DMP & Mutual Support Thread - Part 9

hopperson

duckie193 wrote: »

I am with PayPlan as well and I am a year into the plan - getting a new bank account was really easy I went with the Co-op and got a basic account without an overdraft, all DD set up & salaries go into it, no problems

The only word of caution I would have is the timescale that they calculate your plan to be finished by as this is based on interest & charges being frozen but I haven't found them very proactive at trying to achieve this.

They state that I will be clear in a total of 5 years but due to interest / charges not been frozen it is going to be over 12 years realistically and that is me annoying the hell ot of them to keep on at my creditors.

Good luck
Mags

Thanks Mags - My debts come to around £8,000, which I know compared with many on here is not a great deal. My creditors are Barclaycard, Argos card and Santander (the overdraft).

I'll be happy to pay it off in 5 years...

duckie193

hopperson wrote: »

Thanks Mags - My debts come to around £8,000, which I know compared with many on here is not a great deal. My creditors are Barclaycard, Argos card and Santander (the overdraft).

I'll be happy to pay it off in 5 years...

Well done for dealing with your debts just now before they become any bigger....even although I am having some issues with my DMP it was the best thing I ever did and I am looking forward to the day I will be debt free.

hopperson

Growurown wrote: »

We are! Welcome to the DMP support thread Sam.



We had an Asda card which is Santander. We owed approx £700 on it and they stopped interest and haven't been any problem since we started our DMP 2 years ago. I don't know how they would treat larger debts but hopefully it will be the same for you.

I never know Argos card was owned/administered by Santander! I have a £1,000 OD with Santander , and a £1,000 balance with Argos...

duckie193

antonic wrote: »

If you choose to do this and Payplan find out, they *may* terminate the DMP and ask you to find another DMP provider.

This is because when you complete the Income & Expenditure form for them you are stating that this is a true statement of means.

I have recently completed a 90 month DMP with Payplan, and my I&E details may not have been strictly accurate, BUT neither did I outrageously lie.

When you signed up for your DMP you should have known what it entailed, but I can tell you that at the end of it you will feel proud of yourself for paying off your debts and relieved because all of your money is your own.

Hope this helps.

Can I ask advise on doing O/T.

I am a year into my plan and in the year I have changed my shifts from nights to days which have resulted in a drop in wage that is getting cushioned over the next 3 year years.
I am now getting the opportunity of O/T and have been "hammering" it over the past few months and its made a difference but due to the temporary nature of the O/T and the fact its knackering me I don't think I will be doing as much in the future, I haven't been declaring this - would this get me in trouble with the DMP - what is the view on O/T does anyone able to give advice on this.

Mags

kirstylanarkshire

duckie193 wrote: »

Can I ask advise on doing O/T.

I am a year into my plan and in the year I have changed my shifts from nights to days which have resulted in a drop in wage that is getting cushioned over the next 3 year years.
I am now getting the opportunity of O/T and have been "hammering" it over the past few months and its made a difference but due to the temporary nature of the O/T and the fact its knackering me I don't think I will be doing as much in the future, I haven't been declaring this - would this get me in trouble with the DMP - what is the view on O/T does anyone able to give advice on this.

Mags

When I spoke to stepchange last week I asked about o/t they said that they dont take it in to consideration because its not a stable thing. I just had to give what my basic wage was. Hope that helps xx

duckie193

kirstylanarkshire wrote: »

When I spoke to stepchange last week I asked about o/t they said that they dont take it in to consideration because its not a stable thing. I just had to give what my basic wage was. Hope that helps xx

Thanks for this, I imagine all companies will be the same.
The O/T has been great but part of me is panicking as to how I will manage when it dries up as at the moment its not that it is surplus money - oh dear.

Growurown

Puzzcat wrote: »

And I though I was so organised....

I have a current account with Natwest (od,loan and cc) will all go in the dmp. I am keeping these all up to date until i'm ready to swap salaries etc..

However, I also have a RBS cc which I was planning on sending a token payment to this month with my letter and SC ref number etc.. But RBS and Natwest are linked and now I'm not sure about not paying RBS this month, I can scrape it together but it will be a struggle... I just don't want Natwest getting wind of anything before I've managed to close joint account/swap all dd's and move salaries....

Anyone got any thoughts??? Pretty Please....:)

Hi Puzzcat, howabout you pay RBS a token amount, oh I don't know about a tenner rather than the standard pound and don't send the letter telling them what you are doing until the account and salaries are sorted. You will get phone calls but just fob them off for a bit, make an excuse about a big bill coming in you had to pay. Say you'll sort things out asap and that should buy you some time.

Growurown

hometime1 wrote: »

Hi long term poster different username
I have a moral dilemma we are paying our debts at £900 per month through Payplan this leaves us very tight with no room for manouvere now i may have the chance of a job this would make life easier for us and allow us to have a little more freedom if i decide not to tell payplan what would be the consequences of this? I do want to pay the debts and we are doing for the last 2 years but i would like a little more freedom am i bad person for thinking this?

There is a risk as others have mentioned but I have not been asked to provide evidence of income since the start of my DMP with Step Change although Payplan may be different. Yes it would be untruthful to not to tell them about the salary increase but if they never ask for evidence how will they know?

PS no you are not a bad person!

Growurown

hopperson wrote: »

I never know Argos card was owned/administered by Santander! I have a £1,000 OD with Santander , and a £1,000 balance with Argos...

No hopperson ASDA card not Argos!:)

mikee31

I am about to start a DMP as things have got out of hand, particularly the Payday loans. I am worried about the Continuous Payments.

If I was to switch my bank account, presumably the CPA's arent transferred like Direct Debits? Plus how long would it take for my new account to be setup?

Further, would it complicate/delay matters if I was to add my partner to the new account? She currently has a separate account but will likely be joining the DMP with me.