DMP - help

Hales82

Hi

Firstly I think what Hannah10 has posted is fantastic, as someone who has just embarked on a DMP myself her advice is amazing and reassuring. Thanks Hannah10, you've put my mind at rest too!

From my experience entering into the DMP was the best thing we did. We have significant debts to (£65k+) and I feel sick everytime I write that down BUT the relief from getting back into control was immense. Realistically, there was no way we were ever going to clear that debt. We were only making the minimum payments and at that rate it was going to take something ridiculous like 25 years to clear.. and that's without putting anything else on the cards.

It was quite stressful setting it all up, juggling token payments and swopping bank accounts but I promise you it's all worth it. My only wish is that we done it years ago so we'd be even nearer to our DFD date. I've really enjoyed budgeting and sticking to it. It's very satisfying spending money that is soley yours and it absolutely makes you think twice before buying anything.

I'd recommend you have a read through the DMP Support Thread. It'll take a good few hours but the information and reassurance I got from there was invaluable when we were starting up. They're also a lovely bunch of people who are going through the same thing as us.

Good luck, keep your chin up x

odydog

Can anyone advise me??? Am currently with a DMP,trying to move to CCCS. On the phone the advisor asked if i have any debts with my current bank,i only have a £200 overdraft. am i expected to change bank accounts again as we dont really have any debt with this bank. dont really want to have to go through all that again!

Hales82

odydog wrote: »

Can anyone advise me??? Am currently with a DMP,trying to move to CCCS. On the phone the advisor asked if i have any debts with my current bank,i only have a £200 overdraft. am i expected to change bank accounts again as we dont really have any debt with this bank. dont really want to have to go through all that again!

We're with the CCCS and had to include all of our debts, including our overdraft. This meant that yes, we had to change bank accounts again. I think if you don't include it then you're seen as treating your bank favourably and creditors don't like that at all.

Hope that helps.

J_Tizzle

odydog wrote: »

Can anyone advise me??? Am currently with a DMP,trying to move to CCCS. On the phone the advisor asked if i have any debts with my current bank,i only have a £200 overdraft. am i expected to change bank accounts again as we dont really have any debt with this bank. dont really want to have to go through all that again!

As far as I know the CCCS will insist on you including ALL of your debts to ALL of your creditors on your DMP. Obviously if you are able to, clear that OD. If you cannot do that straight away then you will need to open a 'basic' bank account with an unconnected bank.

helen_f_3

Just an update.
I spoke to CCCS today and they have put my mind at ease! All letters have now been posted, just bank accounts now to set up. so here goes on the spiral of events.

Tixy

Good luck with your DMP helen, hope it works out well for you and that in a couple of months you are feeling much better and pleased you took the plunge (it tends to take a couple or 3months to start to settle down).

J_Tizzle

helen_f wrote: »

Just an update.
I spoke to CCCS today and they have put my mind at ease! All letters have now been posted, just bank accounts now to set up. so here goes on the spiral of events.

I'm sure it will be fine. I've only just entered into a DMP with CCCS (the first repayment is going out this week) and the whole thing has been much easier than I thought it might be. The process has been very smooth and CCCS have been great.

Even my creditors have been quite reasonable, except for the daily phone calls, although I requested by mail that they stop and LTSB even put a £150 credit on to my account as a 'sorry'! MBNA, for example, have frozen the interest without me asking.

There will, of course, be plenty of support available on this forum should you need it!

Mandamoo_3

Hi Helen

I completely understand your concerns. I began my DMP with CCCS last March and I can honestly say it is the most sensible decision I have ever made. I have had no contact in the last 9 months or so from creditors and the weight from my shoulders has lifted. Hannah 10's advice is fantastic (as always) and I think she is spot on, I have not been threatened with court once since starting my DMP.

Take care and keep us posted

Mmoo

helen_f_3

Hi all
Can anyone help with a bank account, which are the best ones to try. I have tried Smile and a Co-op current account and have been rejected for both.

Mrs_Trouble

Have you tried any of these on this link?

http://www.creditchoices.co.uk/basic-bank-accounts.html

I think with the Co-Op you probably needed to go for the Cashminder account