DMP & Mutual Support Thread - Part 10

lucy_w86

Puzzcat wrote: »

You can open bank accounts online, don't forget it is just a basic bank account you need and one with a bank that you have no debts with.


Income.. well I get paid monthly so I imagine you add up the total you get for the year and then divide by 12? That woud give you a monthly income.


Once you are in a dmp you have no access to credit so having some money put by for all those emergencies that happen ie; car repairs, white goods breakdown, vet bills etc.. obviously you may not have a car, new white goods with warrenty and no pets but all those emergencies that happened before and went on a credit card for example may happen again. Most of us pay token payments for a few months to the creditors and save what we would have normally paid them to get a fund in place.


Do try and find some time to read back from the beginning of this thread as there is lots of information and answers to many questions.


Puzz.x

I checked and I can only open a basic account in the branch!?

We get all our money weekly.

I shall make small token payments, should I be contacting them too?

I did look for the start of the thread but it all seemed general postings. If you have a link, that would be fab!

Sorry for all the questions

Puzzcat

lucy_w86 wrote: »

I checked and I can only open a basic account in the branch!?

We get all our money weekly.

I shall make small token payments, should I be contacting them too?

I did look for the start of the thread but it all seemed general postings. If you have a link, that would be fab!

Sorry for all the questions

The general postings are the thread and contain all the information you need! I read 3 whole threads before I started my dmp and so knew what was coming and how to go about it.
Sorry I didn't know you couldn't open a basic account online, I opened a normal current account online before starting my dmp.
If you are going to do token payments then yes you will need to write to each creditor enclosing your token payment, £1 is fine. A template letter was linked to a post a few pages back. But don't notify your current bank until your sorted. I paid my loan and 2 cc's as normal on mine until I was ready, everyone else got a quid!
Puzz.x

January2015

Hi

I opened both my and my DH's basic bank accounts online earlier this month. The accounts are with Nationwide - their most basic account. All done online, no visits to branch with ID or anything else required. May be because we have lived here for over 20 years so are definitely easily checked But....it can be done online

james_joyce

January2015 wrote: »

Hi

I opened both my and my DH's basic bank accounts online earlier this month. The accounts are with Nationwide - their most basic account. All done online, no visits to branch with ID or anything else required. May be because we have lived here for over 20 years so are definitely easily checked But....it can be done online

Same here for my new Lloyds (Classic) account - it's not a basic account but I still opened it online. They also sent me a chequebook (I requested it via online banking once my account was open), even though they've never seen my signature, which seems a bit strange.

(Btw - no, I didn't request an overdraft facility!)

lucy_w86

January2015 wrote: »

Hi

I opened both my and my DH's basic bank accounts online earlier this month. The accounts are with Nationwide - their most basic account. All done online, no visits to branch with ID or anything else required. May be because we have lived here for over 20 years so are definitely easily checked But....it can be done online

I am already with Nationwide so looking for an alternative x

minkeymootoyou

lucy_w86 wrote: »

I am already with Nationwide so looking for an alternative x

LLyods and halifax can be opened online, and you just bring ID to branch to confirm.

Scaredofdebt_2

Hi,just a quick question about opening a new bank account - I have just applied online for the basic Nationwide Bank Account but can I use the switch service or is it better to do it yourself once the new account is open???

Puzzcat

Scaredofdebt wrote: »

Hi,just a quick question about opening a new bank account - I have just applied online for the basic Nationwide Bank Account but can I use the switch service or is it better to do it yourself once the new account is open???

Best to do it yourself or any dd's you have set up to creditors will get switched as well.
Puzz.x

Scaredofdebt_2

Thanks Puzz, I have cancelled most of the DDs with the creditors albeit one but I will do it myself. x

Sazzie23

lucy_w86 wrote: »

Hi.... A nervous hello....

I have just spoken to Step Change and have a summary of my plan and just need to send my application back to them.

Are there any other actions I should take as I am going to default on a few paymnets to creditors this month as I cant afford my rent?

Thanks

Hi Lucy

If I was starting my DMP now, and I knew what I know now, I would contact all my unsecured creditors now and tell them I am in financial difficulties, that it am trying to resolve it and I will be in touch, my stepchange reference is xxxxxxx. I would not try to carry on as in the end you are no better off, no better thought of and may as well just go into it now. The only exception would be my bank and any associated debts, where I would keep quiet until my money was being transferred to new safe account.

Any creditors who aren't getting paid, write to them, telling them you can only pay a token £1 each month until your DMP is sorted. This gives you chance to build up an emergency fund. There are templates for these type of letters.

Regards your rent, if there is any chance at all of not being able to pay, contact your landlord, tell them you are having issues with your bank, and arrange to pay cash. Withdraw your cash from your account and pay them directly. Rent, council tax and utility bills should always be paid first as priority bills, everyone else just has to wait.

Thanks for joining us and good luck.