DMP - Feel overwhelmed

MoneyMum

Hi
Well today I made the first step and spoke to payplan about starting up a DMP gave them all my info and a lady will be calling me on Monday about a DMP.
Ill be honest its a hugh relief that someone can help but I feel a bit overwhelmed I think i'm going to have to set up a new bank account with HSBC as I have debt with Natwest and Abbey.

I have one question the only income I have to my Abbey account is my LHA could the bank just take this to cover the debt.

If anyone can tell me what to expect i would really appreciate it.

xx

Tixy

Hi and welcome

Well done for taking that step. Have you started to put together a statement of affairs (or income & expenditure account) yet? if not it would be worth trying to pull this together before they call on Monday.

To answer your question - yes you'll need a new bank account with a bank you don't owe money to. Strictly they shouldn't take your benefits to cover debt but it has happened to a lot of people and can be a real pain to get back / stop etc and leave you stuck in the meantime, so definitely arrange a new account and have all income/benefits etc paid into that.

sickasachip13

Hi,

Look up the thread DMP Mutual Support Thread - there is so much info and support there for you. Also, I did a short blog for CCCS about DMPs, this can be found by looking up the info in my signature.

SAAC

BlushingRose

It's an excellent blog too!

Don't worry, MM, I still a bit overwhelmed by it all - our DMP is starting on the 10th, we've done the change of bank account, the cancelling of direct debits and whatnot - but already it's feeling better. We had out light bulb moment in December, just in time for Christmas! We cut up the credit cards and whatnot...it's been a bit full on....but the people in here are brilliant, loads of advice and several shoulders!
Keep posting, it helps, and let us know what you're worried about - there's always someone who can advise x