DMP & Mutual Support Thread - Part 9

Growurown

Puzzcat wrote: »

Hi,

Thanks Jubille and Catandy for your replies, I shall store that information away for future use!!

Have today posted off my pack to SC for a Novemeber start up, I need to get the brakes on my car sorted next month so am going for a delayed start.

I'm definately not doing a sprint, and don't think a marathon either.. I will call it a slow jog.. It took me 20+ years to get this debt, anytime less than that to get rid of it is a bonus!!!

I am prepared as I can be for my dmp to start... let the games commence...:)

On a very positive note I've worked to the budget for the month of September and am still in credit with payday tomorrow.. only a little credit mind, enough to buy a small round of :beer: for you all for helping....

So now I've posted my information can I be a proper member of the club...:D

Love Puzz. x

Well done Puzzcat:D

We are doing a slow jog too. We could have paid things off quicker but I knew we would be really miserable with that option. Things are OK this way, we feel we have a life if somewhat limited, but it can be hard going when you get those big car bills in!

annoyedwithHSBC

I am just entering into a DMP with Payplan to clear lots of idiotic payday loan debt (what an idiot I am).

They have been great so far but one question I couldn't really get an answer for was the following (if anyone could try and help that would be great):

My payday is Monday, the main reason I bit the bullet and rang payplan was because I worked out in Excel that I would be paying more than I earn for the next two months if I kept up with all payments. I still have a few things to finalise (getting account numbers and exact balances) before I am placed on this DMP and I am really unsure/worried about what to do on Monday. Someone has suggested 'losing my card' but is there another way? FYI the bank that my pay goes into and all my payments go out of is part of the plan :-S (overdraft of £2000). I am unsure about ringing them up and trying to cancel CPA because they might get wind of my DMP and lower my overdraft on Monday to make sure they get what they are owed (this seems unlikely I guess).

I should have begun this process about 2 weeks ago and I would be fine but I am an idiot.

Any help greatly welcomed.

*Foolish*

annoyedwithHSBC wrote: »

I am just entering into a DMP with Payplan to clear lots of idiotic payday loan debt (what an idiot I am).

They have been great so far but one question I couldn't really get an answer for was the following (if anyone could try and help that would be great):

My payday is Monday, the main reason I bit the bullet and rang payplan was because I worked out in Excel that I would be paying more than I earn for the next two months if I kept up with all payments. I still have a few things to finalise (getting account numbers and exact balances) before I am placed on this DMP and I am really unsure/worried about what to do on Monday. Someone has suggested 'losing my card' but is there another way? FYI the bank that my pay goes into and all my payments go out of is part of the plan :-S (overdraft of £2000). I am unsure about ringing them up and trying to cancel CPA because they might get wind of my DMP and lower my overdraft on Monday to make sure they get what they are owed (this seems unlikely I guess).

I should have begun this process about 2 weeks ago and I would be fine but I am an idiot.

Any help greatly welcomed.

The bank won't get wind of your DMP, I would ring them to cancel the CPA, although in writing is better, but due to the time it'll have to be a phone call. Once they have been informed, any payments made should be refunded by the bank.
Is there any chance you can try and open a new bank account now? Do you have any debts with Nat West/RBS? I know that you are able to open bank accounts online with them that are ready for instant use. Then, you would have to, if feasible, as soon as your pay goes in, transfer it straight back out again to your new account. There's been many of us wait up until after midnight to transfer funds before the PDL vultures took it all! I think they usually apply for payment around 5am. If you're not able to get a new bank account in time, is there anyone you can trust, family member/close friend, that you could transfer your money to?

annoyedwithHSBC

*Foolish* wrote: »

The bank won't get wind of your DMP, I would ring them to cancel the CPA, although in writing is better, but due to the time it'll have to be a phone call. Once they have been informed, any payments made should be refunded by the bank.
Is there any chance you can try and open a new bank account now? Do you have any debts with Nat West/RBS? I know that you are able to open bank accounts online with them that are ready for instant use. Then, you would have to, if feasible, as soon as your pay goes in, transfer it straight back out again to your new account. There's been many of us wait up until after midnight to transfer funds before the PDL vultures took it all! I think they usually apply for payment around 5am. If you're not able to get a new bank account in time, is there anyone you can trust, family member/close friend, that you could transfer your money to?

Hi, thanks for your response, I have an HSBC account and have transfer my wage to that for next month. Yeah, I was thinking I will just have to stay up and transfer it across. I will see what payplan say tomorrow. I have just provided them with as many of my account/agreement numbers as i could find so fingers crossed I will be talking to someone else tomorrow who might give me more advice on the CPA thing.

