Co-op Cashminder

Earthmother_2

Hi all

We have decided to go with the Co-op Cashminder account as we are setting up our DMP. We are going to do it over the phone, I was wondering do we have to send off documents (ID etc) through the post, and how long does it usually take to get set up and working?

We get paid on the 15th and I think we won't be able to get DH's wages shifted over in time. We bank with Lloyds and have a loan with them, the payment automatically come out on payday. I will try and cancel the DD but I'm sure I read on here somewhere before that LLoyds just reinstated it?

monday_blues

Hi Earthmother, I phoned coop last week and done the application over the phone, the woman said she would post out the card and a payment book too, not sure about id - i certainly havent sent anything yet.

How do you feel about the dmp? I am just off the phone having done the cccs interview and they recommended either dmp or das (scotland) - really frightened? especially of our credit rating in the future and our property which is mortgaged, i dont want anything to happen to that?

Earthmother_2

Thanks for the reply. I filled in the online DMP thing with CCCS and printed off the pack. I have to fill in and sign the direct debit form but can't do that until I have the new bank account set up. I am really nervous about it all to be honest. We too have a mortgage and that is with C&G through Lloyds. We are in a mess all our debt is with them as well as our bank account. When we went to them before saying we had too much on and were struggling to manage they just threw more credit at us and stupidly we took it

I'm not so worried about our credit rating, it's the threatening letters/calls I am worried about. Also what if the boiler breaks or something. We don't have any money in reserve and it will take time to save an emergency fund. This month we can avoid paying the credit card and send a token amount, but I can't avoid paying the loan I don't think. Another thing that worries me is what if the mortgage payment goes up. At the moment we are paying a variable rate and if interest goes up we won't be in a position to negotiate a better deal and will be stuffed.

Mistibee

when I set my co-op cashminder acc up last year I didnt need to send any documents thru, I had my card and paying in book within a week. Have just used their switching service to set up D/debits and my wages in my account as im closing my Nationwide flex acc as I have a large credit card debt with them, and wont be able to pay the full amount.It took them about 3 weeks to sort it all for me, and even sent me the form to send to N'wide to close my acc. They have been really helpful over the phone, much more professional than N'wide ever were with me. Dont know anything about Lloyds just taking your loan payment even if u cancel D/debit ? sorry. Hopefully someone else may be able to help u out with that one.Good luck with your debt journey.

little_miss_T

i just wanted to add that i have been with coop bank for 4 years and they have been the best bank ever.. i was with lloyds and natwest before that.. i have never had any charges, they are helpful on the phone, and i would recommend them to anyone xx

Earthmother_2

Thanks. We have just come off the phone with them and they were brilliant. Really friendly and helpful and not in a foreign call centre!
They are going to send a form out for us to sign and once thats done, we will have our new account.

scared-sick

Earthmother wrote: »

Thanks. We have just come off the phone with them and they were brilliant. Really friendly and helpful and not in a foreign call centre!
They are going to send a form out for us to sign and once thats done, we will have our new account.

Glad that has gone well for you earthmother!

I have just managed to set my new account up too...with Natwest. Cant use the coop at they are a creditor!

I hope Natwest are ok. Then again with no overdraft and no creditcards, just a simple money in, direct debits out type of account, they cant go far wrong....can they?

I am really worried about the switching service though. What if my direct debits get switched before my pay goes in etc? Did any of you get any advice on how this works?....Im a bit worried its all going to go horribly wrong!

Rochdale_Guy

Is your account set-up and in use yet Earthmother?

Earthmother_2

I've just had the form through the post to sign, I returned it Saturday. Just need to wait to get my details through so I can shift over my direct debits and get wages etc paid into it.

Rochdale_Guy

I opened my account in person last Tuesday dinner, nothing through the post yet

I asked them to transfer my direct debits, and had a text Saturday morning saying they had requested a list from my current bank.

I just need the account number and sort code for the payroll department, don't think it's gonna happen in time as it's the 6th today and I get paid on the 15th

Worried as the first lot of direct debits start coming out the 15 & 16th too

Not credit card or the car loan ones though which I cancelled.

Earthmother_2

We get paid on the 15th too. I know ours won't happen in time. I'm ok with teh credit card as I pay that by transfer, but I don't think I will get away with cancelling the loan DD, as I have read on here that the bank will just reinstate it and take the money anyway as it is with Lloyds and I bank with them.

I'm worried because people seem to have a couple of months of token payments to build up a little safety net and I don't think I will be able to do that, so if anything breaks down I am stuffed.