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  • FIRST POST
    • Teddyuk85
    • By Teddyuk85 21st Sep 16, 7:40 PM
    • 17Posts
    • 1Thanks
    Teddyuk85
    Been recommended a DMP
    • #1
    • 21st Sep 16, 7:40 PM
    Been recommended a DMP 21st Sep 16 at 7:40 PM
    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 :-)
Page 1
    • BeTheChange
    • By BeTheChange 21st Sep 16, 8:07 PM
    • 12 Posts
    • 11 Thanks
    BeTheChange
    • #2
    • 21st Sep 16, 8:07 PM
    • #2
    • 21st Sep 16, 8:07 PM
    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.
    • Bedsit Bob
    • By Bedsit Bob 21st Sep 16, 8:28 PM
    • 9,129 Posts
    • 48,059 Thanks
    Bedsit Bob
    • #3
    • 21st Sep 16, 8:28 PM
    • #3
    • 21st Sep 16, 8:28 PM
    Barclays do a very basic account, which comes with just a cash card.
    The world is a dangerous place, not because of those who do evil, but because of those who look on and do nothing.

    Amount I have so far denied the BBC - 1015-50
    • Teddyuk85
    • By Teddyuk85 21st Sep 16, 8:45 PM
    • 17 Posts
    • 1 Thanks
    Teddyuk85
    • #4
    • 21st Sep 16, 8:45 PM
    • #4
    • 21st Sep 16, 8:45 PM
    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
    • By Teddyuk85 21st Sep 16, 8:50 PM
    • 17 Posts
    • 1 Thanks
    Teddyuk85
    • #5
    • 21st Sep 16, 8:50 PM
    • #5
    • 21st Sep 16, 8:50 PM
    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
    • By Teddyuk85 21st Sep 16, 9:13 PM
    • 17 Posts
    • 1 Thanks
    Teddyuk85
    • #6
    • 21st Sep 16, 9:13 PM
    • #6
    • 21st Sep 16, 9:13 PM
    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
    • By leighavfc 21st Sep 16, 9:32 PM
    • 126 Posts
    • 80 Thanks
    leighavfc
    • #7
    • 21st Sep 16, 9:32 PM
    • #7
    • 21st Sep 16, 9:32 PM
    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!!
    Step Change DMP: 4487.08
    Estimated debt free date: June 2017
    • Teddyuk85
    • By Teddyuk85 21st Sep 16, 10:01 PM
    • 17 Posts
    • 1 Thanks
    Teddyuk85
    • #8
    • 21st Sep 16, 10:01 PM
    • #8
    • 21st Sep 16, 10:01 PM
    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
    • By tallyhoh 22nd Sep 16, 8:27 AM
    • 1,998 Posts
    • 1,914 Thanks
    tallyhoh
    • #9
    • 22nd Sep 16, 8:27 AM
    • #9
    • 22nd Sep 16, 8:27 AM
    Can you just go & withdraw your wages in cash if its not live, then you have a month to sort the rest out
    Tallyhoh!

    Stopped Smoking October 2000. Saved 21,840 so far!
    • Muttipops
    • By Muttipops 22nd Sep 16, 10:18 AM
    • 234 Posts
    • 216 Thanks
    Muttipops
    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.
    Originally posted by Teddyuk85

    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.
    Last edited by Muttipops; 22-09-2016 at 10:21 AM.
    • Teddyuk85
    • By Teddyuk85 23rd Sep 16, 6:45 PM
    • 17 Posts
    • 1 Thanks
    Teddyuk85
    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.
    Originally posted by Muttipops

    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
    • sourcrates
    • By sourcrates 23rd Sep 16, 6:56 PM
    • 7,479 Posts
    • 7,430 Thanks
    sourcrates
    Hi Teddy,

    The loan to your mum would be treated as an essential payment, which you would pay before your other credit commitments.

    You would not include it in your DMP, just in your pre-debt payments budgeting.

    For free debt advice please call National Debtline on
    0808 808 4000
    Monday to Friday
    9am to 9pm
    Saturday 9.30am to 1pm
    • Muttipops
    • By Muttipops 23rd Sep 16, 6:59 PM
    • 234 Posts
    • 216 Thanks
    Muttipops
    Well done, Teddy, you sound in charge now.


    Debt can make one feel like a headless chicken, but with a well-informed plan in mind, you are in control again.


    I hope things go well for you with StepChange over the next few weeks and months.
    • Teddyuk85
    • By Teddyuk85 23rd Sep 16, 7:14 PM
    • 17 Posts
    • 1 Thanks
    Teddyuk85
    Thank you sourcrates and muttipops

    They did sort of say something along those lines with regards to my mums payment.

    One thing I'm unclear on is if I receive a bonus at work (some months I do) what percentage do they take?

    The lady at step change just said some of it?!?!
    • sourcrates
    • By sourcrates 23rd Sep 16, 7:16 PM
    • 7,479 Posts
    • 7,430 Thanks
    sourcrates
    Thank you sourcrates and muttipops

    They did sort of say something along those lines with regards to my mums payment.

    One thing I'm unclear on is if I receive a bonus at work (some months I do) what percentage do they take?

    The lady at step change just said some of it?!?!
    Originally posted by Teddyuk85
    Nah, it's a DMP, you don't have to pay any extra if you don't want to.

    Remember, they only know what you tell them.

    For free debt advice please call National Debtline on
    0808 808 4000
    Monday to Friday
    9am to 9pm
    Saturday 9.30am to 1pm
    • Teddyuk85
    • By Teddyuk85 24th Sep 16, 8:09 PM
    • 17 Posts
    • 1 Thanks
    Teddyuk85
    Thanks for all your advice everyone.

    The documents were posted first class today.

    Nervous.

    I just have to cancel all direct debits to my creditors now........
    • Muttipops
    • By Muttipops 24th Sep 16, 8:57 PM
    • 234 Posts
    • 216 Thanks
    Muttipops
    Well done, Teddy.
    I understand the nervousness, it is a big step, but it needed to be done and well done for having the courage to do it.
    I look forward to hearing how things go for you.
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