DMP & Mutual Support Thread - Part 9

Growurown

I found this which may help newbies decide which new bank account they should or shouldn't go for.


http://www.fsa.gov.uk/Pages/consumerinformation/uk_groups/index.shtml

Julie67

Coco loco I was exactly where you are a couple of weeks ago and I've got to say it was a very difficult decision going down the DMP route but even though we are only just starting I feel as though its the right decision. I've slept so much better since we pulled our heads out of the sand and actually acknowledged that we couldn't manage living like that much longer. You couldn't be in a better place for advice and support. Good luck

So things have started to move forward. SC rang today just to confirm some budget details and are ready to write to our creditors informing them of the DMP:eek:
They said our DMP should start on 1st March and that we would get a pack through confirming this along with our log in details so we can keep an eye on things.
After following the advice on here I have set up a spread sheet with all our creditors and the interest rates and amounts owing. That way if they don't freeze interest straight away I can keep the actual totals of what we owe, although I am planning on fighting anyone who refuses. Just a couple of letters today from creditors saying our payments are overdue but nothing heavy yet.
I'm scared but so much more positive about the future:)

Mossop01

Hi julie, i think we are probably both at the same stage, our DMP dtarts first march also and our debts are around same mark as urs. Letters have started to come through here too, some worrying others quite positive though.
Like u im determined to fight as hard as i can to get interest frozen! Its my new aim in life (apart from sticking to my budget to within an inch of its life!)
Good luck

anxious2

Hi all, haven't really posted since I introduced myself! Coming on here really boosts my determination, so I will try harder to get involved We have been pretty busy, opening new accounts, gathering information etc. but up till now, nothing has been official, creditors are all expecting to be paid as usual at the end of the month. However, we have everything up together and scanned, and are ready to finally pull the trigger on the email to SC tomorrow, telling them we want go ahead...:eek: I feel sick!

Letters to creditors also need to go out, but I'm not entirely sure what the best way to make token payments is? We pay NRAM by standing order, so I was planning to just adjust the amount we are sending, but what about the rest? Is it ok to send cheques, or should I not really be giving my bank details to them? I'd love to hear what others have done.

Just a little positive - we now have a savings account for the first time in our lives! And it already has £200 in it This will ultimately go into the DMP as a lump sum further down the road, unless needed for emergencies, but it will be very satisfying watching this little pot of cash (hopefully) grow!

Julie67

Anxious2 I sent cheques for the token payments. I know some people make online payments or send postal orders, I think any way is fine.

Mossop yes I think we are at the same stage. Hopefully we can support each other to get through these early stages. I'm looking forward to the time when everything is set up and it becomes the norm and we can see the totals reducing. I can't wait to amend my signature.:D

Hopelessly_Hopeful

anxious2 wrote: »

Hi all, haven't really posted since I introduced myself! Coming on here really boosts my determination, so I will try harder to get involved We have been pretty busy, opening new accounts, gathering information etc. but up till now, nothing has been official, creditors are all expecting to be paid as usual at the end of the month. However, we have everything up together and scanned, and are ready to finally pull the trigger on the email to SC tomorrow, telling them we want go ahead...:eek: I feel sick!

Letters to creditors also need to go out, but I'm not entirely sure what the best way to make token payments is? We pay NRAM by standing order, so I was planning to just adjust the amount we are sending, but what about the rest? Is it ok to send cheques, or should I not really be giving my bank details to them? I'd love to hear what others have done.

Just a little positive - we now have a savings account for the first time in our lives! And it already has £200 in it This will ultimately go into the DMP as a lump sum further down the road, unless needed for emergencies, but it will be very satisfying watching this little pot of cash (hopefully) grow!

Hi

Well done on emergency fund

Its usual to have a rollercoaster. You have taken the hardest decision. Onwards and upwards from here.

I did POs. Peope advise against cheques as some unscrupulous creditors use the signatures to forge CCAs and in some situations people choose to challenge the enforceability. As Mrs TTFTM said its relatively easy to transfer the money with online banking. Not sure why I didnt think of that at the time!!!!

Go for it and welcome to your new chapter.

HHx

fifitrixiejane

Time_to_face_the_music wrote: »

Does this account have an OD which is included in your DMP? If so, you should have taken everything out that you could immediately and transferred it into your new safe account.

