DMP & Mutual Support Thread - Part 8

Julie67

Forgot to ask, do Stepchange give you a dedicated advisor. I will need to let them know that the mortgage arrears will be paid off and last time I rang it took me twenty minutes to get through. My DMP hasn't started yet so not sure how it works.
Thanks again J x

gizmo111

Julie67 wrote: »

Morning all,

I feel strangely calm this morning. All the paperwork for the DMP will go off today which is a bit scary but also positive .
So our DMP starts in March but I have a dilemma.
We found out at the weekend that dh is due a tax refund of £1300. Which is great news but just not sure the best way to use it.
These are my thoughts
We are just under a month behind with the mortgage and have a payment plan in place to pay an extra £100 a month as part of our DMP thinking we should pay the arrears off straight away so an extra £100 a month can be directed towards the debt.
Put the rest to one side as an emergency fund as we don't have one
Or put the rest towards saving for a car as my crb should come through any day and I will need to get to work and back. Our income will increase a lot once I'm working and we should be debt free so much more quickly, but we can manage with dh dropping me off and picking me up although its not so convenient, even with the car costs we will have much more to throw at the debt every month.
What do you think, stick with one car for now?
What do you think? Thanks J x

Definitely get the mortgage arrears up to date, save the balance as an emergency fund. I'd save the extra £100 per month for now and see if you need a car once you start working, if not then the money you have saved could go to the debt and maybe even pay off a small one.

anxious2

Julie67 wrote:

We are just under a month behind with the mortgage and have a payment plan in place to pay an extra £100 a month as part of our DMP thinking we should pay the arrears off straight away so an extra £100 a month can be directed towards the debt.

This definitely what I would do. My biggest fear in all this is losing my home, I feel a bit like it's all we've got I am determined to protect my mortgage payments at all costs! What a nice little windfall to receive before this all starts though, whatever you decide to do with it

Thanks for the advice I received after my first post, I've just sent a list of questions off to Stepchange via email. I know it'd be quicker by phone, but I just know I'll get flustered/go off a tangent/forget the answers if I do that! My mind feels much clearer when I get it all down on 'paper'.

Quick question for you lovely people - I've opened a new bank account with the Co-op, and due to my pretty good credit rating (soon to be obliterated :rotfl:) I've had no problems getting accepted for their standard current account. Now, obviously I'll refuse any overdraft they try and give me, but will there be any other problems with me having a normal, rather than basic account? They won't close my account once I start getting defaults, will they? I did panic and open a Natwest Basic account at the weekend too, but I know they restrict you using pay at pump kiosks etc, and so I'd rather have a normal debit card if possible.

Also, I have an unsecured loan as part of my NRAM Together mortgage, which will be going in the DMP. Is this going to affect my mortgage in any way at all?

Again thank you so much for any help!

patator

Hi all,

Just a quick update; I now have £430 in my account for paying off my EDF monstrosity of an accidental arrears (and I'm still not speaking to EDF after this ridiculous debacle. Seriously; I'm not their friends any more!;)) Also, DMP has been set up with the first payment due on 01.03.13. I feel like a weight has been lifted, although I'm still in the process of cancelling things and changing things (which isn't particularly enjoyable), but I've actually been able to sleep at night again.

Can I just say, I was in such a panic about setting up the DMP; I have full anxiety attacks and HATE talking to people on the phone, but they have been so amazingly helpful! The process was very, very easy and I'd definitely recommend just taking the first step and getting in touch (and if you're like me, easily confused by numbers, the debt remedy online is brilliant as you can see what you're doing as you go along). I mentioned to them that I'm still trying to change my bank account, so they've even held off making an offer to Lloyds until I've finished switching (less likely that Lloyds will suddenly reduce my overdraft I guess!)

Just trying to set up a basic bank account somewhere and had a nasty surprise - I thought I'd do the online application for Halifax (no talking on the phone), got right through the process and then noticed, right at the very end of the forms...OH NO OWNED BY LLOYDS. Retreated pretty quickly after that. I have a roughly £2000 overdraft with Lloyds - after stories I've heard about them from others on here there's no way I'm banking anywhere they can get their claws in my cash! Now looking at the co-op; any stories, or can you recommend?

Hope you're all having a good day!

Freshstart2012

Hi

I had no problems setting up a Cashminder account with Co-Op and find that depositing cash at the Post Office makes life so much easier for me, as my nearest Co-Op branch is about 8 miles away.

Mossop01

Hi i have various creditors so i set up a 2 cashminder accounts at the co op. 1 is for DDs the other is a spending account. They were very helpfulabd friendly, if u open it in the bank be sure to take 2 forms of ID one and a utility bill, took about 10 days to get accounts set up with cards and online banking facility. My DMP also starts 01.03.2013! Ive already had 1 letter of acceptance with interest frozen just hoping the rest follow suit. Good luck!

Time_to_face_the_music

468 Lloyds TSB branches will be transferred to ownership of the Co-op bank later this year. There still seems to be no clear description of how debt to either bank will be handled, so I would be wary of the Co-op if I banked in one of the affected Lloyds TSB branches. Alist of which can be found here:

http://www.lloydstsbtransfer.com/documents/transferring_branches.pdf

It may all be perfectly ok but I just don't trust any bank now, so would rather be safe than sorry.

Time_to_face_the_music

Julie67 wrote: »

Forgot to ask, do Stepchange give you a dedicated advisor. I will need to let them know that the mortgage arrears will be paid off and last time I rang it took me twenty minutes to get through. My DMP hasn't started yet so not sure how it works.
Thanks again J x

CCCS never did, StepChange could be different so it's worth asking.

I always found it really slow to get through too and once asked the question why calls were free to prospective new customers but charged to their clients. I think they said you can email them and ask for a call back so it's worth asking about that too.

Mossop01

I dont have a designated advisor although as mentioned previously, i have found it somes easier to email unless i need immediate advice

Madgirl

Hi All

I've had confirmation today that my DMP has been set up....eek!

However had a set back on Friday as I couldn't open a new bank account as my photocard driving licence has expired and they wouldn't accept birth certificate or anything as ID. I was so upset. However I called SC and they were brilliant, advised me to stay with my current bank and they'd temporarily take them off the creditor list (as a health creditor? not sure if I heard that right) for 6 weeks or until I got the new bank account sorted as I have an overdraft to be part of the DMP.

They will just put the payment for the overdraft to one side for the first month and pay double the month after.

So, that's one bit done and hopefully I can get a bank account sorted soon. Just awaiting the calls and letters from my creditors now.....feel happier but nervous too.

Hope everyone else is doing ok.

Madgirl x