DMP & Mutual Support Thread - Part 9
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Hi,
Very new to all this but I have just filled in the debt remedy tool on Stepchange, DMP hopefully, as we can't go on with these debts, but not sure of the order of doing things, should I be looking at setting up a new bank account now and transferring the wages in there or waiting for what they say.
Thanks any advise would be great.0 -
I'm in the process of trying to set everything up myself so not really best placed to advise. However I have read this thread (and the previous few) on and off for a good year or so and feel quite confident in saying that if you are thinking a DMP is right for you then yes you will need to set up another bank account.
You'll need to make sure that the bank you choose is not connected in any way with your current creditors, i.e. not a bank within the same banking group as someone you have debt with etc.
You don't have to wait to do this before speaking to StepChange. Give them a ring and have a chat. I was really surprised just how easy going the initial conversation was with them and they were really helpful.
My personal problem is trying to get time to get in to a branch to get an account set up but I am on a mission to get it done in the next day or two.
There are loads of really knowledgeable and helpful people on here so stick around and you'll be fine.
Good luck!!
DM0 -
Hi,
Very new to all this but I have just filled in the debt remedy tool on Stepchange, DMP hopefully, as we can't go on with these debts, but not sure of the order of doing things, should I be looking at setting up a new bank account now and transferring the wages in there or waiting for what they say.
Thanks any advise would be great.
Yeah I'd definitely get the ball rolling with a new bank account and sorting your wages to go into it. If you have no ties with NatWest/RBS then it's possible to open a bank account with them online and it will be able to use that same day. I did that with their basic account as I did not think I'd be accepted for their select account. However after a couple of months of not budgeting well with only one account (I was used to one account for bills and one for spends!) I applied to open a select account and was immediately accepted (very surprising after the state of my credit report!) I chose the select account instead of the basic for my second account as it meant I could withdraw cash anywhere and not just post office/Nat West/rbs.First DMP payment 10/06/13
Debt Free approx Jan 2018
Starting debt: £50,013 :eek::eek:
Current debt £39,128.41
:eek:0 -
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
Well done
Yes can do that or internet banking. I like quick audit trails so Id do internet.
HHx0 -
Thamesmeadhammer wrote: »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!
Welcome
Frustrating isn't it. Still you know it's normal that's why we always say have it in writing and get recorded delivery in early days.
Good call on food shop.
HHx0 -
Hi,
Very new to all this but I have just filled in the debt remedy tool on Stepchange, DMP hopefully, as we can't go on with these debts, but not sure of the order of doing things, should I be looking at setting up a new bank account now and transferring the wages in there or waiting for what they say.
Thanks any advise would be great.
Hi and welcome
Do you have any debt with the bank? If so yes set up new account.
Good luck
HHx0 -
DebtMagnet wrote: »I'm in the process of trying to set everything up myself so not really best placed to advise. However I have read this thread (and the previous few) on and off for a good year or so and feel quite confident in saying that if you are thinking a DMP is right for you then yes you will need to set up another bank account.
You'll need to make sure that the bank you choose is not connected in any way with your current creditors, i.e. not a bank within the same banking group as someone you have debt with etc.
You don't have to wait to do this before speaking to StepChange. Give them a ring and have a chat. I was really surprised just how easy going the initial conversation was with them and they were really helpful.
My personal problem is trying to get time to get in to a branch to get an account set up but I am on a mission to get it done in the next day or two.
There are loads of really knowledgeable and helpful people on here so stick around and you'll be fine.
Good luck!!
DM
Everyone has something to give even its moral support when they don't feel able to give practical advice. You'd be surprised how much valid practical advice people can give straight from the start. Also some of us old timers don't have recent experience so please don't let people be put off contributing. Infact what these threads need is people contributing to keep it going for a long time for the benefit of others as we have had
HHx0 -
Thanks for the replies, its really nice to know you're not alone.
I will get on to setting up a new account today I was looking at the Cashminder in th Co-op foes anyone know if this is any good.
I have a couple of questions that are probably obvious so apologies in advance but hopefully someone will know the answer;
When you open up the new account and have my wages put in do I immediately switch council tax and electricity and similar to there?
Also I have a credit card debt with the Halifax but my childrens savings accounts from birthdays and Christmas etc are there are they likely to touch those to pay some of my debt?
The other one is I am on my Mums savings account in the Halifax, just incaase she's poorly or something and needs me to get her money for her, should I get her to take me off the account before I start the DMP.
thanks again for listening, well reading.
Mojo0 -
Thanks for the replies, its really nice to know you're not alone.
I will get on to setting up a new account today I was looking at the Cashminder in th Co-op foes anyone know if this is any good.
I have a couple of questions that are probably obvious so apologies in advance but hopefully someone will know the answer;
When you open up the new account and have my wages put in do I immediately switch council tax and electricity and similar to there?
Also I have a credit card debt with the Halifax but my childrens savings accounts from birthdays and Christmas etc are there are they likely to touch those to pay some of my debt?
The other one is I am on my Mums savings account in the Halifax, just incaase she's poorly or something and needs me to get her money for her, should I get her to take me off the account before I start the DMP.
thanks again for listening, well reading.
Mojo
With regards to the co op cash minder, we have found everything really easy but it does take a while for payments to show up on our accounts. We have been keeping a spending log so we know what has gone off and what hasn't. We are going to use cash this month so we know what's in our account. It also takes a while for direct debits to set up but that would be the same with any account you get. Be glad when it's all sorted lol hope this helps
Danielle0 -
When you open up the new account and have my wages put in do I immediately switch council tax and electricity and similar to there?
This can be a bit of a juggling act because you need to make sure you have funds in the account to cover your bills, direct debits etc. I would start moving stuff over as quickly as possible, but you will need to keep an eye on it until everything is switched. Some banks will do it all for you.Also I have a credit card debt with the Halifax but my childrens savings accounts from birthdays and Christmas etc are there are they likely to touch those to pay some of my debt?
The other one is I am on my Mums savings account in the Halifax, just incaase she's poorly or something and needs me to get her money for her, should I get her to take me off the account before I start the DMP.
If the accounts aren't in your name then they shouldn't be able to touch them, even though you may be a signatory on them.DMP Mutual Support Thread No. 421
Debt free date 25/11/2015 - Made It!0
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