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

VicB

Hi Losing,

TSB is part of Lloyds banking group http://en.wikipedia.org/wiki/Lloyds_Banking_Group

So if you have any debts with Lloyds/Bank of Scotland you'll need to steer clear and as people say, Lloyds is a NIGHTMARE to deal with. But I think that's your call. I personally haven't had any dealings with them so can't comment really.

Would the £1000 leave you over your overdraft or just in it? If it's just in it, I would absolutely take the money out. It IS your money after all And then put the o/d on the DMP.

14 DDs....wowzer! That is a lot. I think (and please anyone correct me if I'm wrong) your new bank will transfer all the DDs over from your old account for you, so then you don't have the hassle.

with the cash your OH gives you, do you NEED to pay that into a bank a/c or can you pay for things (groceries?) with cash? In case your new a/c isn't ready in time.

I wouldn't worry about the exact NatWest o/d amount going on your DMP, I gave CCCS figures for mine and these had changed by the time they'd sorted all the paperwork, so really don't worry about that too much.

Hope this helps x

losingbigtime

VicB wrote: »

Hi Losing,

TSB is part of Lloyds banking group http://en.wikipedia.org/wiki/Lloyds_Banking_Group

So if you have any debts with Lloyds/Bank of Scotland you'll need to steer clear and as people say, Lloyds is a NIGHTMARE to deal with. But I think that's your call. I personally haven't had any dealings with them so can't comment really.

Would the £1000 leave you over your overdraft or just in it? If it's just in it, I would absolutely take the money out. It IS your money after all And then put the o/d on the DMP.

14 DDs....wowzer! That is a lot. I think (and please anyone correct me if I'm wrong) your new bank will transfer all the DDs over from your old account for you, so then you don't have the hassle.

with the cash your OH gives you, do you NEED to pay that into a bank a/c or can you pay for things (groceries?) with cash? In case your new a/c isn't ready in time.

I wouldn't worry about the exact NatWest o/d amount going on your DMP, I gave CCCS figures for mine and these had changed by the time they'd sorted all the paperwork, so really don't worry about that too much.

Hope this helps x

If I take £1000 I will still be in the overdraft, and nowhere near OVER the overdraft, so this would be my buffer to cover the direct debits as my salary wont go in now for a month (i was only paid yesterday).

What I think I am going to do to make it easier is just move everything into the TSB (salary plus Child Benefit and Child Tax Credit) and then slowly arrange for the direct debits to be moved from the natwest to the TSB. Im gonna have to go and find all the paperwork for all the direct debits that come out, which will be hard work, and find the numbers to ring to change them. DOes anyone know the numbers for Child Benefit and Child Tax Credit?

How long should I expect it to be before the DMP paperwork comes from CCCS.

Thanks again guys x

newbeginning_2

Child Benefit 0845 302 1444

If you ring this number they can change both your Child Benefit and Tax Credits for you.

losingbigtime

newbeginning wrote: »

Child Benefit 0845 302 1444

If you ring this number they can change both your Child Benefit and Tax Credits for you.

Thanks so much! Thats fab. Then I just need to tell work and that all the money that goes IN dealt with. Then to deal with all the ones going out OMG!!!!!

Professor_Pat_Pending

Hope you guys don't mind me posting on your thread, but need a little advice. Am hoping to start DMP on April 1st (Payplan phone appt tomorrow), however, have cashed in an endowment policy, to clear overdraft and a few small debts.

Consequently can afford to continue to pay minimum payments to my creditors up to the 1st April (apart from maybe the outrageous Virgin MBNA (34.9%)).
Should I do this or just give token payments from tomorrow onwards? Thanks in advance. PP

newbeginning_2

Professor - If you are definitely going down the DMP route, it might be worth stashing the money away as a 'rainy day fund', and saving it in case anything goes wrong in the first few months before you've had chance to save for your emergency fund.

Achelois_2

Professor - I am in the same situation and have decided to offer 10% of normal amount as token payments to all. It seems important to be seen to be treating all of them the same from what I gather

A x

Ps - I am starting mine on 1st April too! Race you to the finish line! lol

Professor_Pat_Pending

Well I am on a six year race (I hope), will confirm our race to the finish tomorrow night with a bit of luck!! Out of interest when did you set up the start date Achelois?

losingbigtime

How long from filling in the debt remedy online to actually getting the DMP paperwork to come ???

Achelois_2

I spoke to CCCS at the end of January and then they sent me the paperwork to fill in. In the meantime, I opened a new bank account, cancelled all my old direct debits and set up all my new ones with my new account. I returned the paperwork to them and they received this yesterday. I have spoken with them on a number of occasions and asked them if I can start on 1st April as I am a little behind with some rent and council tax - and they have said this is fine.

So, assuming my DMP is fine to be set up, they will be expecting their first payment from me on 1st April.

Hope this helps

A x

BTW I owe 50k (just under) and am hoping to be out of this by end 2014, but still would love to have a buddy ;-)