DMP & Mutual Support Thread - Part 9

Monkeyballs

Hi Coinmachine,

Looks like you have everything in place there will likely be some hiccups along the way to start with but should be temporary blips now you have a Step Change DMP ref to quote to them...

With regards to the creditor who keeps calling, I would actually answer one call in which you start by asking for the persons full name (make sure to be writing this down at the time with date and time) and state that you are entering into a DMP with Step Change, the DMP ref, Step Change's contact number and state that you want all future contact to be in writing as further calls will be documented as it is harassment.

I seem to remember there being something on the SC website and/or docs they sent to you about managing harassment and what to do about it

Good luck, and keep posting!

MB

Monkeyballs

Wahoo!

I just got an email from Vanquis informing my statement is available to view online...

YES! First time since entering my DMP that the balance is under the credit limit!!!

It's great seeing the overall debt going down but it's equally satisfying seeing individual debts going down like this

MB

Pickle29

Re - emergency funds and DMP
Hi everyone,
I am on a DMP (3 months in and a long way to go) and I am trying to build up an emergency fund as I have no savings and no credit if I have problems with the car or the oven goes wrong or something!

What do other people do? Do you leave some money in your current basic account as a cushion for the unexpected?
Or

Do you put any spare cash into a savings account
Or
Or do you withdraw the cash and save it home in a tin or something?

For example if we don't spend all our food budget one week and the small misc amount we are allowed from our budget from stepchange

I know it's a basic question but I really need to build up some funds and don't know the best /safest way of doing it
Thanks

Growurown

Pickle29 wrote: »

Re - emergency funds and DMP
Hi everyone,
I am on a DMP (3 months in and a long way to go) and I am trying to build up an emergency fund as I have no savings and no credit if I have problems with the car or the oven goes wrong or something!

What do other people do? Do you leave some money in your current basic account as a cushion for the unexpected?
Or

Do you put any spare cash into a savings account
Or
Or do you withdraw the cash and save it home in a tin or something?

For example if we don't spend all our food budget one week and the small misc amount we are allowed from our budget from stepchange

I know it's a basic question but I really need to build up some funds and don't know the best /safest way of doing it
Thanks

Hi Pickle,
I use my local credit union. They are subject to all the protection of banks but they are more community based and to my mind more ethical. I pay them every month by direct debit to cover my bills that are paid once or twice a year, for example my car tax. I also try to pay a little extra in to build up my emergency fund. If I need the money I phone them and they transfer it into my bank account the same day, but I don't have a debit card so it takes out the temptation to spend money I should be saving.

Pickle29

Hi Growyourown,
Thanks for this, I never thought of credit unions! I will do some research to find my local one.
Thanks again

Puzzcat

I just tuck any spare into a online saving account....

Growurown

Puzzcat wrote: »

I just tuck any spare into a online saving account....

Hi Puzz, yes there are lots of ways of squirrelling away those pennies! I like the credit union though because they are community minded and it puts something back into the community that banks don't. For example if you are on a low income the credit union will lend you £25 or £50 providing you can afford to pay it back. It helps out people who would otherwise be financially excluded and it is a responsible lender unlike many companies out there.

Monkeyballs

I keep my emergency fund in a separate online account too, it's the same bank as my current account (Barclays) but doesn't have a card so I'm not able to succumb to temptation

What it does allow me to do however is transfer it and have it available in my current account immediately which as far as I'm concerned is important if it is an emergency fun.

I don't think there is a wrong answer here, only better answers depending on your circumstances

MB

Mr_Mink

Personally, we use the Virgin Instant Access ISA. Gets better rates than a savings account (so about 30p in interest rather than 15p!) and I can get the money into the current account for any disasters.

raspberry22

Useful info about emergency funds.

I'm feeling panicky today. Thanks to fees, bank was short by £10 and they have bounced my mortgage, so will have to get that sorted. Other bank account has bounced about 7 Paypal DDs after I failed to notice the funding option had changed and was no longer instant from my debit card (nearly all for amounts under £1 and none over £2, argh!), so that will be nearly £200 in fees next month which we can't afford and will have to come off the tax credits/child benefit which is paid into that account. The money should have been there even for DD, but again there were fees I hadn't realised were coming off and that was another £50 away.

New bank account stuff hasn't arrived yet, so all in all I'm feeling very stuck and helpless just now.