DMP & Mutual Support Thread - Part 10

tayajade

Hello to all of the newbies

Lots of posts today about people making the first move well done to everyone

We cancelled sky tonight and have switched to a new (cheaper) broadband provider, credit check went through (we were holding our breaths) and to top it off we got a 100 pounds love 2 shop voucher for switching which will pay for Christmas presents!

blisteringblue

tayajade wrote: »

We cancelled sky tonight

We cancel sky every year and they always beg us back. We had it totally free for 11 months and now currently on full package for 12 months at 75% off. Even with our DMP I don't mind paying £20 for everything, and you can use £20 pay TV allowance with Stepchange budget.

We just cancel and wait for retentions to ring. Always let it go off though, you get the best deals when you are not currently live.

Will do it again in November, but only at the right deal. Once it goes off you can learn to live without it, but it's nice when it's there and you have a lovely discount.

Time_to_face_the_music

Startingover14 wrote: »

I'm just back from visiting a friend who I had decided would be the one person I would tell about all of this. It turns out she has been under an IVA and only got her completion about a month ago. We were talking about bank accounts and she suggested Think Money as that's what she has. The salary goes into a salaries account for all direct debits and then has a card account where they put all spare money. They give you a mastercard debit card for use on that account. Has anyone had any experience of it? Part of me likes the idea as they say that all bills are paid but it does mean I have limited access as I can't move any money from the salary to the card myself. It does cost £14.50 a month to manage. She is really happy with it and although could get a high street bank account she is staying with them so wondered if anyone had any thoughts or experiences?

You really do not need this and you certainly don't need to pay for a bank account. I think some fee charging DMPs and IVA providers promote ThinkMoney and probably get paid well for doing so.

Please just open a normal basic bank account that is completely free.

TTFTM x

Time_to_face_the_music

tayajade wrote: »

Hello to all of the newbies

Lots of posts today about people making the first move well done to everyone

We cancelled sky tonight and have switched to a new (cheaper) broadband provider, credit check went through (we were holding our breaths) and to top it off we got a 100 pounds love 2 shop voucher for switching which will pay for Christmas presents!

Well done on the new broadband provider change and the Christmas voucher too :T
TTFTM x

Sazzie23

Startingover14 wrote: »

I'm not that good at the techie stuff on here so haven't quite worked out how to quote in reply to things earlier in the thread.... :-(

I've not cancelled anything to do with my current bank at the moment - I only have an overdraft with them so leaving that until the very last thing I do. Am still awaiting paperwork for the new bank account. Am a bit impatient as wanted the wheels in motion much more quickly but I guess I just have to learn to wait.

Hi So14

We were in same position with bank OD, and didn't contact them til last, in the meantime we contacted our dd accounts like mortgage and gas etc individually and moved the dd across, I don't know whether it made any difference but it made us feel like we were in control and nothing bad happenedd:T

Depending on your estimated DFD , another month probably not going to make a massive difference.

Another night shift completed, so off to bed, happy debt busting

Kate_fixing_it

I'm the same with TV/phone/Internet the latest deal is my best yet, 12 month contract but 18 month discount and a set bill each month of 61.99. Okay so that isn't the lowest around but with four kids the full virgin package is used and it's 40 a month cheaper than before I called and there are areas that we don't spend (gym, cinema, eatimg out, takeaways, club memberships, going out) because after a long week I don't want to participate. I'd rather spend an hour cooking with the kids and snuggle up together in front of the TV in my PJs

Absolutely do NOT pay the 14.50 for the bank account. Especially as the facilities are limited. There's a DIY solution. Get two basic accounts. Designate one for DDs and pay salary into the other with a standing order to pay the cash across once a month. With some savvy shopping that fee will net you a very decent treat each month. Or it could pay your TV licence or road tax for the year. Unless you are going to earn more than the fee in interest each month (you won't get any on a basic account) it's just not worth it. That probably seems a bit daunting right now in the whirlwind of setting up the DMP but please give it some thought. You are grabbing the reins right now, no reason to not do it in this case too.

So what could you do with 14.50 a month with vouchers or groupon or bookatable.com ... meal out with friends? hair or beauty treatment? Aqua zorbing? Circus tickets? Photo shoot? Pole dancing class? Supercar passenger experience? Round of golf? Afternoon tea? All on offer today (similar offers all the time or grab a friend and pay half each of one of the "for two" offers) and you'd get change from your 14.50. PLEASE give this some serious thought.

Kate x

kb_soma

Sazzie23 wrote: »

In the letter to the creditor did you use the word 'complain?' and FOS = Financial Ombudsman Service :cool:

I think you will have a harder time getting interest frozen & a default if your payments are above the mimimum...but were they when you started the DMP?

I did not complain. I think maybe I should and say I'll escalate it to the ombudsman, it can't hurt can it?

I think that they may have been above the minimum when I started, that's why they haven't frozen the interest.

kb_soma

Startingover14 wrote: »

I'm not that good at the techie stuff on here so haven't quite worked out how to quote in reply to things earlier in the thread.... :-(

I've not cancelled anything to do with my current bank at the moment - I only have an overdraft with them so leaving that until the very last thing I do. Am still awaiting paperwork for the new bank account. Am a bit impatient as wanted the wheels in motion much more quickly but I guess I just have to learn to wait.

Good idea to wait until you have your new back account first.

kb_soma

tayajade wrote: »

I would say that I agree with in a noodle, you would just have to work out what your bills amount to then once your standing order is set up you get the same peace of mind but free of charge, that extra 15 pounds per month could potentially shave a year off the Dmp or pay for a treat for you each month

I'm agreeing with this too.
I have a few different accounts that I use, none of these have overdrafts or fees. I use a mobile app to move money around on or after payday.

Wages go into current account
I pay my DMP from my current account, and put bill money into a separate house account that I share with my partner.

All food costs and house costs go from this house account. When we go food shopping, we take this card, this means that we do not overspend on our food budget.

I have another account in which I put my emergency fund, and what is left from this goes to overpayments on my DMP.

I also have another account card in which I put pocket money, in case I am going somewhere where I might need to withdraw cash.

Generally though, I leave my cards at home so that I can't spend any money willy nilly, this has taught me major self control with spending.

Startingover14

Hi all

Thanks for the advice. I did feel like that when she first told me about it. I think she just wanted to help me as she had got herself in very deep a while back and she has that account. So I've bit the bullet and got a basic account set up - I have the number and sort code, just waiting on confirmation on when I am able to add funds etc and set up direct debits from it. I am also as suggested going to set up a basic savings account to put any left over money in so that acts as the emergency fund for me. Like you all say I have control over it this way. I think she was just thinking if I struggle to budget then the other account does it for you, but I think I need to learn budgeting and financial management skills along the way on this plan.