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

mamajojo

:TBig thanks Nataz and Tedsd you've peeled me off the ceiling! Not eeking now!

GibbsRule_No3

I have an interview with Pay Plan tomorrow and like the idea of setting up a DMP. I did not realise that would entail closing my bank account and having to open a new one since I have a loan with my present bank. Are there new banks to avoid and do you have to give a reason for opening a new account before shutting the present one? Since these two months are Council Tax free I thought it would be a good time to set up the DMP as I'd have more money. I also deposited some NSI savings into the present bank to tied me over, was this a bad move if they freeze the account when/if they receive me DMP request? I feel as though I have all my eggs in one basket now my Savings account and bank account are with the same bank. I have not defaulted on any payments yet and wouldn't until about 3 months with the added money I put in my present bank account. Would i be able to transfer my money into a new account before taking out a DMP or is that illegal?

Interesting reading this evening.:eek:

true27

Morning all!

Tedsd the CAB said they would basically do it all for me and let me know where to go from there, but we're 3 weeks on now and I haven't heard anything so I'm really not sure where to go with that! They are also a nightmare to get hold of, no direct phone numbers or email addresses and a 3 week wait for an appointment! Maybe I should call CCCS....

GibbsRuleNo3 - Hi! The general advice is to open an account with a bank that you don't owe money to (eg if you owe Abbey, don't open an A & L account - try Nat West or someone etc). As far as I'm aware, if you have savings when starting a DMP you will be advised to put them towards your debts (which is sensible to do anyway with interest rates like they are, just keep an emergency fund for in case the car breaks down etc). A DMP isn't a legal arrangement so transferring money wouldn't be illegal. Be open with PayPlan - I understand they are really good and they should point you in the right direction - HTH and let us know how you get on!

Well, I've finished the bathroom :j and had a lovely bubble bath to wash all the grout off last night and it was awesome I'm so chuffed with myself! Also had a CBT session on Tuesday which was really bizarre (treatment for agrophobia that you have to go to :rotfl:) aversion therapy i guess! Needless to say it shook me up a bit and I haven't left the house since, so I'm not sure its going to work! Oh well, maybe it will be a "mind over matter" thing, dunno...

Aaaanyway, happy Friday everyone, hope its a good one for you all

nataz

GibbsRule_No3 wrote: »

I have an interview with Pay Plan tomorrow and like the idea of setting up a DMP. I did not realise that would entail closing my bank account and having to open a new one since I have a loan with my present bank. Are there new banks to avoid and do you have to give a reason for opening a new account before shutting the present one? READ BACK THROUGH OUR POSTS, THERE IS A LINK TO SITE TELLING YOU WHICH BANKS ARE LINKED. NO REAL BAD ONES TO AVOID, THINK PEOPLE MOST LIKE CO-OP (SMILE) AND A&L ARE GOOD AS LONG AS YOU HAVE NO SANTANDER ACCOUNTS. NO YOU DONT HAVE TO GIVE A REASON, EVERYONE CHANGES ALL THE TIME.
Since these two months are Council Tax free I thought it would be a good time to set up the DMP as I'd have more money. I also deposited some NSI savings into the present bank to tied me over, was this a bad move if they freeze the account when/if they receive me DMP request? OK IF YOU HAVE LARGE AMOUNT OF SAVINGS YOU ARE MEANT TO DECLARE THEM TO WHOEVER YOU DO YOUR DMP WITH, IF YOU DONT WANT TO DO THIS AND DONT WANT TO LEAVE THEM IN YOUR CURRENT ACCOUNT, AS THEY ARE LIKELY TO TAKE THE MONEY, I WOULD WITHDRAW IT ALL FOR NOW AS LONG AS YOU HAVE ENOUGH TO LIVE WITH. IF NOT THEN OBVIOUSLY LEAVE IT IN, YOU DONT WANT TO GO INTO YOUR OVERDRAFT IF NOT IN IT ALREADY. ONCE YOU'VE SENT THE NOTIFICATION OF DEBT LETTER TO YOUR BANK I WOULD TAKE OUT ANY CASH LEFT IN AND OF COURSE CANCEL ALL DIRECT DEBITS AND STANDING ORDERS. ONCE YOU HAVE A NEW BANK ACCOUNT NUMBER GET THINGS CHANGED OVER QUICKLY. I feel as though I have all my eggs in one basket now my Savings account and bank account are with the same bank. I have not defaulted on any payments yet and wouldn't until about 3 months with the added money I put in my present bank account. Would i be able to transfer my money into a new account before taking out a DMP or is that illegal? NO OF COURSE YOU CAN AS LONG AS YOU HAVE THE DIRECT DEBITS ETC COMING OUT OF YOUR NEW ACCOUNT. WHAT YOU CANT OR SHOULDNT DO IT TAKE THE MONEY OUT AND LET YOUR OVERDRAFT COVER YOUR BILLS. NOT ILLEGAL JUST SILLY TO GET INTO MORE DEBT IF YOU SEE WHAT I MEAN. I WOULD SPEAK TO PAYPLAN ABOUT THIS EXTRA MONEY YOU HAVE AND WHETHER YOU SHOULD WAIT THE 3 MONTHS OR NOT.

