Without a paddle... support for anyone starting a DMP in 2010 (part2)

gabriella90

hi Ohnonotagain

As with the others do not use a a fee paying DMP company, you could be using that money to help increase your payments to creditors.

Hope it works out for you, if you need any DMP adivise the guys here are great!:T
G

gabriella90

Right a proper hello now, hope your all ok. Loubylou you seem to be paddling well now.

Hi Teds, E2, Gibbs, Ellie, and everyone else, not much news here Mum and sister went home yesterday so feeling sad today, DMP is all quiet but waiting for that 12 month mark is shaking me up a little. Steadly paying Mum off 1st then can up the dmp a bit hopefully to keep them sweet, and then look to that light F&F's.

Who knows what the next few months will hold the paddle continues!

Have a good weekend all Gx

p.s the budget/account book thingy is going well. 2 months now the longest i've kept it up!

GibbsRule_No3

Well 7 months in and I have decided to open a savings account. Hope to save for good things as well as any nasty little DMP gremlins that turn up. An American friend is coming over next summer so I really need some money to do the things she will want to do. Obviously she does not know about the DMP so I'm looking for things to do that won't cost much but will feel like a good deal.

OhNoNotAgain

tedsd wrote: »

Hi OhNoNotAgain,

tedsd wrote: »

I agree with Gibbs about lumping it all together and not paying someone to sort it out for you when CCCS and Payplan do it free however looks like you've decided against that as others have advised the same to you in answer to your posts on 4th Sept. Are you stuck with Greg Penn because you are still 'just about managing' so the free charities can't help??

With thinkbank you will be paying a set up fee and a monthly fee to keep it running...Greg Pen take your monthly creditor payment from your salary, then put what is left into your thinkbank account. I think I would rather have a bank account separate from Greg Penn AND the fees they charge could be used towards your debt... in the end it's up to you and what you feel comfortable with.

Let us know if you need more help.

Ted

Hello everyone - Thanks everso much for the replies - I really appreciate what you have said.

Everyone on the boards always say to stay away from the fee paying agencies - but as Ted says - I am stuck because 'I am just about managing' But not denting the Credit card debt just paying the interest off, I have not defaulted yet. I tried payplan and CCCs and was turned away I tried for a consolidation loan and was turned away, I really exhausted every option before I took this route; including writing to the creditors personally. They said they would only deal with recognised companies and Think Money (Greg Pen) is recommended by Money sense website and are accredited or so they say.

I am scared about closing my main line bank account as I am not sure how easy it will be to open one again in the future.

If you google ThinkMoney bank account for reviews they get either one star...terrible or 5 stars - really good. So it is really subjective to individual experience.

I don't really want the stigma of this kind of account. Plus I work in IT in the financial sector and was credit checked before I was offered the job.....I don't know what they were checking for but I don't want bad credit to bit me on the bum with my employment.


Sorry to waffle on. Thanks for your help guys.......

xx

OhNoNotAgain

Thanks Ted - that is good advice actually.
My insticts say stay away from Think Money.

I will certainly look into the basic bank accounts you suggest.

Amanda

gabriella90

Hi just wondering if this will effect anyone?
https://forums.moneysavingexpert.com/discussion/2754462

i previously banked with RBS had a current account and loan. Current account was not in arrears all paid off etc but loan is in DMP. They made all accounts inactive etc, was just wondering if RBS are going to keep the debts etc.

Any ideas anyone?
ta

Mephista

Hi everyone. Just catching up on all the biz since I was last here. I have to say I was kinda bad this weekend and kinda feel guilty but kinda don't. I have all of my debts, as you know, managed by a DMP I organised free with Citizens advice Bureau. Things are ticking along fine and I can see a reduction in the debts - not massive but still noticeable. However it was my my mums 60th so I organised some spa treatments for her and I along with a luxury stay over with dinner included in a hotel. I had a fab time but all of it went on a Credit Card I have that had no real debt on it as I use it for my parents when booking on line or any office expenses I incur.

I feel really bad about this cause I've just added to my debt but in my head I keep convincing myself I can pay it off soon. I feel good because it was exactly the relaxation away from all of my pressures I needed and my mum had a wonderful time. She never treats herself and she always worries too much about everyone else. I really wanted to make her 60th special and I did. So in that way I suppose I have tried to justify it to myself. No excuse I know but there you have it.

My account is with Northern Bank and my account manager there has been really brilliant. She was very supportive, honest and gave me great advice. She felt I was totally doing the right thing going down the DMP route and she agreed that in the circumstances I truly have done everything I can to resolve this mess.

I still have no idea what is happening with my job. While I have been told I am redundant they are still using me for other things and at the moment, I'm on the same good wages and will be for at least another 2 weeks. I'm desperately looking for new jobs but its so hard because the money they are offering - £15,000 to £16,000 for most - is not only insulting for administrative work involved but also nowhere near enough for me to continue to sort out my money problems. It keeps going round and round in my head and if I let it, I feel it would drag me under.

I really am trying to keep positive and just hope that God has some kind of great plan in mind for me and there is a job waiting for me that will not only be the right money but also a job I will enjoy. Is it too much to hope for? I don't know but with all of the support on this site and my faith, I have no choice but to keep going.

Hope you have all had as good a weekend as I have. I have normality to look forward to tomorrow but my little break was worth it - if only to lift my spirits a little.:rotfl:

eyeopener2

Hi,

I think you need to be careful adding any more credit. I'm with CCCS and its one of the agreements you make when they decide to act on your behalf that you do not take on anymore credit and I wouldn't want to do anything to jepordise my agreement.

Is you DMP with CAB and official thing or are you self managing? its just that I wouldn't want you to come to any grief over something that was so well meaning. If your creditors do a credit sweep and see your debt has increased they could become difficult so, if you can, get this amount for the Spa off your cc as soon as possible.

And cut that credit card up. Its far too tempting as we all know far too well.

Mephista

Hi thanks for getting back.

CAB is kindof self managed but they send out all the letters and deal with any problems you have. Its really good.

The reason why my Halifax card was never included was because before this I never had anything on it. For some reason I have never used this card the same way as the rest. I can't really cut it up because my parents use it to book stuff on the internet. My dad's really old-fashioned and they are both funny about money things so they refuse to put their bank details online to pay for things. I literally use it just for them because it is paid off straight away.

Halifax have never had an issue with me because my credit with them is good. I spoke them them about it and they stressed that since I had always paid them, they took no issue as long as I continued to clear the account as I always had.

Thanks for the advise though. I must look up this CCCS thing. I had never heard of it before this site.

Mephista

Thanks Ted. That's a really good idea. I must look into that as I am a Co-Op member and of all of the guys I owe, they were the most helpful and understanding - even though I owed them the most because of the loan.

I am really committed to reducing my spending and budgeting but I really felt I had to do something. My mum will only be 60 once in her life and we had some really good personal and memorable time together and I will always have those memories. So yes I do feel it was worth it. However, I am not using that as an excuse to slip off the wagon.

I can be determined. My debt was a case of circumstances getting on top of me and a loss of an extremely well paid job along with unemployment. Believe me when I say that I absolutely intend to get out of this hole no matter what it takes but my family are so important to me as well as my health - the rest fell and will fall one slight step behind.

I am back on the wagon wholeheartedly.

Thanks to you all. Hope you're doing well Ted. Your advice, as always, is both supportive and genuine. That means a lot to me.:D