DMP & Mutual Support Thread - Part 8

Growurown

grant1wish wrote: »

I have felt on the edge for ages and have had some very bad moments, but even though dmp not even set up yet I do feel better at hopefully finding a solution.

Hi grant1wish. Welcome, I think my fellow DMPers have said it all! I'm sure once your wife has had time to take it all in she will be OK with it all.

DMPhereIcome

Hello may I join you all...? I contacted CCCS and payplan yesterday, had a little cry to the chap at payplan(!) I've applied for a new current account (well two actually, but I don't want the Santander one I went for so I'm hoping I can cancel the application!)

I need to have the telephone appointment with Payplan, and CCCS are sending me a pack - I haven't decided which to use yet, probably payplan as they were much friendlier on the phone, although I will wait and see...

My debts are:
HSBC CC £2500
HSBC OD £1600
Cap One CC £1600
Barclaycard £8200
Catalogue £450
Creation £650

Car HP £3500

I think my plan of action should be this, but please feel free to correct me...

1. Wait for new bank a/c to be opened and transfer wages, tax credits, maintenance and Child Benefit into it
2. Try, somehow, to transfer household DD's and SO's to new account too (although they all come out on different days spread over the month!)
3. Cancel Debt DD's and send the letters with token payments advising I'm setting up the DMP - I will do this for two (possibly three) months to save a buffer

I have a few questions though if anyone could help me....

My car is on HP and finishes in 18 months, am I right in thinking this doesn't have to be included in the DMP?

I have a washing machine on 0% with a catalogue, paid for in a year, do I have to include that too?

thanks for reading...

Hopelessly_Hopeful

DMPhereIcome wrote: »

Hello may I join you all...? I contacted CCCS and payplan yesterday, had a little cry to the chap at payplan(!) I've applied for a new current account (well two actually, but I don't want the Santander one I went for so I'm hoping I can cancel the application!)

I need to have the telephone appointment with Payplan, and CCCS are sending me a pack - I haven't decided which to use yet, probably payplan as they were much friendlier on the phone, although I will wait and see...

My debts are:
HSBC CC £2500
HSBC OD £1600
Cap One CC £1600
Barclaycard £8200
Catalogue £450
Creation £650

Car HP £3500

I think my plan of action should be this, but please feel free to correct me...

1. Wait for new bank a/c to be opened and transfer wages, tax credits, maintenance and Child Benefit into it
2. Try, somehow, to transfer household DD's and SO's to new account too (although they all come out on different days spread over the month!)
3. Cancel Debt DD's and send the letters with token payments advising I'm setting up the DMP - I will do this for two (possibly three) months to save a buffer

I have a few questions though if anyone could help me....

My car is on HP and finishes in 18 months, am I right in thinking this doesn't have to be included in the DMP?

I have a washing machine on 0% with a catalogue, paid for in a year, do I have to include that too?

thanks for reading...

Welcome.

HP is treated as a priority debt, it will be included but treated differently to the ccs and loans, HP gets paid in full.

Is the washer HP? not usually these days, so should be like store card or cc.

I opened a standard coop account by applying online on Saturday and having account open by Tuesday afternoon.

Just cancel DDs, you can pay by switch or postal order if need be. The really important thing is to go clear the account you have now and do it before you cancel the DDs so your OD doesnt get worse and before your bank gets a sniff of the DMP or they will act quickly to offset.

Not sure CCCS or PP will let you do tokens for 3 months, nice if you can get it, but I doubt it.

Hope that helps.

HHx

Growurown

DMPhereIcome wrote: »

My car is on HP and finishes in 18 months, am I right in thinking this doesn't have to be included in the DMP?

I have a washing machine on 0% with a catalogue, paid for in a year, do I have to include that too?

thanks for reading...

Our car is on HP and wasn't included in our DMP. Nearly finished paying for it and looking forward to having more money to put towards the debts.

Your plan sounds fine. It does take a bit of organising but only needs to be done once. Ours was nearly wrecked because OH's work didn't pay his money into the right account. I had to rush to the old bank and draw the cash out before they realised what I was up to!

DMPhereIcome

Thanks HH - I think I've left it a bit close to the wire to get the new account opened before payday on friday, and some bills come out on the 1st...