Do you think I should just outright tell the payday loan people (after I have done it obviously ) that I am working on a DMP with payplan and that I will be removing CPA? I doubt payplan will kick anything off until Monday now really so I need a plan for that.

Thanks

Evan

*Foolish*

annoyedwithHSBC wrote: »

Hi, thanks for your response, I have an HSBC account and have transfer my wage to that for next month. Yeah, I was thinking I will just have to stay up and transfer it across. I will see what payplan say tomorrow. I have just provided them with as many of my account/agreement numbers as i could find so fingers crossed I will be talking to someone else tomorrow who might give me more advice on the CPA thing.

Do you think I should just outright tell the payday loan people (after I have done it obviously ) that I am working on a DMP with payplan and that I will be removing CPA? I doubt payplan will kick anything off until Monday now really so I need a plan for that.

Thanks

Evan

No harm in telling them once you know you are sorted and they can't take funds. Many of them are helpful and state that they will freeze interest and charges for a certain amount of time until they hear from your DMP provider.

Edited to add: don't tell them that you will be removing the CPA tell them that you ARE removing the CPA and you no longer authorise them to use it and your bank has also been instructed.

danidav88

*Foolish* wrote: »

No harm in telling them once you know you are sorted and they can't take funds. Many of them are helpful and state that they will freeze interest and charges for a certain amount of time until they hear from your DMP provider.

Edited to add: don't tell them that you will be removing the CPA tell them that you ARE removing the CPA and you no longer authorise them to use it and your bank has also been instructed.

We had a similar situation and we cancelled our cards as payplan advised this plus I heard too many things about the CPA not being removed properly. All you need to do is give your payplan reference number and explain your situation. Some companies will keep trying to take payments even though you have told them. It is only when they hear back from payplan that they stop the annoying texts and emails. We made our first payment on the 29th August and all payments have now been processed. Payplan will not send payments or contact your bank accounts until you have confirmation that your wages will be going into a new account.

It's a really stressful time but now we are a month on the relief is massive! Other half pay came in on 15th and mine today and for the first time in years we actually had money in the account when I got paid!! Small things

Hope this helps.

Danielle

annoyedwithHSBC

danidav88 wrote: »

We had a similar situation and we cancelled our cards as payplan advised this plus I heard too many things about the CPA not being removed properly. All you need to do is give your payplan reference number and explain your situation. Some companies will keep trying to take payments even though you have told them. It is only when they hear back from payplan that they stop the annoying texts and emails. We made our first payment on the 29th August and all payments have now been processed. Payplan will not send payments or contact your bank accounts until you have confirmation that your wages will be going into a new account.

It's a really stressful time but now we are a month on the relief is massive! Other half pay came in on 15th and mine today and for the first time in years we actually had money in the account when I got paid!! Small things

Hope this helps.

Danielle

This is all I want, to be able to live my life and pay back my debts, hopefully it will work out.

Just rang Nationwide to instruct them to cancel CPA and got the usual resistance, politely told the girl that she wasn't telling me the truth and asked to speak to a manager. She came back and said she would have to talk to the Visa Dispute team and then phoned me back about 5 mins later saying it was sorted and that any payments that are taken will be refunded on the same day. I just downloaded an app that records my calls (not particularly good at their end) so I do have all of this recorded on my phone too just to make sure I don't get stung.

Now I am going to email the lenders and instruct them that CPA has been removed and that I am working with payplan and will be in touch.

Still very tempted to get up at 3am on monday to transfer my pay to my other account just in case.

*Foolish*

annoyedwithHSBC wrote: »

Still very tempted to get up at 3am on monday to transfer my pay to my other account just in case.

As much as a bind this may be, I would still do this, just to be on the safe side. It's gonna be the first and last time you're ever going to have to do it.

Well done for sticking to your guns with Nationwide. Good luck on your debt free journey.

anywayout

Hi

Everything seems to be going ok (touch wood!) And my first payment to stepchange is due tomorrow. Does anyone have their bank account details or know if I call them can I pay over the phone by debit card? Ive set up a dd ready for next month from my new account :-)

Thanks xx

Thamesmeadhammer

bearing in mind I spoke to Barclaycard and informed them of my impending DMP and they are on my debts list, I spoke to them again today and they have no record of the first conversation or my DMP number and it was news to them!
Left hand don't knowing what right is doing lol!
Shopped today without the need of using a credit card and stuck (well nearly) to the weekly food shop budget only went over by £3. Minus £3 next week shop!