DMP & Mutual Support Thread - Part 10

SquirrelNuts

james_joyce wrote: »

Sorry I replied to the first draft of your post!

So yes I am self managed. One creditor wants bank statements and payslips to cover at least one of the past three months. I have just checked the other creditor's letter and they want less info than that.

Hi James,

Methinks the two creditors are trying to be awkward and to put undue pressure on you to increase your offers...

I personally wouldn't send them any bank statements etc etc. As long as your I&E isn't excessive (a good way to double-check is to use the Stepchange online debt remedy tool - any category higher than 'normal' gets highlighted straight away) then you're calculating fairly and within industry guidelines.

Besides, monthly expenditure will differ from I&E e.g. a car MOT/Service will only show up on a statement once a year, at say £180 that works out £15 a month. Equally things like dentist bills, annual insurance policies etc. Therefore a bank statement wouldn't prove anything anyway.

If you do decide to revise a particular category lower, than you can either review other categories to make sure they are still correct e.g. meals at work, dry cleaning, do you smoke, newspapers etc, or... if you find that there is a higher budget for your DMP then it gets split evenly between all creditors and not just targeted at these two

Squiz

January2015

Hi everyone

I need a bit of basic bank account advice.

We have opened 2 Nationwide basic accounts - 1 for DHs salary and we immediately transfer what's needed to the 2nd NW basic account (in my name) to top up my salary and cover all DDs. This leaves the money we have to live on and put by for emergencies in DHs account. Trouble is we can only have 1 card for his account. I don't want to touch my account as it is all for bills, so I am struggling.

We've decided I need to open another basic bank account just so that I can put a small amount - say £50 - in it and use it almost as a float. If I need to use it I can but I will ensure it's always topped back up.

So I need to open another basic account, but who can I open one with? Our debts are associated with the following organisations:

Barclaycard
Halifax
MBNA
Nat West
RBS
Virginmoney (aka MBNA I think)

Sooooo.....what are my options for a basic bank account - anyone?

james_joyce

SquirrelNuts wrote: »

Hi James,

Methinks the two creditors are trying to be awkward and to put undue pressure on you to increase your offers...

I personally wouldn't send them any bank statements etc etc. As long as your I&E isn't excessive (a good way to double-check is to use the Stepchange online debt remedy tool - any category higher than 'normal' gets highlighted straight away) then you're calculating fairly and within industry guidelines.

Besides, monthly expenditure will differ from I&E e.g. a car MOT/Service will only show up on a statement once a year, at say £180 that works out £15 a month. Equally things like dentist bills, annual insurance policies etc. Therefore a bank statement wouldn't prove anything anyway.

If you do decide to revise a particular category lower, than you can either review other categories to make sure they are still correct e.g. meals at work, dry cleaning, do you smoke, newspapers etc, or... if you find that there is a higher budget for your DMP then it gets split evenly between all creditors and not just targeted at these two

Squiz

Thanks Squiz, I've realised my bank statement covers Xmas so it's got vast expenses so I am tempted to send it to them anyway! Do you mean, I should not even reply, or send them a letter refusing to provide further details?

Regards
James

Ali80

Thanks Puzz,

Basically I'm hopefull that I will have 5k lump sum in Nov which could pay off 2 creditors. Maybe if this happens I will post again and ask for advice.

This feeling of hopelessness has knocked me for six to be honest. I'm positive about the SC DMP in general, but suddenly feel overwhelmed by my level of personal debt. How on earth did I get into this situation?? Irresponsible spending when I should have made other arrangements no doubt!

This thread has made dealing with debt so much easier and I'm so grateful for that but I'm going to be nearly 40 years old before I'm free of debt and then probably another 6 years away from getting a mortgage (more debt if anyone will give it me)...........considering cancelling my pension at this point!

I just want to wish every DMPer the best of luck, and all the DFWs with any advice to give.

All the best everyone x

SquirrelNuts

January2015 wrote: »

Hi everyone

I need a bit of basic bank account advice.

We have opened 2 Nationwide basic accounts - 1 for DHs salary and we immediately transfer what's needed to the 2nd NW basic account (in my name) to top up my salary and cover all DDs. This leaves the money we have to live on and put by for emergencies in DHs account. Trouble is we can only have 1 card for his account. I don't want to touch my account as it is all for bills, so I am struggling.

We've decided I need to open another basic bank account just so that I can put a small amount - say £50 - in it and use it almost as a float. If I need to use it I can but I will ensure it's always topped back up.

