DMP advice please

MrC1977

Hi all

Firstly a massive thank you to all who have helped me with the queries i have had and also the advice and tips. you cannot put a price on the help and it is appreciated.

I am in the process of setting up my DMP with Pay Plan. I am happy with the figures they have done and obviously hope that the companies I owe agree to it.

sorry but another question - included in my DMP is things that i will budget for but pay monthly and items that i budget for but may not happen such as car maintenance. I am also hoping to try and keep more money back - even if it is only £10 a month for any special occasions. MY question is i dont really want this money in my main account as i will spend it - as much as I try not too - this is how i got in a mess!!! if i open a savings account (one without a card) is this accpetaple? - and from what i understand i have to do a DMP review every year - if this is the case i had money in this savins account would they just take for my debts.

thanks for any responses

Chris

DarkConvict

PayPlan can't just take money, they are there to manage payments and give advice. They do not control your bank accounts.

I agree with setting up another account. Either a savings account or basic bank account. Remember to use a seperate bank to anyone you have debts with, co-op is usually a safe bet.

As you say you have yearly expenses you must budget for, so putting aside that money every month in an account is a good idea to prevent it been sent and sat in the current account for 12 months!

MrC1977

DarkConvict wrote: »

PayPlan can't just take money, they are there to manage payments and give advice. They do not control your bank accounts.

I agree with setting up another account. Either a savings account or basic bank account. Remember to use a seperate bank to anyone you have debts with, co-op is usually a safe bet.

As you say you have yearly expenses you must budget for, so putting aside that money every month in an account is a good idea to prevent it been sent and sat in the current account for 12 months!

Excellent - thanks that what i thought but just want to be clear as its all a little confusing!!

podperson

Payplan won't have access to your bank accounts so they wouldn't be able to check on your savings or anything - it's entirely up to you whether you wanted to tell them when it came up for review. I don't think they would object to you having a little bit put aside for emergencies anyway, would seem only sensible. If it did start to build up to any kind of larger amount could possibly look at putting it towards a full and final settlement to some of your creditors.

MrC1977

podperson wrote: »

Payplan won't have access to your bank accounts so they wouldn't be able to check on your savings or anything - it's entirely up to you whether you wanted to tell them when it came up for review. I don't think they would object to you having a little bit put aside for emergencies anyway, would seem only sensible. If it did start to build up to any kind of larger amount could possibly look at putting it towards a full and final settlement to some of your creditors.

thats actually what i was thinking of doing if i had enough surpless i would look to make an F & F but that is a little way off for me. To be honest I just want to live within my limits and ensure i do have the money i say i am going to put towards car repairs etc when it is needed

ex-rayday

I have so many savings accounts for different funds and small cash ISAs, one for appliances, one for Christmas, one for a car, one for vet bills etc etc

Only thing to make sure is that they are not related to anyone you owe money too.