Looking at doing a DMP - need help before I start

Needofhelp_2

Hi,

I am looking at doing one of these. The wife does not know about the debt. So do not want to cause change if possible

I have debt with
Barclays (OD)
Barclaycard
Egg
Halifax
Virgin
Allience and leicster loan
Student loan (not paying back)

My joint account is with barclays (in credit etc) amdmortgage is with NR

I also have accounts with HSBC (salary) and Abbey (old one from years ago)

Do I need to open new bank accounts before I start or anything ? Due to the Barclays \ Barclays bank joint account debt

Also how much do they phone you ?

Is it also worth transfering all the debt onto a couple of the card, so I only owe money to a select few ?

One last thing, how long does the whole process take ?

rayday2

Banks can take money out of accounts you are linked with so yes you will need to do some juggling. This link shows related accounts but please bare in mind that Abbey are probably buying A&L and that Abbey also recently purchased GE Money http://www.payplan.com/debt-library/miscellaneous.php

They will phone initially I can't say how much, there are letters you can write to ask them not to but with varying degrees of success.

The whole process basically takes as long as you take with setting up your new accounts changing bits over etc

Who are you doing your DMP with if you don't mind me asking?

~Beanie~

I can't see how you can keep something like this hidden from your wife. She will find out eventually so surely it is better that you tell her now

chunkey101

Hi there

I am in a very similar position as you are and have gained losts of very good advice from this site. I don't have any experience as to how many phone calls you are likely to receive but I would suggest you have a look at CCCS website you can complete an online debt mangement profile that will show you exactly what you owe, it will also calculate your disposable income and estimate how long it will take you to pay off your debts (all assuming your creditors play ball and stop adding interest). You also need to set up a bank account that is not tied to your creditors, this is not very easy these days but I have just set one up with citi bank (info gained from this site). Lastly I would suggest you are honest and upfront with your wife about your debt problems as she may not be happy when all the phone calls and letters start arising.

Chinkey

Needofhelp_2

I plan to tell her, just want to break it to her easy.

The problem is we now have to pay childcare and the mortgage has gone up, so that has taken an extra £500 from us each month.

Not sure who I am going to use now that was the next question ?

Can they only touch my account and the joint account ?

Not my wifes?

rayday2

I honestly would not risk any accounts someone posted recently to say money had been taken out of an account for an ex's debt. I would look at the list and find an unrelated creditor just to be on the safe side.

There is a big DMP support thread around somewhere with over 200 members some use CCCS, Payplan, a couple with CAB but not many and a few who run there own using the National Debtline site. National debtline also do manage a few DMPs if you meet certain criterias.