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

Rhian82

When I paid in cash it was always instantaneous I think.

Interesting phone call from Payplan tonight, they're setting up our stuff and went through a couple of options with DH. Basically, we have a lot of debt and limited means, so we're looking at about 9 years to pay everything off (providing creditors stop interest and charges). Now the majority of the debt is in DH's name - still a fair bit in my name, but mostly in his. So they suggested we could split it, and he could get an IVA, and I would go with a DMP. His stuff would then have a fixed end date, and written off after that, and then we could throw all the money at my creditors and get them paid off quicker.

Obviously they're not guaranteed to accept the IVA, but if not then we just go back to the joint DMP we were thinking of anyway.

Just wondering what anyone's thoughts were on this? Any experiences or recommendations?

andyD_2

Thanks is that for cash as well would it still take 4 days to reach the account

Hopelessly_Hopeful

andyD wrote: »

Hi all me again with more questions!
Does anyone When lodging chqs or cash into post office for co-op bank how long before the money would reach the account?

Hi Andy

Apparently in law everyone in UK is entitled to a bank account it seems, so they have to at least give you a basic one.

Here's the link to the coop

http://www.co-operativebank.co.uk/servlet/Satellite/1193206368227,CFSweb/Page/Bank-CurrentAccounts&WT.srch=1


Website gives q/a s

I applied online Saturday afternoon and the account was open by 8am this morning! They gave me current plus, had I applied for cashminder you can just do it over the phone. Could always get cashminder then consider upgrading.

Good luck

HHx

Hopelessly_Hopeful

andyD wrote: »

Thanks is that for cash as well would it still take 4 days to reach the account

Call em up perhaps. My understanding is that cash and postal orders are instantly credited.

HHx

Hopelessly_Hopeful

Rhian82 wrote: »

When I paid in cash it was always instantaneous I think.

Interesting phone call from Payplan tonight, they're setting up our stuff and went through a couple of options with DH. Basically, we have a lot of debt and limited means, so we're looking at about 9 years to pay everything off (providing creditors stop interest and charges). Now the majority of the debt is in DH's name - still a fair bit in my name, but mostly in his. So they suggested we could split it, and he could get an IVA, and I would go with a DMP. His stuff would then have a fixed end date, and written off after that, and then we could throw all the money at my creditors and get them paid off quicker.

Obviously they're not guaranteed to accept the IVA, but if not then we just go back to the joint DMP we were thinking of anyway.

Just wondering what anyone's thoughts were on this? Any experiences or recommendations?

Sorry not got much experience to comment but wanted to wish you luck. Have you considered asking them if there are any disadvantages to it? Or do they have any probability data of it working? Can you change if it doesn't appear to be working?

HHx

andyD_2

Sorry rhian82 I missed ur reply, I'm working 2nite and trying to do this on my mobile, not that easy!!!! Anyway that's good to knw as I get paid cash every week and I rely on it going straight in to pay dds, thanks

Nanny25k

Hi, back from my travels - mlooks like I've got loads to catch up with!! I'll get reading!

nataz

Rhian82 wrote: »

When I paid in cash it was always instantaneous I think.

Interesting phone call from Payplan tonight, they're setting up our stuff and went through a couple of options with DH. Basically, we have a lot of debt and limited means, so we're looking at about 9 years to pay everything off (providing creditors stop interest and charges). Now the majority of the debt is in DH's name - still a fair bit in my name, but mostly in his. So they suggested we could split it, and he could get an IVA, and I would go with a DMP. His stuff would then have a fixed end date, and written off after that, and then we could throw all the money at my creditors and get them paid off quicker.

Obviously they're not guaranteed to accept the IVA, but if not then we just go back to the joint DMP we were thinking of anyway.

Just wondering what anyone's thoughts were on this? Any experiences or recommendations?

As far as I know you have to pay something to someone to get an IVA (could be wrong) but I did read somewhere that it could be as costly as 4K :eek: Most of my debts in DHs name as well as TBH CCCS never mentioned anything like that, Im not sure I would want the added confusion of two seperate things going on at once. But its your choice in the end.

Thanks for the carer info, be great if there was something like that, esp as money is so tight. Thats the most annoying thing when looking at all the funds etc as our income on paper looks fantastic and is over the limits, but in real terms its rubbish cos of all this debt. I think places should take into account DMPs when they are offering funds and grants.

gabriella90

ljm23k wrote: »

Hi all, started the day feeling a bit more positive about not having so many luxuries anymore but I'm sad to say the mood has gone down again.
I am currently warming the water for a v hot bubbly bath in the hope that will lift things up again.:)

My 6yr old son is poorly today as well and it has been one meltdown after another:(:(

All is very quiet on the dmp front, maybe cause I only had one month of tokens and everyone seems to have accepted....

Nataz you should qualify for free or reduced entrance to many venues as a carer for your son.:)

Hope you feel better soon.

jeddy5

Just phoned HSCB re-my old current account/overdraft after they sent one of those automated messages to my mobile and I got through to what seemed like a call centre in India! After explaining my circumstances and telling him I am on a DMP with PayPlan he kept asking me the same question "How much do you think you can pay this month?"
Me: "You have been paid and it is showing on my account and has been sent to you via PayPlan - the funds have cleared."
Him: "Yes, but how much can you pay?"
Me "You have been paid" (grrrrrr!)
He then asked if I had any relatives that I could borrow money off to pay into my old current account this month to bring it up to date - I couldn't believe he said that and I just thought "Is he for real? - unbelievable"
He kept banging on about interest being charged etc etc blah blah despite the fact that he confirmed that the offer had been received from PayPlan and payment had been made and that it was up to the bank to decide which could take up to 6 weeks!

When I spoke to HSBC re my loan last week they were very nice about it and knew about the offer from PayPlan - so it seems if you are with HSBC and wish to contact them, do it in normal office hours as you won't get the pleasure of a foreign call centre who are just programmed to read out a scripted load of nonsense!