to arrive, along with the pin number and authorisation code, i could at least pay things in and give my employer the new details.

Yes I did just that yesterday. Thank you

I have given my employer all the new details, and I have signed all the relevant paper work etc.

I have 1 more question to ask stepchange in the morning and then I am sending everything off to them.

I am hoping my creditors will accept everything as I have had to include a loan that my mum took out for me that I pay her and I cannot decrease payments to her.

Stepchange said that when this ends in just over a year they will put the money to the creditors directly as well which is great. I'm just worried they won't be happy that I have to pay her back. But I literally have no choice.

I just need to call to'orrow to ask what address to send everything to as there's nothing on any documentation

Been recommended a DMP

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