DMP & Mutual Support Thread - Part 8

carlyfluck

Hi, I have a alful credit rating and managed to get new bank accounts, we went with salamander after being with Lloyds, we did that sat, and now its tuesday all dds have been moved as well as wages, and dmp is all set up. If you ant to do it you will. Also banks have accounts for people with bad credit but never adverise them you have to ask. Anyone can have a bank account. X

carlyfluck

Sorry about spelling on darn phone x

sickasachip13

Hi Michelin

Yes, you would need to set up a new basic bank account prior to starting DMP, if you owe money to the bank you're currently with.

You will get defaulted obviously when on a DMP, the six year 'life' of the default starts ticking away from when it's applied.

SAAC

carlyfluck

michelin,

who are you thinking of setting up dmp with?
im with step change(cccs) and i have nothing but praise for them, everyone i spoke to have been so friendly and kind.
my friend is also with payplan and she said they are great too x

Michelin

So if you don't owe money to the bank you are with, then you can keep the same bank account?

Carly, I think it will be StepChange - they seem to be the best from what I have seen on this board.

sickasachip13

Yep, but this also means any of their products and any cards that might be provided by them (store cards etc etc). As they could 'offset' which means they could empty your account to pay for debts.

SAAC

sickasachip13

(includes overdrafts and loans too)

Debtfreewannabe2

Hi everyone, I am a new member here wanting to get out of depts as soon as. Would appreciate any kibd of advice. Heres my situation: im in trouble with pdl conpanies. Because of that reasob u have decided to go for a payplan dmp. At thr moment im about to recieve a letter from the( the one i will have to send back) before they start phoninh my creditors. I have opened a new acount and will have my wages in there on friday which is my pay day and all loans are due to come off on friday. There are a few things i would like to ask: first of. Should i inform pdl conpanies about payplan or just wait and see what happens? ( if i should then how and whats the best way?) another question: is there a chance that pdl will take money from my account even if theres nothing in it? In fact the balance is -50(all planned overdraft used as well). But i hear stories about pdl companies taking fund anyway. Will that happen to me as well? Im with lloyds tsb. Thats it for a start thanks guys!

Debtfreewannabe2

Sorry about typing mistakes was typing with my phone and in a hurry as well as i only have 2 days to find the solutions.

grant1wish

Hi All,

Hope everyone is well. Not posted for a while, so thought I would give an update.
First payment went to CCCS on the 1st Nov. I know a lot of people tend to suggest not contacting your creditors, but I am quite happy to speak to them, and so far have got on relatively well.

M&S CC - Plan accepted, all charges and interest stopped for 3 years.
Barclaycard CC - Plan accepted, charges stopped, interest reduced to 3%.
Virgin CC - Plan accepted, all charges and interest stopped
Santander O/D - Plan accepted, all charges and interest stopped
Argos - Plan rejected. Currently my purchases are interest free anyway so not going to contact them until after this has expired
HSBC CC/ Loan and O/D - They are yet to acknowlege receipt of CCCS paperwork so charges and interest being applied!
COOP Loan - Plan accepted, all charges and interest stopped for 1 year.

Living on a budget is difficult, but I find it invigorating at the same time. I only deal with cash now, and love the fact I have a bank Account (natwest basic) that is in the black (albeit it £3!!)

Good luck to one and all.

G1W