It sounds like the bank are calling in the OD, which is ok if it's included in your DMP. They will probably default you but an early default can be a good thing as it starts the default clock ticking quickly.

Make sure you get it in writing from your work that your salary this month will go in your new account. Once this account is closed, you will not be able to access it at all.

Yes, my old bank, Barclays was included in my DMP, which is why the sudden Termintion notice I guess!
I tried to take my money out, but I wasn't quite quick enough for all of it! I was already £110 over my overdraft, so that went then the last £100 I couldn't get, not a brilliant start as I'm now £210 down straight away.

My DMP direct debit doesn't start until March, not sure why it takes STepchange so long to set up. I'm gonna have to ring them tomorro to pay this month payment via debit card with my new bank account, shame I can't just start from next month now!

Oh well..next month, all being well, I should start seein an improvement. I'm also going to ring the wages department tomorro to make sure my pay goes where it should.

anxious2

Thanks Julie and HH for the advice. Our creditors are all high street lenders (Barclaycard, Halifax, MBNA, Santander and NRAM), so I can't imagine there would be any dodgy goings on, but I'll look into the online payments first, I think.

OH and I had a bit of a heart to heart tonight. Up till now, he has taken total responsibility of the household finances. He is brilliant at it, with all his spreadsheets etc. I hate thinking about money, so am ashamed to admit I don't even know what comes out of my own bank account. This HAS to change, I am certain this is one of the reasons we are in this mess. I need to start taking responsibility of my finances. If something happened to him tomorrow, I wouldn't have a clue about any of the bills So I have been grilling him on what comes out when, what can be saved, where his money goes etc. and he told me tonight that he thinks I don't trust him. This couldn't be further from the truth, it is only thanks to his budgeting skills that we've survived for this long! I think I have managed to put his mind at rest though, I need to grow up financially, and it is no reflection on him. I am glad we are talking about all this, I feel like we're facing up to it together. An emotional rollercoaster is right though, my feelings go from positive to negative almost hourly at the moment!

Hopelessly_Hopeful

fifitrixiejane wrote: »

Yes, my old bank, Barclays was included in my DMP, which is why the sudden Termintion notice I guess!
I tried to take my money out, but I wasn't quite quick enough for all of it! I was already £110 over my overdraft, so that went then the last £100 I couldn't get, not a brilliant start as I'm now £210 down straight away.

My DMP direct debit doesn't start until March, not sure why it takes STepchange so long to set up. I'm gonna have to ring them tomorro to pay this month payment via debit card with my new bank account, shame I can't just start from next month now!

Oh well..next month, all being well, I should start seein an improvement. I'm also going to ring the wages department tomorro to make sure my pay goes where it should.

Have you considered reducing your SC contribution by £210. You dont want to start off struggling it can be challenging enough. I know theres a huge sense of relief as start up but the changes need to be sustainable if they are going to work. You dont have the flexibility in the budget to always be playing catch up.

Good luck whatever you decide.

HHx

Hopelessly_Hopeful

anxious2 wrote: »

Thanks Julie and HH for the advice. Our creditors are all high street lenders (Barclaycard, Halifax, MBNA, Santander and NRAM), so I can't imagine there would be any dodgy goings on, but I'll look into the online payments first, I think.

OH and I had a bit of a heart to heart tonight. Up till now, he has taken total responsibility of the household finances. He is brilliant at it, with all his spreadsheets etc. I hate thinking about money, so am ashamed to admit I don't even know what comes out of my own bank account. This HAS to change, I am certain this is one of the reasons we are in this mess. I need to start taking responsibility of my finances. If something happened to him tomorrow, I wouldn't have a clue about any of the bills So I have been grilling him on what comes out when, what can be saved, where his money goes etc. and he told me tonight that he thinks I don't trust him. This couldn't be further from the truth, it is only thanks to his budgeting skills that we've survived for this long! I think I have managed to put his mind at rest though, I need to grow up financially, and it is no reflection on him. I am glad we are talking about all this, I feel like we're facing up to it together. An emotional rollercoaster is right though, my feelings go from positive to negative almost hourly at the moment!

Keep reinforcing the positives. I'm hopelessly hopeful and do believe in positive thinking. Remember men are from mars, he will blame himself no doubt. Sounds like once you are over this you are in a lucky position. Is your OH online? I took a few days to read the DMP pages from start to finish, learnt sooooooooooooooooooooo much. Worth a thought.

HHx