Any advice/tips?

tinxminx

After having my LB moment (more a getting head out of sand moment really!), I have last night done my SOA and letters to our creditors. The total amount of debt has made me feel physically sick, but I know I have to do something.

I am hoping to self manage my DMP, with help from you guys! We have 14 creditors between us, including RBS, Mint, Abbey, Barclaycard, Egg, Sky card, Black Horse Finance and M&S money. We are currently paying interest only on our mortgage.

As our current account is with RBS, and they are on our list of creditors, incl Mint, I need to close my bank account. I know that we have to open a basic account, but I am not sure which one and with who. We have an appointment with Lloyds this afternoon, as they have a branch in the village. Is this a good move? Any comments pro/against?

Thanks for your input.

Tinx

misspoppy

Hi I don't think Lloyds would be a good choice as black horse finance are part of the group. The co-op cashminder is a good one and gives you a electron card and great online banking, you can pay in at the post office.

tinxminx

Hi Miss Poppy,

I did wonder if they were the same! Its a HP agreement on a bed, would it need o be included in DMP?

LCT

I'm a complete novice on this board but i didn't think you could include HP in a DMP? It might be different if you are self managing though

L
x

tinxminx

I am more than a novice!! Thanks for your reply!

So if I dont include he HP (Which is £25 a month) then going to Lloyds would presumably be ok?!

Yes, I am a total pain, I know! :eek:

Sorry guys!

misspoppy

Hi

I think really with a DMP you should include all debts and you are not permitted to take out any additional debt. I think it would be wise to go through the process with CCCS or payplan so you understand it and then you can choose to go with them or do it youself, its not going to be easy so you may want the support.

tinxminx

Thanks.

I have spoken to the CCCS a few times and got advice and they have been great, but was just trying to decide whether to keep the appointment or try somewhere else, such as the Cooperative Bank.

Thanks again.

RAS

Hi

You cannot put secured debt in a DMP, but you need to double check that the bed is REALLY on HP not a loan which masquerades as HP. which happens a lot. Do you have the paperwork?

fatbelly

tinxminx wrote: »

Its a HP agreement on a bed, would it need o be included in DMP?

It'll be a credit agreement so OK to include in dmp.

Avoid Lloyds for curent account. Have you got a Nationwide near you?

moneymakestheworldgoround

Natwest looked a good contender to me - do you have one of those near you?

Look at which banks are near, and if they are open on Saturdays, or have the coin operated sorters in the lobby, or anything like that which is important to you.

fatbelly

moneymakestheworldgoround wrote: »

Natwest looked a good contender to me - do you have one of those near you?

Nat West is RBS - see first post