Interesting reading this evening.:eek:

Hope that has helped, let me know how you get one today

nataz

Sorry true just kida repeated what you said... oops

Sorry to hear about your therapy, sounds a bit extreme to me. Maybe just baby steps would be better

So jealous of your bathroom, we never did get round to doing ours!!

true27

Haha just goes to show great minds think alike hey nataz :rotfl:

Oh I agree, baby steps is definitely the way to go - more hovering in car parks me thinks!

I'm so chuffed with the bathroom, I've done the whole thing for less than £600 (thank goodness for ebay!) although I'm pretty certain I will never get the grout out of my fingernails :rotfl:

pure_dead_dopey

aww True

I would go back to the hovering, you were good at that. But I'm sure you will beat it because you are a strong assertive woman, aren't you???
Gibbs, I reiterate everything Nataz said, the Co-op is good, you get a visadebit card but no cheque book and NO overdraft, so you always know how much money is in your account. and you can carry on a normal financial life and pay off your debts. Good luck

girlypink

Morning everyone, havent been on for a couple of days but just thought id pop by and say hi.

Got a letter yesterday from capital one saying they'd freeze any interest and charges as long as i keep to my payment plan so thats 2 down 5 to go :j

Its nice to log on to CCCS and see that they've recieved your payments just waiting to see my first payment go on my statement for my creditors now.

I set up a standing order for my first payment (CCCS emailed me back and said it was ok as long as they get the money by the 10th) and it was in the account by 2nd so just in case anyone wondered it takes 1 day to get from lloyds tsb account to CCCS via a standing order

Better get on and do some work now lol :beer:

true27

Thanks Pure! I always used to be strong and assertive, just got to peel off the outer layers of nerves and go and kick some hovering butt!! Someone suggested loading up my ipod with lots of motivational music so I might have a bash at that (if I can work out itunes anyhow :rotfl: !!)

VicB

Good Morning All, Happy Friday :j:j

I have good & bad news...

Good...finally got a letter confirming new bank a/c details from NatWest, already forwarded onto work payroll for next payday and now just need to change over the 2 DDs (car insurance & mobile) and CCCS payments, then I'm good to go!

Bad...got a letter from Nationwide, putting a default on my overdraft :eek: Weird as not as panicked as I thought I'd be (I guess having the CCCS back-up helps). No mention of my DMP so assuming this a generic computer generated letter :mad: Will have to call them up :eek::eek: and explain DMP (they will have got a letter by now!).

True - Bravo :T:T on the bathroom, a great achievement & good luck with the therapy.

Hope you all have a lovely day :beer: