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DMP & Mutual Support Thread - Part 8

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  • 925pws wrote: »
    Hello everyone posted this on the main thread but thought this would be better.

    Lightbulb moment 08/05/2012!

    I have received the information pack from CCCS but have a few queries.

    1. Do I stop paying creditors now by cancelling the DDs? If I do will this not count as a default? Should I even be worried about this?

    2. Do I set up another bank account or can I use my current bank account as I am not in overdraft? My current account is also with one of my creditors.

    3. I am in the process of moving house so can I send my change of address with the letter saying I'm going to be starting a DMP to my creditors?

    I'm just so unsure of what to do when?

    Many thanks.

    Hello, first of all try not to worry too much, you are in good hands with CCCS. I would contact them to ask if it's too soon cancel the DD's, and send small token payments via postal order. You must then move your bank a/c, as there is nothing to stop the creditor taking all your salary the day it goes in! CCCS can advise which bank, not tied to any creditors, would be best to move to.
    Not sure about house move details, it depends when you are moving, but it wouldn't do any harm to include the new address, it will save writing to them later.

    Good Luck!

    ttf
    :j:hello::hello::jDMP mutual support thread member 348
  • 925pws
    925pws Posts: 121 Forumite
    Does anyone know of a basic bank account you can open online rather than going to a branch?

    Thank you.
  • gizmo111
    gizmo111 Posts: 2,663 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    925pws wrote: »
    Does anyone know of a basic bank account you can open online rather than going to a branch?

    Thank you.
    #
    Who are your creditors?
    Mama read so much about the dangers of drinking alcohol and eating chocolate that she immediately gave up reading.
  • 925pws
    925pws Posts: 121 Forumite
    gizmo111 wrote: »
    #
    Who are your creditors?

    Halifax, Santander, Barclaycard, MBNA.

    Thanks
  • 925pws wrote: »
    Does anyone know of a basic bank account you can open online rather than going to a branch?

    Thank you.

    Hi 925pws and welcome :)

    We opened our Co-op bank account online and they sent us the paperwork to sign. It all took about a week to set up and the service has been excellent.

    Well done on taking the first and most difficult step :T
    LBM 10/1/12 ~ DFW Start 6/2/12: £82,344 ~ Now Zero
    :staradmin:starmod::staradmin Debt free 17th April 2015 :staradmin:starmod::staradmin
    Eternal thanks to the DMP & Mutual Support (no.439) and Payment a Day Threads
    Mortgage free 3rd July 2014 - Grateful thanks to the 2013/14 MFW threads
    "Debt is normal. Be weird!" Dave Ramsey
    Proud to have dealt with our debt :)
  • wendy1950
    wendy1950 Posts: 13 Forumite
    Hi I posted this on the main forum but thought it may get more response here thank you x

    I have been on here re my sister in law helping her try to sort out her debt, she has a loan of £15000 and overdrafts of £3000 with Lloyds Tsb she owes £1400 to Argos and a small amount of £148 to a catalogue, she has just set up a DMP with CCCS and it seems to be sorting it self out,

    Argos have not replied to us yet, the catalogue Co are okay

    Lloyds have agreed a reduced sum on her overdrafts for 6 months also making them authorised ones (they were slightly over so incurring charges) ) so only the £5 monthly fee and interest is added but it is below the payment so not going up.

    Today she has received a letter from Lloyds regarding the loan and they say

    "Thank you for discussing repayments with us starting June 1st we will accept reduced payments of £125.81 each month for six months.
    after that time we expect you to go back to paying full monthly payments as shown in loan agreement and pay off any arrears that has built up on the account. if you are having problems making payments at that time contact us to discuss options available."



    They also say Please note that despite their concession the terms of the loan agreement to make full payments when due are still in force, and that this letter is not a notice specifying that they will not excersise their right against her in relation to the full monthly payments. under the consumer credit act they are required to send her notice of arrears that build up on the account. although they have granted a temporary concession arrears will continue to mount up and that this info will be passed on to credit ref agencies. as long as she sends less than the full monthly payments, they will show the full monthly payments due.