I'm not sure whether to get all my money out, cancel absolutely everything (utilities included), and wait for letters? Hopefully by the time everyone has written to me I will have new account details to set up the payments.

I also have an ING internet savings a/c (with naff all in it!) I suppose I could use that as a stop gap if I can't get an account opened.

next month I will have real issues so all debts have to be stopped as I have no spare money to live

My car HP is paid on the 1st, first 'big' credit card payment (to barclaycard) is due on the 10th, mortgage on the 14th and the other cards and bank overdraft charges after the 19th

I'm tempted to pay car HP as usual on the 1st, from what you say they will be paid the full amount in any event, phone my mortgage company and explain I'm changing current accounts and pay them over the phone for this month and set up the new DD from next month. I can switch the utilities etc fairly easily once I have the new account details.

Does anyone know how long it takes for HMRC tax credits and child benefit to effect changes in bank details? I don't want anymore money going into that account once I've trashed it!

I'm not sure anything I've said above makes sense but if you have managed to understand my ramblings and can help in anyway it would be much appreciated...

x

Hopelessly_Hopeful

DMPhereIcome wrote: »

Thanks HH - I think I've left it a bit close to the wire to get the new account opened before payday on friday, and some bills come out on the 1st...

I'm not sure whether to get all my money out, cancel absolutely everything (utilities included), and wait for letters? Hopefully by the time everyone has written to me I will have new account details to set up the payments.

I also have an ING internet savings a/c (with naff all in it!) I suppose I could use that as a stop gap if I can't get an account opened.

next month I will have real issues so all debts have to be stopped as I have no spare money to live

My car HP is paid on the 1st, first 'big' credit card payment (to barclaycard) is due on the 10th, mortgage on the 14th and the other cards and bank overdraft charges after the 19th

I'm tempted to pay car HP as usual on the 1st, from what you say they will be paid the full amount in any event, phone my mortgage company and explain I'm changing current accounts and pay them over the phone for this month and set up the new DD from next month. I can switch the utilities etc fairly easily once I have the new account details.

Does anyone know how long it takes for HMRC tax credits and child benefit to effect changes in bank details? I don't want anymore money going into that account once I've trashed it!

I'm not sure anything I've said above makes sense but if you have managed to understand my ramblings and can help in anyway it would be much appreciated...

x

Do you have internet banking you could transfer your wages from current bank into your savings?

As soon as you dont you can let your bank know you have problems and dont give permission to extend od.

You can pay your prority debts by postal order if need be until you are set up.

The most important thing is to make sure your current bank cant get their hands on your money by taking it away from them.

HHx

DMPhereIcome

Thanks Growurown - glad it all worked out for you!

I'm not sure my next post above makes much sense but hopefully it will work - most things come out in the first two weeks of the month (which always suited as I had weekly tax credits and maintenance but now it's all changed.

I need to ring tax credits and see about being paid four weekly as opposed to weekly - I think that will make life easier for me to budget

I've got soooo much to sort out....eeek!

DMPhereIcome

Hopelessly_Hopeful wrote: »

Do you have internet banking you could transfer your wages from current bank into your savings?

As soon as you dont you can let your bank know you have problems and dont give permission to extend od.

You can pay your prority debts by postal order if need be until you are set up.

The most important thing is to make sure your current bank cant get their hands on your money by taking it away from them.

HHx

Thanks again - will do that, I will get all money out, cash to live and bills into ING account, cancel DD's and by the time everyone notices they've not been paid I should have new account set up...hopefully...will then transfer from ING to new account...simples _pale_

My mother told me never to plan as then you aren't disappointed...and Mums are always right....however, at the moment disappointment is preferable to 'up *&$% creek without a paddle' I think

thanks again for the help - will keep you posted

Time_to_face_the_music

grant1wish wrote: »

Hi all,

Have not been on here for a long time, but have beenreading closely as I am about to start a dmp. I have approx 60k in debt and have not slept or ate properly for about 6 months.
Contacted cccs on wed and had email today so hopefully will sort out.
Main issue for me is not being able to tell wife. I know she will find out but can't bring myself to tell her. I am. So ashamed of myself.

