DMP & Mutual Support Thread - Part 8

pickle92

:eek:MY husband and I have decided to do a self managed DMP, we have opened a new account and sent off letters to all our creditors. The new account we have opened is a Lloyds TSB classic account which we had no problem being accepted for but most of our debt is with Halifax and its been brought to my attention that halifax is now owned by LLOYDS, is this going to be a problem for us, will lloyds take money from our new account to ofset our halifax debt. Thanks in advance for any help.:eek:

Hopelessly_Hopeful

pickle92 wrote: »

:eek:MY husband and I have decided to do a self managed DMP, we have opened a new account and sent off letters to all our creditors. The new account we have opened is a Lloyds TSB classic account which we had no problem being accepted for but most of our debt is with Halifax and its been brought to my attention that halifax is now owned by LLOYDS, is this going to be a problem for us, will lloyds take money from our new account to ofset our halifax debt. Thanks in advance for any help.:eek:

Welcome

Please dont risk it

Draw your money out if you have it in there ASAP. you can use postal orders etc until you get new account set up.

HHx

pickle92

Oh god really, we are only 3 days into switching to Lloyds, they are in the process of switching direct debits so can i stop the process and open a co-op cashminder. I am really annoyed at myself for being so dim.

londonfraggle

Hi all - thought I'd pop in and write something instead of just lurking...I do read the thread every day and it's great to see some of the old faces still here chugging away at this and hello :wave::wave: to all the new names!

So I took the plunge and left my DMP company to self manage it. And it was the best thing I've done. I feel much more in control (had constant problems with the DMP pay date as I have a tricky situation with work and lots of travel - but having to pay it all up front myself and then claim it all back).

I was worried that some of the predators would hike the interest up (not least as I am paying all of them well over the minimum contractual payment now) but in fact it's been completely fine. Every single one (I have 8 left - started with 15!) has stuck to the arrangement I had with them through the DMP company - and I have simply set up standing orders to all of them for the same amounts on the 1st of every month. I update my "dreadsheet" every month with the new balances and tick them off when I've checked that they've all received the payments (do it approx 4 days after the payment has left my bank account so it has had time to show up on theirs).

A few of them are about to be paid off and once that has happened I will then plough that money into the next smallest debt to pay that one off and so on. I have worked out that I should be debt free by November - woooo hooo - going to be an amazing feeling.

So it's taken me nearly 3 years to get here - but am feeling pretty proud of myself for having paid off over £45k already and am now on the home run. Going to be pretty odd having that extra money - but I'm getting married and off on honeymoon in December so that is my massive incentive so make sure I clear the decks so can start my married life debt free (and of course have money to spend on my honeymoon - yay!).

So I just wanted to hopefully encourage others to keep at it - a DMP was the best thing I have ever done - as was deciding to self manage it now. I know that's not for everyone - and I certainly couldn't have done it on my own at the beginning without all the support I had.

Hope you all have a very happy Thursday!
Fraggle x

londonfraggle

pickle92 wrote: »

Oh god really, we are only 3 days into switching to Lloyds, they are in the process of switching direct debits so can i stop the process and open a co-op cashminder. I am really annoyed at myself for being so dim.

Yes - to echo HH definitely move to co-op. They should be able to do it pretty quickly. I can't remember how long it took me when I opened one with them but I just set up all the new DD's myself - it was pretty painless as far as I recall. You don't even need to tell Lloyds why you are cancelling the process!

Good luck managing it yourself - I've just started to self manage mine - have about 5 months left to pay it all off - and am feeling v glad to have taken back the control myself - am hoping it will stand me in good stead for when I'm debt free and managing my money myself again!

Fraggle x

londonfraggle

Luis_the_magician wrote: »

Well some would say i can make money dissapear in the blink of an eye

Thanks for all the words of advice, have spoke to CCCS today, and they have put my mind at rest regarding some of the issues i had. What a nice bunch they are.

Yes they are brilliant aren't they - don't know what i'd have done without them in the beginning.

I have never not spoken to my creditors - but then I'm one of these people that likes feeling in control - which to me meant speaking to them all and letting them know what was going on. I also called them all once a month to get updated balances as the CCCS one wasn't always correct for some reason (who can blame them - they have thousands of us financial numptys to deal with!). And if anyone ever gave me grief (which actually was pretty rare) i just threw my CCCS reference number at them and told them to contact them. Seemed to work!

Good luck!

Fraggle x

Lady1982

Does anyonee have a rough idea how long it takes your DMP (cccs) pack to come through after you have requeted it? Im just desperate to get it in place
Thanks x

Grand_Benders

Lady1982 wrote: »

Does anyonee have a rough idea how long it takes your DMP (cccs) pack to come through after you have requeted it? Im just desperate to get it in place
Thanks x

I filled in the online Debt Remedy and hit the 'request application pack' from there. It came through by email the next day. Not sure if you've done it online or by phone, so don't know about postal packs.

Hopelessly_Hopeful

pickle92 wrote: »

Oh god really, we are only 3 days into switching to Lloyds, they are in the process of switching direct debits so can i stop the process and open a co-op cashminder. I am really annoyed at myself for being so dim.

You werent to know

Tell them you have changed you mind and are sorry. Most important, do you have any money with them now?

You can change dd yourself, just need to put some time to one side etc.

HHx

Hopelessly_Hopeful

Lady1982 wrote: »

Does anyonee have a rough idea how long it takes your DMP (cccs) pack to come through after you have requeted it? Im just desperate to get it in place
Thanks x

Welcome

I applied through debt remedy online, had an email the day after and hard copy in the post on Tuesday so hopefully you will not be too long.

HHx