DMP & Mutual Support Thread - Part 9

TimeToDoIt

Hi guys

So at 4.30am today I signed and returned my form to StepChange

Exciting and scary all rolled into one

Let's hope the creditors accept

Sazzie23

TimeToDoIt wrote: »

Hi guys

So at 4.30am today I signed and returned my form to StepChange

Exciting and scary all rolled into one

Let's hope the creditors accept

Well done TTDI,
Presumably a sleepless night for you, it will be OK just keep following the advice on here and keep believing.

Thanks Kate & GUO, having a couple of weepy days
But I did laugh at the man on the train who got everyone singing a scout song

TimeToDoIt

Yes, another sleepless night. You'd think id be used to them by now....

Kate_fixing_it

TimeToDoIt wrote: »

Yes, another sleepless night. You'd think id be used to them by now....

Just wait until you get the confirmation email - the relief is immense! I think I slept 12 hours the night after mine. I still get the odd rough night but that's me being ridiculous. I find it hard to believe it's less than two months since I got mine but life is infinitely better.

The hardest part is over now. It's not going toebe all roses and rainbows ahead but it will be better.

Kate x

TimeToDoIt

I'm just worried that creditors will get notice that I'm proposing a DMP, will see it as a warning sign that I'm struggling, and start taking action :-(

Monkeyballs

TimeToDoIt wrote: »

I'm just worried that creditors will get notice that I'm proposing a DMP, will see it as a warning sign that I'm struggling, and start taking action :-(

Quick question, you have moved any money you have (I.e. in a current account or savings) out of any accounts you hold with your creditors to your new bank haven't you?

By this I mean if you banked with Barclays and had £600 in your current account but were entering into a DMP and owed them £1000 you've moved it to (lets say) Nationwide with whom you have no debts?

If not, do it - if you don't do it before they are informed of the DMP (you have a little time if you've just sent the forms) then they'll likely keep the money against the debt owed potentially leaving you with nothing...

Other than that, you are struggling and you are entering into a DMP and as such there are actions they will take... Such as agreeing to the terms, accepting the offer, freezing interest, etc other than that you'll see defaults (which are good, the earlier the better) and have some debts passed to DCA's so you get letters from them which is also good as they are often more cooperative than your original creditor just let them know your DMP details and let SC know that the debt is now with the DCA

Nothing to be scared of, and if you do start to worry either post on here or call SC and they'll soon put your mind at rest.

It'll all be ok

MB of G x

TimeToDoIt

Thank you for that. Everytime I read a response on here it puts me mind at ease a little :-)

Hmm I haven't really though this through. I was going to stop using my natwest current account that I normally get my salary paid into as I have an overdraft on that account as well as a loan and 2 ccs and I was instead going to switch to my Barclays account, which is an old account that I don't really use.

But - I have a huge barclaycard bill
So that probably isn't wise is it?

I'm guessing I should open a new account altogether, right?

Oh dear, any tips on an easy to open and quick to open basic account??

Kate_fixing_it

TimeToDoIt wrote: »

Thank you for that. Everytime I read a response on here it puts me mind at ease a little :-)

Hmm I haven't really though this through. I was going to stop using my natwest current account that I normally get my salary paid into as I have an overdraft on that account as well as a loan and 2 ccs and I was instead going to switch to my Barclays account, which is an old account that I don't really use.

But - I have a huge barclaycard bill
So that probably isn't wise is it?

I'm guessing I should open a new account altogether, right?

Oh dear, any tips on an easy to open and quick to open basic account??

I have a co-op account and it's fantastic. I walked in, booked and appointment for the next day, went back and I was in there less than half an hour. Two days later I had a call with my account details.

If you mean legal action try not to worry. There's absolutely no point. They'd be laughed out of court and potentially awarded less than you are paying AND it'd cost them to do all that.

Also worth considering that although our debts are huge to us we're the small fry. They're much more interested in the REALLY big numbers.

Try not to worry and ask away here. You are asking all the questions we all did at the start and in a couple of months you'll be the one advising the next "generation" of DFWs

Kate x

spiffyiffy

Kate_fixing_it wrote: »

I have a co-op account and it's fantastic. I walked in, booked and appointment for the next day, went back and I was in there less than half an hour. Two days later I had a call with my account details.

Co-op are'nt linked with ayone are they?

I was thinking of opening a Metro bank account as I dont think they are linked to anyone.

TimeToDoIt

Oh Kate thank you

Is it weird that every kind response makes me want to cry ?? I guess it is a little bit of relief!