Started a DMP with CCCS....not sure if its the right thing??

goldrush1984

Hi,
I have set up a DMP with CCCS... its still in the process at the minute- I have been advised to set up a new bank account- I have tried HSBC, CO-OP and in the process of trying Yorkshire- the problem is the 1st 2 banks have declined me!!- I cannot set up the DMP until I get a new one!!

I have sent letters to all of my creditors telling them that I cannot pay and have given most of them token payments. Sntander are being particularly horrid- sending me default letters even though they know the situation.

How does it actually work- I have been given a set figure from CCCS but will all creditors just agree to it??
It has also been set for 15 years- but we know that we will be coming into a bit of money in the next 2 years- and hopefully will be able to pay it off!

I am really concerned that I will have bailiffs knocking on the door etc- although all my debts are unsecured and I have never defaulted on my mortgage- thatnks to having 13 paydays a year!

I really am concerned- some advice would be greatly appreciated

sickasachip13

Hi,

Don't panic - everything becomes clear as you get into it!

On the banks, have you tried Santander? They took us on.

Also, find the DMP Mutual Support thread on this forum - it will help you loads and their's quite a few newbies on there will all sorts of questions / queries / experiences :-)

I did a short blog about going on a DMP with CCCS, it can be found here: http://moneyaware.co.uk/2011/09/my-debt-hell/ with the second part linked at the bottom of that article. You might find it answers some of your queries.

Best of luck

SAAC

Memory_Girl

sickasachip13 wrote: »

Hi,



On the banks, have you tried Santander? They took us on.


SAAC

OP has existing debts with Santander - have you checked that you are asking for a basic bank account - that is one with no overdraft, sometimes no cheque book, just a Debit card?

It could be you are failing a credit check for a current account but a basic account would be fine IYSWIM?

MG

goldrush1984

Thankyou everyone- very helpful!
Santander wont touch us we have 2 loans and a credit card with them!!

Ill give it all a go now- maybe I was doing the wrong account!!
checked co-op again and it says it doesnt do a credit search...they did with me!!

e4rub

Try Lloyds TSB. They gave me a basic bank account as I started my DMP with CCCS

elsiepac

Hiya

I suspect you didn't ask for the Cashminder account when you spoke to Co-Op. I've had mine now for the best part of 2 years and they are fantastic. Online banking is brill too. They gave me my account after First Direct closed my account and I had to go retrieve my whole months pay in cash from my local HSBC. The woman didn't even give me an envelope to put it in, I had to ask her! It was very indiscreet, I felt most vulnerable walking down the street with all that cash!!!

Anyway, here's a link for you

Good luck

LC x

loubie_lou

Any debts with RBS/Halifax? If not try Halifax EasyCash Account. Just a plain old Visa Electron.

Always ask for a basic bank account.

Loubie x

Deep_In_Debt

Try Barclays also. Again, make sure you ask for their basic account which does come with a debit card.

In terms of bailiffs knocking at your door - unlikely! DCA's and creditors will threaten it but they are mostly full of hot air. Bailiffs will only call if you have been to court and defaulted on a court arrangements. Again, creditors will threaten to take you to court but usually, it is just that, threat. Judges will look favourably on you if you have been paying all you can afford and creditors know this, so let them spout their hot air!

Not all creditors will agree to it immediately. You will normally have to ride the storm for a while and eventually it will settle. If creditors pass your debt to a DCA it's not necessarily a bad thing (they make it out to be though!). DCA's buy the debts for peanuts, literally pennies in the £ so are easier to negotiate with, they will freeze interest and stop all charges and you can often get low full and final settlements with them. I asked a couple of my creditors to pass the debt to a DCA as the original creditors wouldn't play ball.

I'm on a dmp with CCCS and have been since January 2008. I only have a year to go now - bring it on - yay! Most of my creditors accepted my dmp within 3-6 months but one took 10 months! Since October 2008 I've heard nothing from any of them apart from a letter every year telling me that they are keeping interest frozen or a statement etc.

Good luck with it.

fatbelly

Here's a leaflet on

Basic Bank accounts

Another option might be your local Credit Union. Mine does a current account with Visa debit card, but it depends where you live

A 15-year dmp is going to work well for you. When you come into lump sum 2 years down the line, they will be more receptive to Full & Final offers to bring it all to a close.

SomewhereOverTheRainbow

I too got turned down for Co-Op account, I rang them and applied for Cashminder over the phone and was accepted as, you rightly say, there is no credit check.

I think I applied for the fancy pantsy current account online without realising it wasn't the basic cashminder account

sickasachip13

Hey Goldrush 1984 - sorry I missed your woes with Santander earlier - that'll teach me to try and read and reply too quickly!!

Hope you get sorted soon.