DMP & Mutual Support Thread - Part 8

Hopelessly_Hopeful

mmy wrote: »

Hi, there, have been inspired and encouraged by all your stories and all the help that exists here. I ventured onto this forum a few years ago, but ran away quite quickly to stick my head in te sand for a while longer...!!
I have been stressing for so long, and after a lot of forum reading in the early hours of this morning [another sleepless night, adding and subtracting in my head!] I plucked up the courage and called PayPlan. Well, after my telephone conversation with a very helpful woman, the upshot ws that I have "enough money" to keep all my payments to creditors at the level they currently stand at.

I expected the advice about opening another bank account, which I will do with the Co-op [I'm assuming Britannia and the Co-Op are the same? As least, that's what the Co-Op website implies....] and therefore not having further overdraft charges with Lloyds. I'm assuming that I ask Lloyds to freeze interest and charges on my current accounts [both overdrawn to the max, that's what I live on] and offer a token payment to start to pay these off?

I know I technically have 'enough money', but never have a penny left for a contingency fund, so I must be doing something wrong. I'm waiting for the PayPlan budget etc to arrive and can then see clearly were I'm going wrong. I never go out, never buy clothes, but am a great user of my local library...!! I do pay some bills for my daughter, which I now think she should contribute to [she's 20] as she is working and it's not really fair for me to fund her lifestyle while having no lifestyle of my own.....:rotfl::rotfl: But this is a hard conversation for me to have. However, I think I need to....

Has anyone else been told they have "eneough money" but feel they are always robbing Peter to pay Paul?

Hi and Welcome

Are you enquiring about going on a DMP or are you already on one?

HHx

sickasachip13

Hi mmy,

Hopefully the budget sheet fromn payplan will help you see what's what. Have you thought about putting up a statement of affairs (SOA) here to get some helpful advice about where things could be cut.

I appreciate it must be a difficult conversation to have with your daughter, but it doesn't really make sense you paying bills for her when she is working. In the long run it's sapping your money and not enabling her to get a good financial 'education'.

SAAC

Time_to_face_the_music

Hopelessly_Hopeful wrote: »

TTTFM if you think your DMP is between two of you does it still seem so high?

Great point as always HH. You often make me see a bit of sense :T

Any more thoughts on going it alone?

ikkle87

Hi guys,

Just got off the phone to CCCS about the DMP we have set up, mentioned that the CO-Op had declined our bank account application (think i applied for the wrong account) and who could she recommend, she said that because we have no debts with Natwest we didn't need to change bank accounts we could send a letter to the bank and a PDL company who is one of our creditors which will remove our authorisation to take payment. Does this sound right or would you still change accounts?

sickasachip13

Hi ikkle,

I guess I'd feel safer if I jumped ship but I don't know anything about pdls and the payment system they operate. Have you debts with all other banks?

We went to santander when we started our dmp.

SAAC

ikkle87

This is a copy of the letter they said to send:

Account/Agreement No:


Cancellation of Continuous Payment Authority

Dear Sir / Madam

I am currently making payments to my debt with you using a ‘Continuous
Payment Authority’.

I am writing to withdraw my authorisation for you to take payments from
my account, with immediate effect.

For security reasons I am only listing the last 4 digits enabling you to
identify the card these payments are being taken from, these are 1234.

I am cancelling this in accordance with the Payment Services Regulations,
as governed by the Financial Services Authority.

Any further use of the card will now be classed as an ‘unauthorised
transaction’. A copy of this has also been sent to the bank that issued my
card.

Thank you for your assistance with this matter,


Yours faithfully

My partner owes money to Santander, I used to owe money to halifax (bank charges) which is settled but closed and have previously been turned down by Barclays although I don't think that was for a basic account, it was a while ago.

Growurown

mmy wrote: »

I ventured onto this forum a few years ago, but ran away quite quickly to stick my head in te sand for a while longer...!!?

More ostrich syndrome, there's a lot of it about:D

mmy wrote: »

the upshot ws that I have "enough money" to keep all my payments to creditors at the level they currently stand at.

I do pay some bills for my daughter, which I now think she should contribute to

Has anyone else been told they have "eneough money" but feel they are always robbing Peter to pay Paul?

Hi mmy, not clear (as HH said) as to whether you are embarking on a DMP or not. If you have enough money to keep all your payments going it doesn't sound as though a DMP is suitable, although if you never have enough money something is going wrong somewhere.

I agree your daughter should contribute more.

When I embarked on my DMP I was existing on peanuts and definitely didn't have enough money.

ikkle87 wrote: »

Hi guys,

Just got off the phone to CCCS about the DMP we have set up, mentioned that the CO-Op had declined our bank account application (think i applied for the wrong account) and who could she recommend, she said that because we have no debts with Natwest we didn't need to change bank accounts we could send a letter to the bank and a PDL company who is one of our creditors which will remove our authorisation to take payment. Does this sound right or would you still change accounts?

Hi ikkle
Your letter to the PDL company says all the right things and in an ideal world should work. I don't trust them though and would send the letter by recorded delivery. Otherwise they might say they had never received your instructions, and I don't know what your rights are if they carried on taking payments. I know you have a guarantee with direct debits but is it the same with the continuous payment authority? Not sure tbh.

ikkle87

Thanks. I've been looking into it and apparently if I send a copy recorded to the PDL company and one to the bank then they shouldn't be able to take my money and if they do I am able to get it refunded by the bank so I'm gonna do that. Will still try and sort out a new bank account if possible. It's not that I don't want to pay them back cos I do and I will but what started off as a small loan has led to me paying a PDL back Plus interest on payday and having to borrow money again an hour later to pay rent etc. it's just not possible.

Growurown

ikkle87 wrote: »

Thanks. I've been looking into it and apparently if I send a copy recorded to the PDL company and one to the bank then they shouldn't be able to take my money and if they do I am able to get it refunded by the bank so I'm gonna do that. Will still try and sort out a new bank account if possible. It's not that I don't want to pay them back cos I do and I will but what started off as a small loan has led to me paying a PDL back Plus interest on payday and having to borrow money again an hour later to pay rent etc. it's just not possible.

Sounds like a good plan:D The more I read about PDL's the more I think they are nasty little blighters. They trap you in a debt cycle which is so hard to get out of, but then that is just what they want. You've only got to read the news this week to see how the financial institutions rip us off every day. I would at this point like to say a few choice swear words to the likes of Bob Diamond whose institution fiddled the interest rates and cost us all money, and to Natwest whose incompetence held my salary up for five days. Bet Mr. Hester didn't go without:mad:

However I am very polite so I am swearing to myself just in case I offend;)

lizzy23

welli finally got to the end, have requested settlement figures for my loans, and amnow just waiting for my bank account to be set up and it will be all systems go just need a word with CCCS on Monday, because i changed some outgoings and haven't received an updated figure of what they recommend i pay to my creditors, can't wait to send those letters in a perverse sort of way and grab control of my life and my money back, yes it will be tough to start with, but at least i will know that i'm skint to pay off my debts, rather than just paying interest