help?

jessie-jane

Oh is away with work now till wednesday, everything ie poll tax, rent due out this coming weekend so need the od to pay these.

We have 2 wks hols coming up in aug so would it be better to leave all the swopping and moving of wages till then when OH gets a holiday wage.

sorry for all these question, head is spinning!

jessie-jane

we will be on the 31st aug.

NorthernLas

Jessie -

Only you can know what is best in your situation. From your SOA you have a large deficit. If you are able to juggle the money about through Aug and this will cause you less stress, then do so. Only you know how close to the limit you are on your accounts.

Do you have a current account that is in credit with a bank that you have no other debt with. If not then open a basic co-op cashminder account - it will give you DD facilities, a card and no overdraft.

- You can do that this week and that is one thing off the list.
- Next you need a list of when your priority bill DD come out of your other account and when your wages go in.
- Also you could probably put in requests to update wage bank accounts as this will take time
- Once the account is set up, transfer from your existing account enough to pay one of the DD. Switch this to check you are happy with what to do.
- When you are sure there is money to pay the DD, transfer the others over.
- Another list with your creditors and when they are due to be paid will come in handy. You can update this with notes as to what you have done.
- Once the salary is paid into the account transfer the other priority DD over.

If you have lists that you can refer to you don't need to remember where you are up to.

Having a new account protects your money for paying priority bills.

If you do this, a spending diary and review what happened to the overspend you will have made great progress

dancingfairy

I would open a new account as soon as you are able to. Then in case the bank decide to recall your overdraft or take money to pay your credit card bills you have a back up. I don't think you need to pay a salary in straight away but at least if you have the second account open. It might take a while to open (hopefully it will be straightforward) but they may need you to provide additional details etc so the sooner you start the better.
If rent/council tax are going out this weekend I would leave them for now.
Once you have got the basic bank account open you can see about getting the salary transferred - you may need to give work some notice about this so make sure you let them know in plenty of time.
Whether you wait until your 2 weeks in August to transfer everything across - depends - on one hand it comes across as you are avoiding all the advice given, on the other if you geuininely will do it during those 2 weeks and it's not just an excuse to put things off then do it then. - You are only transferring across dd for essentials like council tax, electric , gas etc.
df

jessie-jane

Thank you so much northernlass and danncingfairy, this is the advice ive been looking for.

Its all hard as we dont live in town and i dont drive so to be able to do when OH and i are on holiday would be much better....IT WILL DEF GET DONE OR ITS DIVORCE!

tbourner

jessie-jane wrote: »

Its all hard as we dont live in town and i dont drive so to be able to do when OH and i are on holiday would be much better

You don't need to.
click ?

Or Cashminder:
http://www.co-operativebank.co.uk/servlet/Satellite/1193206368743,CFSweb/Page/Bank-CurrentAccounts?WT.svl=copy
To apply today call 0845 602 7057

jessie-jane

Just an update, applied on line for co-op cashminder and due to credit score it has been declined, hwere do we go from here?

katsu

it says you can't apply for cashminder online so you must have applied for a different account. call them tomorrow

jessie-jane

ok will do,will see if i can have a look at credit file too!

sunfleur

jessie-jane wrote: »

ok will do,will see if i can have a look at credit file too!

DH rang the co-op and set it up that way. They asked why he wanted this account as he was on a good wage. He told them we wanted to set up a DMP and they were fine about it. We didn't have to put any money into it when we opened it but once it was opened and we had an account number and sort code we just transferred everything by phone and internet - it was a rare couple of days LOL We didn't want the bank to do it as we were carefully managing who knew what as we had two overdrafts in two accounts. We didn't send out the main bank letter until we had everything transferred. Our current bank isn't related to any of our creditors.

Once everything was shifted it just felt better straight away. We are not cutting and running - everyone will get paid but just knowing what we have is ours and it can only go so far is quite refreshing.

I can 'hear' the panic in your posts but it will be OK. We have only just started our DMP - in fact our first payment to CCCS goes out on Aug 1st so we were where you are just a few short weeks ago. Hang in there and take the advice given on this thread. Good luck x