One quick question about my poitential dmp. I rany my cc companies on friday to tell them about my plans. Virgin (mbna) told me the dmp wouldn't be accepted if longer than 5 years. My plan shows it is currently 7 years. What do you guys think?

Thanks

G1W

DMPhereIcome wrote: »

Hello may I join you all...? I contacted CCCS and payplan yesterday, had a little cry to the chap at payplan(!) I've applied for a new current account (well two actually, but I don't want the Santander one I went for so I'm hoping I can cancel the application!)

I need to have the telephone appointment with Payplan, and CCCS are sending me a pack - I haven't decided which to use yet, probably payplan as they were much friendlier on the phone, although I will wait and see...

My debts are:
HSBC CC £2500
HSBC OD £1600
Cap One CC £1600
Barclaycard £8200
Catalogue £450
Creation £650

Car HP £3500

I think my plan of action should be this, but please feel free to correct me...

1. Wait for new bank a/c to be opened and transfer wages, tax credits, maintenance and Child Benefit into it
2. Try, somehow, to transfer household DD's and SO's to new account too (although they all come out on different days spread over the month!)
3. Cancel Debt DD's and send the letters with token payments advising I'm setting up the DMP - I will do this for two (possibly three) months to save a buffer

I have a few questions though if anyone could help me....

My car is on HP and finishes in 18 months, am I right in thinking this doesn't have to be included in the DMP?

I have a washing machine on 0% with a catalogue, paid for in a year, do I have to include that too?

thanks for reading...

Hi and welcome to grant1Wish and DMPhereIcome :hello:

Well done on taking the first, and most difficult steps, in your debt free journeys :T

Grant, I hope you can share this with your wife, it really does make everything so much easier if both of you are fully onboard. Hiding something like this must put a massive amount of strain on you too.

DMPhereIcome, when you set up your DDs and SOs for your new bank account, you can change the dates at the same time to make them all around the time you get paid, this does make it much easier to budget.

Good luck to both of you

AmyV_2

grant1wish wrote: »

Thanks,

I am so worried about it all. Got to find a new bank on monday but not sure how long that process takes or abput swopping direct debits over. Hsbc are m$y biggest worry woth loan overdraft and credit card. I feel sick even seeing an advert for them! I have been really honest in my budget and perhaps have gone too tight. Is it too late to change or if if is too tight can I change after a month or so.
I am hoping all the phone calls and letters that I am going to receive will not be the end of my 10 year marriage. I love my family so much(3 young kids)

Oh Grant, I do hope you tell your wife. My husband hid his debts from me for about 5 years. I knew there was something not quite right, but could never put my finger on it and we ended up having massive rows when he refused to tell me what was wrong. I thought there was some money issue but couldn't work out what as he hid the post etc.

It was the deception and lies that was the most upsetting for me!

Eventually though he reached the point that many on here have done where there is no longer any more credit. He had absolutely nowhere else to turn. So one day he plucked up courage and told me because he thought there was nothing left to lose as he would lose me anyway if he was made bankrupt. He also thought he had let our little girl down massively and kept having recurring nightmares of her in rags.

He had no idea how much he owed but expected it was about £70K ... turned out to be nearer double that.

It was a massive, massive shock when he told me, but I cannot tell you the relief I felt that I had FINALLY found out the truth!!! He thought he would lose me if he told me, but there is no way I would ever do that! All I thought was at last I could help him!! I actually had a feeling of elation.

I came on MSE to ask about remortgaging (although there wasn't that much money in our house!) and someone told me to go to CCCS and talk to them about DMPs. I spoke to them first (floods of tears, trying to talk through snot etc ;-) and then I persuaded him to phone. Since then we have never looked back.

We've had our ups and downs with creditors and in the beginning I was terrified, but nothing that couldn't be sorted, and it meant I could help him through it. I'm not saying I am an angel, I have been angry sometimes and shouted at him about how he got in the mess, but I also think on some level I must have known his pay wasn't covering all the meals / gadgets etc!

To be honest, and it sounds corny, now I know there is no big secret he is keeping from me I am sure we get on loads better and are stronger for it (sorry if you needed a sick bag at that point ;-)) )

We're now half way through the DMP. None of the debt was mine, so I am not included in the DMP, but I treat it as mine as we are in it together.

Good luck with it all and let us know how you get on!