Starting my DMP on 1st Feb... Anyone want to join me?

ljm23k

jeddy5 wrote: »

Just sent my first token payments (3 cheques for £1.00 each) and I start my DMP on April 5th (just sent DD mandate to my bank). Only HSBC is left to go and PayPlan will tell them the end of the month as they have my current account, loan and credit card.
My new bank account is set up and DD's are going over smoothly (so far). 4 more to transfer tomorrow then the last 3 on the 16th of this month.

Now breathe in.........and breathe out...... (inserts stress relief smiley)

Well done, I am posting mine tomorrow, hoping for an April start too

Professor_Pat_Pending

Good evening ladies, hope we are all well.
Was hoping to have a smooth transition from Tokens to DMP starting but because of my Jan balance transfer I can't start until May. So looks like I've got a month between Payplan contacting creditors and token payments being paid in earnest.
Am considering the truecall option, any ideas where cheapest place to buy is? PP

GibbsRule_No3

Welcome to all the newbies:T Looks like most of us have similar reasons for getting round to doing DMPs and now we are doing them wished we'd done, or known about them earlier. Just looked at my Justabank and PayPlan have the breakdown as to how much they want to offer on my behalf. Other than the difference between what HSBC loan are being offered and what I was paying them monthly the other 4 creditors differences seem not too bad. So my fingers are crossed they accept. I had 5 loan/credit cards but they are spread between 3 companies.

Will HSBC definitely freeze my account when they hear from PayPlan? I have been taking out the money that went in on the 28th, still have a few hundred in there and one loan DD that comes out on the 25th for £226 which I'm happy to pay if the account is not frozen. All other DDs are transfered to the new account. I also sent 2 token cheques and still one more bill should come in that I'd like to use the HSBC account for.

Can the creditors not touch the new account that is not connected to the creditors, if not does anyone know why not?

I think I may be lucky in the fact that I am single and the PP allowance seems very reasonable for just me.

Have a stress free weekend.

jeddy5

GibbsRule_No3 wrote: »

Welcome to all the newbies:T Looks like most of us have similar reasons for getting round to doing DMPs and now we are doing them wished we'd done, or known about them earlier. Just looked at my Justabank and PayPlan have the breakdown as to how much they want to offer on my behalf. Other than the difference between what HSBC loan are being offered and what I was paying them monthly the other 4 creditors differences seem not too bad. So my fingers are crossed they accept. I had 5 loan/credit cards but they are spread between 3 companies.

Will HSBC definitely freeze my account when they hear from PayPlan? I have been taking out the money that went in on the 28th, still have a few hundred in there and one loan DD that comes out on the 25th for £226 which I'm happy to pay if the account is not frozen. All other DDs are transfered to the new account. I also sent 2 token cheques and still one more bill should come in that I'd like to use the HSBC account for.

Can the creditors not touch the new account that is not connected to the creditors, if not does anyone know why not?

I think I may be lucky in the fact that I am single and the PP allowance seems very reasonable for just me.

Have a stress free weekend.

I'm in a similar boat and also with PayPlan and HSBC. They won't tell HSBC until your final DD's and cheques have cleared as if like me you have an overdraft then they will freeze your account. Best get your money out asap after your final DD and cheques have cleared. PayPlan will have told all your other creditors though.
How are you finding PayPlan? So far it's been very straightforward and helpful.

GibbsRule_No3

Don't have an overdraft and until sending the two token payments had always paid at least the amount needed per month. (If it weren't for the TV blowing up last weekend all would have been paid this month as well). My lbm came before, but not by much, I ran out of money. I knew that with not paying the council tax the past two months I had enough if I did something now. I will remove more money in the morning. If HSBC use what is left to reduce even a little of their debt then it is probably fair.

gabriella90

Morning all,

I hope the sun is shining for you guys.

Welcome skintoflinto the guys on here are great lots of info banter and sounding off:T

Well done jeddy and ljm23k for getting your token payments out.

hope you all have a DF weekend. I'm off to unpack some boxes my furniture turned up yesterday (we're posted in cyprus) and start a job application :j

Speak soon x

Bailey3

Hope you do not mind me joining your thread. Like most of you me and OH are in debt, thinking we could handle things until the OH had to take a big drop in his income (better than losing the job) so we used the cc thinking we would sort it all out when his income picked up again. Well 12 months down the line income still not better due to recession and cards up to limit!!
We are still paying mortgage etc all upto date but can not longer meet cc repayments and loan, OD also up to the limit. I have looked on the CSS site but am too scared to fill in and press the button. But know i can not hide any longer. We have truecall so i have been able to avoid the calls but know they are trying to contact us. I also have a draw full of unopened letters. Guess i just need to get a grip and do what you have all had the guts to do. I need to get a backbone but god i am scared!!:(:(:(

happyhaddock_2

Hugs Bailey3, completely understand where you're coming from, this was me last Friday. Well I DID press the button on CCCS and it's the best thing I've ever done. A week later I've got a shiny new account with the Co-op, have sent back my acceptance letter and am about to post out my £1 payments to my creditors. Scary, you betcha but we've got our money in the ban k for the first time in god knows how many years and a final debt free date to work to.
Go on press the button you may be suprised at what happens:)

Nanny25k

Hi Bailey 3, As with the last post, I was in the same position - do I or don't I. It took me a few weeks to press that button and did it 4 weeks ago!! As with Happy Haddock have now got the bank acccount, token payments sent and 1st payment to CCCs sent. It's such a relief to not have the letter and phone calls - bite the bullet and do it!!!

gabriella90

Hi Bailey,

Welcome,well done you've had your LBM:T its very very scary but so worth it. It took me 2 years after consolidating, balance transfers and general juggling to call the CCCS, they really are great.

Its a long road. you could write a thread with your SOA there are some pro's who can maybe help you with cutting back to start with.

Any questions fire away, good luck:D