So I need to open another basic account, but who can I open one with? Our debts are associated with the following organisations:

Barclaycard
Halifax
MBNA
Nat West
RBS
Virginmoney (aka MBNA I think)

Sooooo.....what are my options for a basic bank account - anyone?

Hi Jan2015,

I think Santander do a basic bank account, also Co-Op. Another option is Yorkshire Building Society Cash Transactor account

Avoid Lloyds or Bank of Scotland which is same group as Halifax. And Barclays is obviously linked to Barclaycard so avoid them too.

Squiz

Ali80

james_joyce wrote: »

Hi Ali

I understand that, I keep swapping between happy and miserable too. Like Ploppy I have been unwell and I have also been stressed about other things. I told my boss yesterday that I might need time off with stress. He was really nice about it all and some other things went well so yesterday picked up. Now today I am really p*ssed of with creditors asking me for stupid details far beyond what they really need. Maybe tomorrow will be better but right now I just want to hide!

Regards
James

Thanks James,

It's crazy! I am normally so level headed but feel completely hopeless tonight. Generally I'm on top of things but I think sometimes you just have a bad day in general (which I did in work today)...and that's it! My mum always says things seem better in the morning? Lets hope so

SquirrelNuts

james_joyce wrote: »

Thanks Squiz, I've realised my bank statement covers Xmas so it's got vast expenses so I am tempted to send it to them anyway! Do you mean, I should not even reply, or send them a letter refusing to provide further details?

Regards
James

Either I guess...

I personally prefer to communicate, so another letter back including the same I&E as before and politely declining to provide bank statements etc but reiterating that this is accurate and you are making fair offer to all creditors.

I would maybe add a few comments along the lines of other creditors have accepted and have frozen interest etc. and it would be helpful for them to do the same.

I'm with Stepchange, and I understand they just carry on paying the proposed payment anyway regardless of what the creditor says... after all, if it is a fair amount and it's all you can genuinely afford what more can they expect?

cheers
Squiz

Ali80

james_joyce wrote: »

Hi Ali

I understand that, I keep swapping between happy and miserable too. Like Ploppy I have been unwell and I have also been stressed about other things. I told my boss yesterday that I might need time off with stress. He was really nice about it all and some other things went well so yesterday picked up. Now today I am really p*ssed of with creditors asking me for stupid details far beyond what they really need. Maybe tomorrow will be better but right now I just want to hide!

Regards
James

James, I just wanted to say I'm sorry this is all making you unwell. You need to take time to make yourself happy. At least you can tell your boss, and given that he seems understanding maybe you can take some time to recover. Employers have an obligation to support employees in times of illness and I hope you're feeeling better soon.
Ali

Ali80

SquirrelNuts wrote: »

Hi Ali,

As Puzz says this is the slow, bumpy bit for you now. I went through this stage a couple of months ago, and eventually everything came together,

Argos is one of my creditors.

I had a few letters warning of impending Defaults, Debt Collectors etc etc, but after a couple of months they accepted my DMP payment offer from Stepchange. (although are still charging me 9.9%APR - the only ones to be charging interest now)

A few of the other creditors haven't written at all - like nothing had happened - but they aren't charging interest, and when I phoned a few of them last month on a round robin they confirmed acceptance of DMP over the phone.

Squiz

Thanks squiz, that's reassuring! It would just be nice if everyone wrote saying "great, you're on a DMP, we will freeze interest AND charges and will contact you once your debt is paid"!.........happily ever after Never mind, guess it's a slog and we'll all get there.

Puzzcat

January2015 wrote: »

Hi everyone

I need a bit of basic bank account advice.

We have opened 2 Nationwide basic accounts - 1 for DHs salary and we immediately transfer what's needed to the 2nd NW basic account (in my name) to top up my salary and cover all DDs. This leaves the money we have to live on and put by for emergencies in DHs account. Trouble is we can only have 1 card for his account. I don't want to touch my account as it is all for bills, so I am struggling.

We've decided I need to open another basic bank account just so that I can put a small amount - say £50 - in it and use it almost as a float. If I need to use it I can but I will ensure it's always topped back up.

So I need to open another basic account, but who can I open one with? Our debts are associated with the following organisations:

Barclaycard
Halifax
MBNA
Nat West
RBS
Virginmoney (aka MBNA I think)

Sooooo.....what are my options for a basic bank account - anyone?

Cod you not just use cash withdrawn from dh' s account and put in an envelope/file? 3 bank accounts seem a lot to balance, why do you need a third? Working with cash only really does ensure you stick to budget!