DMP Help..

glitterlea

Hi,
I've just had my phone interview with payplan.
To be honest, I felt like the lady interviewing me was in a bit of a rush, she certainly wasn't that sympathetic and rushed through :rolleyes:
Anyway..

I've set the ball rolling and she advised me that a case worker should contact me in the next few days (hopefully they won't be in such a rush!)
She said first thing I need to do is it change my bank account as I'm currently with Lloyds and most of my debt is with Lloyds.

I've just applied for a Barclays account, does anyone know how long it takes to be accepted? I get paid on 26th of the month and I'm not sure what to do if my new account isn't set up by then
Also, she said I should just make token payments to my creditors this month but I'm not sure how I do that when I normally pay by DD, I don't have a paying in slip to use?
Should I cancel my loan DD right now, payment is due to come out on 1st of the month.

I know lots of people are doing a DMP but I have to say that it still feels very new and weird for me, I always make my minimum payments and have never been overdrawn but then have no money left and put everything else, petrol etc, on CC which is why I'm in this mess
I just can't help thinking, am I doing the right thing? The thought that that the creditors could reject my offer and threaten court action terrifies me, I've never been in trouble with anyone before
x

glitterlea

Also, what if lloyds still take my full loan payment (£300) from my account and there's no money in it?

God, what a mess all of this is.. sorry!

elsie52

Hi, and welcome to the boards......all I can do is tell you what happened when we started with Payplan. We opened a new bank account Co-Op.....basic account, and arranged to have our salaries paid in. I would think that your salary would go into your current bank this month......We cancelled our DD, but left a couple which were tied in to our bank....Barclays , at that time. All our token payments were sent with a covering letter to our creditors, explaining that we were currently experiencing financial difficulties, but we were dealing with Payplan, and we also quoted our reference number. We paid £10 to all our creditors, then Payplan took over for the following month. It was the best thing that we did, and as you can see from my signature, our debt is going down.

russt2000

doubt you new account will be open in time , if your money goes in ,try to take it out before thy get hold of it , they will use it and leave you in the lurch, if you cancel DD ,they will all write asking for reasons and send new forms to sign , just explain,and put your new account details on .
cancel all your debt ones and send token payments , even if they wont accept them ,send them off . Payplan should themn be offering you help.