DMP & Mutual Support Thread - Part 8

Growurown

DaveK1971 wrote: »

Hi, thanks for the advice. Will make enquiries about the overpayments. If its possible to set up a new account whilst already on a DMP I will do but there is no way to stop my salary going in this month so will have to hope for the best and transfer the funds as soon as they go in.

I had to do this as OH's work didn't process the change of bank details and paid the salary into the old account. I went to the bank and drew out all the cash immediately. It was a bit nerve wracking:eek:

DaveK1971

Am going to have to go down that route. Just been to set up a co op account but they say it can take two weeks! Hard to work out which bank I'd be safe with.

Growurown

DaveK1971 wrote: »

Am going to have to go down that route. Just been to set up a co op account but they say it can take two weeks! Hard to work out which bank I'd be safe with.

Yes it is a bit of a minefield isn't it! Lots of people go with the Co op and they are only associated (according to the website ttftm suggested) with Britannia and Smile.

We went with First Direct as they are only linked to HSBC which we had never used and they gave us some money for joining. They have been pretty good although I have no doubts they would be just as nasty as everyone else if we got into difficulty with them. They also gave us a £500 overdraft which I was going to refuse but old habits die hard and I kept it as an only to be used in the most absolute emergency fund. I did have to use it when we had a huge bill on the car, plus I had to drop my DMP payment that month as well. I have paid it back now but it was really cheap and cost less than a pound a month in interest.

And yes before you all shout at me I know it is against the rules to have any credit on a DMP but it would have meant two months DMP payments being missed and they made enough fuss when I missed just one!

DaveK1971

Cheers. Just opened a nat west account. Any idea who they are related to? According to list it should be fine but list was wrong for the last account I was going to use. Thanks for all your help.

Freshstart2012

Hi

I've just done some research for you and discovered that Natwest are part of The RBS group as are the following companies
Royal Bank of Scotland
Ulster Bank
Citizens Bank
Charter One
Isle of Man Bank
Coutts (maybe HRH has a DMP lol)
Adam and Company
Lombard

Hopelessly_Hopeful

Afternoon DaMPers

I think you will be fine with Coop Dave. I find them ok as do most online anyway. I have a free OD too, re dmp rules - they dont always play fair rules with us so needs must. I used to be delighted with FD, have to say Coop not quite as good re telephone service and speed of showing transactions.

HHx

stupid-fool

DaveK1971 wrote: »

Hi,

At the end of first week of DMP and just recieved my first correspondence from StepChange saying that 3 creditors have refused the offers of payment (not heard about any others as yet). Whilst this has worried me a little I'm guessing it's normal and that I just have to pay the DMP and hope for the best. Weird though that the DMP payments have been rejected despite being a fair bit higher than what I'm contracted to pay!

One thing that has got me in a bit of a panic though is that my StepChange online account displays the full name of my creditors and I've suddenly realised that two of my credit cards look as though they are owned by the same company that I chose to open a bank account with for my DMP.

Is there a chance that when my salary goes in it could be somehow taken by the card companies or am I just overworrying things?!

Thanks.

I'm at a similar stage to you. My DMP was rejected by Lloyds TSB as they didn't see my overdraft as a problem because I was within limits. StepChange told me not to worry and they would just make their payments.

All of my direct debits switched to my safe account this week so I called Lloyds again with the intention of asking them to remove my OD facility on that account so it would go into default. I was informed that even without this, they had now accepted the DMP and were freezing charges and interest - initially for 6 months.

On the bank account front - my overdrawn account is still up and running and I can still use my debit card which is a bit strange. Lloyds approach is to simply reduce the limit on a monthly basis. I am still switching over to the safe account with First Direct just in case things deteriorate in the future, but you may be OK with your salary.

DaveK1971

Thanks again everyone. Been a manic day trying to sort stuff out. StepChange advised that the company I'm worried about don't usualy operate whatever the process is called where the can empty your bank if you have a debt with them but advised me to open a new account just in case. My preference would be co op but the application is so long winded, I went into a branch and they gave me a phone number. I rang and they are sending me a form which I have to fill in and send back. They'll then send me a reference number in the post which I go into a branch with along with ID. When that gets posted off the application will be complete and the card will come through the post... 2-3 weeks in all the guy said. I've requested a form but then went to nat west who have given me an account number etc and told me a card should be issued soon. They did say though that head office have to approve every application so its not definite yet. Nothing I can do about salary going into what I thought was going to be my new bank just going to have to hope nothing bad happens and transfer it to my wifes account as soon as I'm paid then into new account when its ready. Pain having to cancel all the direct debits I've just set up but better safe than sorry I guess. Can't go with first direct as I owe them money. Banked with them for years and would recommend them even if they've not exactly been the most responsible of lenders before the credit crunch. Thanks again everyone, not sure how I'd cope without this site.

Hopelessly_Hopeful

DaveK1971 wrote: »

Thanks again everyone. Been a manic day trying to sort stuff out. StepChange advised that the company I'm worried about don't usualy operate whatever the process is called where the can empty your bank if you have a debt with them but advised me to open a new account just in case. My preference would be co op but the application is so long winded, I went into a branch and they gave me a phone number. I rang and they are sending me a form which I have to fill in and send back. They'll then send me a reference number in the post which I go into a branch with along with ID. When that gets posted off the application will be complete and the card will come through the post... 2-3 weeks in all the guy said. I've requested a form but then went to nat west who have given me an account number etc and told me a card should be issued soon. They did say though that head office have to approve every application so its not definite yet. Nothing I can do about salary going into what I thought was going to be my new bank just going to have to hope nothing bad happens and transfer it to my wifes account as soon as I'm paid then into new account when its ready. Pain having to cancel all the direct debits I've just set up but better safe than sorry I guess. Can't go with first direct as I owe them money. Banked with them for years and would recommend them even if they've not exactly been the most responsible of lenders before the credit crunch. Thanks again everyone, not sure how I'd cope without this site.

I applied for a standard coop account on the Saturday, bank account was open by the Wednesday so it can be done. The cashminder accounts take longer I believe.

Hope you get it sorted.

HHx

Growurown

An ideal present for a member of the geek club don't you think?