    They have sent a financial advice web no for Tsb and also said she may wish to contact citizens advice or national debt line. which obviously she already has!!


    From what I have seen on here it sounds like a standard letter (I haven't seen it she has just sent me a message with this info) it seems ridiculous to say they will accept it for 6 months but still add it all up and expect her to pay it at the end of that time, are they MAD?

    Anyone else had this and what do you think of it please,
    my SIL is very scared about all this so I want to be able to reassure her, she has no arrears on anything yet but just could not carry on how she was, we are going to try to claim PPI soon and also contact FOS as she has been advised terribly by the bank whom she trusted totally, very naive, but full of trust they were doing what was best for her.

    Thanks Wendy x
  • 925pws
    925pws Posts: 121 Forumite
    Hi 925pws and welcome :)

    We opened our Co-op bank account online and they sent us the paperwork to sign. It all took about a week to set up and the service has been excellent.

    Well done on taking the first and most difficult step :T

    Thank you. I just love your signature and hope it will reflect my determination to pay off my debts.

    Was the co-op bank account you opened the standard current account?

    Thank you.
  • Growurown
    Growurown Posts: 5,498 Forumite
    Debt-free and Proud!
    925pws wrote: »
    Hello everyone posted this on the main thread but thought this would be better.

    Hi 925pws, welcome to the DMP support thread. I agree with the Tooth Fairy regarding your queries. Now stamps have gone up so much it might be an idea putting your change of address in the letter. I would also recommend going to your post office and getting your mail redirected to your new home, so you don't lose any important letters etc.

    wendy1950 wrote: »
    Hi I posted this on the main forum but thought it may get more response here thank you x

    Hi Wendy, I think this sounds like a standard letter, although I agree it does sound odd that they are asking your SIL to resume full payments after 6 months. Maybe this is just a get out clause for them in case your SIL's circumstances change for the better. I wouldn't worry about it. In 6 months time if things are still the same then they will agree to carry on with reduced payments. There's not alot else they can do really. You can't pay what you haven't got. Hope she's successful with ppi and the FOS.
    DMP Mutual Support Thread No. 421

    Debt free date 25/11/2015 - Made It!
  • Squirrel29
    Squirrel29 Posts: 646 Forumite
    To be perfectly honest I wouldn't put it past Nationwide to have not submitted it in an honest manner. Today I received what could be described as a gloating letter from Nationwide saying they'd got a judgement and if I didn't pay £85 on 4 June they'd go for a charging order too. :mad:
    AmyV wrote: »
    Hi Squirrel

    I haven't heard of the courts making you pay more than you pay via PayPlan/CCCS because the courts know if you are with them, they have helped you plan your budget properly and that is all you can afford.

    Are you sure the creditor submitted the paperwork properly? When we got a CCJ we had a notice to say we had to pay everything immediately because the creditor had lied about not receiving paperwork from us in order to force an "immediate payment" judgment.

    We phoned up the court and got it sorted out though, so ended up paying monthly what we were already paying to the CCCS each month.

    Let us know how you get on because I would be surprised if it wasn't an error or the creditor has put forward the wrong facts.
    Second and final LBM 01/01/11 Nearly got there but fell of wagon. HAVE to do it this time :mad:
  • 925pws
    925pws Posts: 121 Forumite
    Morning everyone

    Have now registered for a bank account with Co-op. I'm still very confused though even after chatting with CCCS.

    I can't send off my papers to CCCS until I get the bank account, I can't change my DDs until I've got the account either nor tell my employer. They come out at all times during the month, then there's the case of the creditors. CCCS told me to cancel their DDs as soon as but as I'm in the middle of changing bank and moving I haven't done this yet until the new bank account is opened. So where my salary will end up this month is beyond me :(

    Oh dear I'm just a little flustered today I guess. :o
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