DMP Mutual Support Thread - Part 7

sunnyface

Twit_Head wrote: »

Hello and welcome
No question is stupid! Please don't feel afraid to ask.
As your long as your new current account is not linked to one of your creditors you are fine (but remember, no overdraft/credit to be used!) A basic bank account is what is says - a no frills account. No overdraft facility etc. just basic 'incomings and outgoings' type of activity.
The reason behind all this is because if your account is linked to one of your creditors they can 'offset.' This basically means if you owe X amount of pounds to creditor A, and it's 'their' bank, they are quite likey to take monies from that account towards repaying your debt (even thoughthe money was there to cover your mortgage, council tax etc. etc) Therby leaving you up the proverbial creek without a paddle!
So you've done well so far.
Setting up doesn't take too long, but be prepared for a few months for things to be a bit rocky. Your creditors are looking for your commitment to repay, and might (might!!!) try to play the heavy hand at first.
Ask again if anything is not clear.

'Twitty'

Thank you - that's really helpful

OK glad the account is ok. TBH I have no idea if the account comes with an overdraft or not. Maybe I can ask them to remove the facility - otherwise would I just have to make sure I never went overdrawn? :think:

Hope it's not too rocky - I'll probably be on here all the time panicking

sunnyface

Is there a guide somewhere to make absolute sure that my new bank account is definitely not secretly connected to one of my creditors??

sickasachip13

Hello again, thanks so much for your kind wishes and tips.

No, I certainly won't be looking at glossy magazines and instead I'll be looking at wedding threads, craft threads, how to make buffet threads and ebay!

mogsi80

Congrats on the engagement sickasachip!!

Just a little update on things my end.. Argos have agreed to reduced payments, they won't freeze the interest but have reduced it from 30% to 6% - which I am pretty happy with, so should be done and dusted in 36mths!

Littlewoods/Very - so not playing ball, sent a letter about my arrears (for which there are precisely none - as I have yet to miss a payment!) and that if I do not meet the minimum monthly payment they may take legal action - OH tried calling them (I know it's a no no to call) as I gave my authority for them to speak to them on the letters I sent (which clearly they received) but they refused to speak to him as I havent given my authority (seriously what is wrong with these people!) Anyway will just continue to pay the amount I have proposed and they can either like it or lump it (through the bravado there its a big hope that they like it!).

Now I am not naive and I anticipated that they would send letters like that back, and I am guessing its just a ploy for us to call them and they then pressure us into agreeing to things that can't happen... is that right?

Aargh... Just so fed up with it all - did our weekly shop on £32 (of which £6 was just on dog food).. and now have to try and get it even cheaper than that next week as I'm not paid til 25th! Soul destroying!

Twit_Head

sunnyface wrote: »

Thank you - that's really helpful

OK glad the account is ok. TBH I have no idea if the account comes with an overdraft or not. Maybe I can ask them to remove the facility - otherwise would I just have to make sure I never went overdrawn? :think:

Hope it's not too rocky - I'll probably be on here all the time panicking

Luckily I didn't need to change my bank account when I went on a DMP. I still have an overdraft facility of £200 on my account. The bank have never objected.
It is of course never used. Further credit is a complete no-no on a DMP. But it just sits there doing nothing, and I don't have the heart to remove it. Perhaps it's there as a reminder of the times when if there was more month than money you just dipped in...........:o

'Twitty'

red_scorpian

Hi Mogsi,
Well done on getting argos to reduce your interest every little helps:j
little woods will send you threatening letters usually they are just that, a threat,I've been dealing with them for over two years I give them 2.20 they charge me 12.00 oh well,!!!I've had countless letters from them they put NDR recoveries on to me but I still pay them 2.20. They can't have what I haven't got, if you do speak to them on the phone they WILL try and get you to up your payments,that is their goal they're not worried how much money you have left for your essentials

.It will seem hard at the beginning of your dmp but it is so worth it , if you feel like a rant come on here and do so ,we all have our good and bad days and a wee rant can ease the tension .Take care xxxx

Twit_Head

sunnyface wrote: »

Is there a guide somewhere to make absolute sure that my new bank account is definitely not secretly connected to one of my creditors??

This link might be of help to you and others

http://www.payplan.com/debt-library/miscellaneous.php

'Twitty'

powerchimp

Hi All

Haven't been around for a while, mainly because of work. Still managing to hold down a job but still on reduced wages (18 months now:()

I'm coming up on a year on DMP, and have a review at the end of month.

Strange to say but it has been a good year and have paid a 1/5th off of my total debts.

A couple of creditors have been writing to try and get more money over the last month but have been told that there isn't any more and will have to life with what their are getting.

I'll try to pop in a bit more :beer:

PC

ianmak

Twit_Head wrote: »

Luckily I didn't need to change my bank account when I went on a DMP. I still have an overdraft facility of £200 on my account. The bank have never objected.
It is of course never used. Further credit is a complete no-no on a DMP. But it just sits there doing nothing, and I don't have the heart to remove it. Perhaps it's there as a reminder of the times when if there was more month than money you just dipped in...........:o

'Twitty'

I would say get the OD facility removed, stops that temptation I guess. And a big :kisses3: to you too lol.

sunnyface

Twit_Head wrote: »

Luckily I didn't need to change my bank account when I went on a DMP. I still have an overdraft facility of £200 on my account. The bank have never objected.
It is of course never used. Further credit is a complete no-no on a DMP. But it just sits there doing nothing, and I don't have the heart to remove it. Perhaps it's there as a reminder of the times when if there was more month than money you just dipped in...........:o

'Twitty'

Ah thanks - so the account is prob fine. Will just ask them to remove OD I think in case I went into it by accident

Twit_Head wrote: »

This link might be of help to you and others

'Twitty'

Brilliant - will check it out - thanks!

Can I annoy everyone by asking yet another question?
At the start of the DMP, the creditors all start issuing default notices - do these continue throughout the entire term, or do they stop after a while?
I'm trying to work out realistically how many years my credit file will be wrecked for -i.e. how many years until I can move house basically.