DMP & Mutual Support Thread - Part 10

Sazzie23

But just to confirm, getting a default as early as possible is good, I think it's when a creditor thinks the payment is so low it's likely to take an age to clear so they pass straight to DcA and default. Some creditors are much more likely to do this than others.

An actual default is a lot rarer than the default notice which by law the creditor has to send when payment is overdue. Any paperwork you do get, file for each creditor, you may need it later. If you are getting charges,for defaults and have already notified them you are going to DMP, I'd query it and complain to FoS. Charges should be for people who won't pay, not for people who are trying to (IMO).

Sazzie23

January2015 wrote: »

It's a psychological thing - I would hate to be somewhere and need more than I had in cash. Shopping won't be a problem becasue we will use DHs card. I don't even take my card anywhere - it will never be used because that account only pays out DDs.

Taking cash out and putting in envelopes - as I've read some people do - is just not for me.

I will have a re-think. I don't plan to have much cash on me ever - I shouldn't need it, but I do drive regularly quite considerable distances and I just think if something happened and I needed money I could have the account with £50 in it to see me through.

I'm kind,of with you on this, as folk know (and thanks for many kind comments) my circs are a bit thrown about. I had a big bill to pay and didn't have the instant access to money, no-one else to call. As it happens I am a good customer there and I arranged to ring the payment through the next day, but it really made me think, what if I get a flat tyre/some other breakdown/crisis, and I'm moving some,of my emergency fund into a prepay credit card that I won't use, but could access if I needed to.

james_joyce wrote: »

Thanks so much Ali. To be honest, work and debts are the least of my problems, but when I feel ill anyway for other reasons, everything seems to turn horrible!

Regards
James

james_joyce wrote: »

Thanks a lot Sazzie, lovely and supportive as ever. Hope you're well and coping with everything x

Thanks James, sorry to hear time is tough for you, maybe when the debts are sorted other stuff will fall into place/perspective etc.

I am coping OK although it's a horridly complex time in lots of ways, and every day brings a new range of emotions and surprises. I'm hoping getting back to work next week will help me regain some sort of 'normal' as well as rescuing my financial panic state. I find it hard that lots of people think I will be inheriting when there is nothing to inherit, and financially I think I'll be slightly worse off but am hoping that overtime might be available to make up for this. So it's about adapting to changed circumstances as much as anything. Thank goodness for that duvet

Sazzie23

TTfTm - hope it picks up for you, remember, nearly there

james_joyce

Sazzie23 wrote: »

Thanks James, sorry to hear time is tough for you, maybe when the debts are sorted other stuff will fall into place/perspective etc.

I am coping OK although it's a horridly complex time in lots of ways, and every day brings a new range of emotions and surprises. I'm hoping getting back to work next week will help me regain some sort of 'normal' as well as rescuing my financial panic state. I find it hard that lots of people think I will be inheriting when there is nothing to inherit, and financially I think I'll be slightly worse off but am hoping that overtime might be available to make up for this. So it's about adapting to changed circumstances as much as anything. Thank goodness for that duvet

Awww, all the best with it all. I know when we lost my Dad a few years it sent everything upside down for a while. I got on with helping my Mum with the paperwork which I found strangely therapeutic while my siblings helped/coped in other ways. You're quite right about adapting to circumstances. I still miss him every day though

racht

Ali80 wrote: »

I've had an email from BC saying they will put my account on hold for 1 month until they hear from SC. Nothing from NatWest although they have cashed my token payment cheques (2x cc, 1x od, 1x loan). Have had a letter from Argos saying I'm in arrears, and nothing from Next (although they would have received my letter and cheque a week ago). Capital One have accepted DMP and token payments

Hi Ali

I have Next on my DMP also- they have actually been quite good, they will write to you and it may flag up at the top of your statement in red when you log in online. Bit Scary at first!!!
The only thing with mine is my Next statement date (which changed when DMP set up)is the 24th of the month and sometimes if the Stepchange payment goes in early it then looks like Ive made 2 payments that month- but then have nothing for the next month!! Stepchange can't do anything about this and Next can't change the date for me- but I have just emailed them the couple of times it has happened and they have reset the agreement for me. One month they suddenly added interest but removed it immediately as soon as I emailed them- so just keep an eye on your statement online as can change on a daily basis!!

Hope this helps

System

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?

We have gone with Nationwide, but have an account each and then a joint account as well, that way we can both access it. I have now also opened 3 different savings accounts as well.

System

Puzzcat wrote: »

Hi ploppy, sorry to have confused you in your poorly condition. Whenever we do not pay the contracted amount of a debt we are defaulting. The difference is we want the creditor to officially default us which then starts the 6 years until the default falls off our credit rating. You will receive letters from all your creditors and it is difficult to know which have and which haven't actually registered defaults. This is where noddle (free) comes into its own as you can see for free who has defaulted you.
Puzz.x

Yes, I have registered for Noddle. I will keep checking it every month. So BC should not really be adding a £12 default charge if the DMP is already been set up with them and they have agreed the amount to be paid every month? I think I will write back to them

Puzzcat

ploppy57 wrote: »

Yes, I have registered for Noddle. I will keep checking it every month. So BC should not really be adding a £12 default charge if the DMP is already been set up with them and they have agreed the amount to be paid every month? I think I will write back to them

Hi ploppy,
Have stepchange started the payments yet? I think they may continue to charge until they receive the agreed monthly sum so if you are only paying tokens at the moment the charges should stop when they receive sc's payment. You can write and ask anyway, but the debts do tend to go up during the set up period.
Puzz.x

System

Puzzcat wrote: »

Hi ploppy,
Have stepchange started the payments yet? I think they may continue to charge until they receive the agreed monthly sum so if you are only paying tokens at the moment the charges should stop when they receive sc's payment. You can write and ask anyway, but the debts do tend to go up during the set up period.
Puzz.x

First payment is coming out on March 10th so won't reach creditors until the 25th. Its mad isn't it......pay £1 and have £12 put on!! Hubby has a BC and we paid £1 and they added £229 :eek: in interest. So hoping they will freeze or reduce interest as the SC payment is only going to be £118 so if they keep adding on interest it will just go up and up!:mad:

Puzzcat

ploppy57 wrote: »

First payment is coming out on March 10th so won't reach creditors until the 25th. Its mad isn't it......pay £1 and have £12 put on!! Hubby has a BC and we paid £1 and they added £229 :eek: in interest. So hoping they will freeze or reduce interest as the SC payment is only going to be £118 so if they keep adding on interest it will just go up and up!:mad:

I think my debts went up about 1% during set up so that's about £600.... But they do start tumbling the right way so stay positive.

Puzz.x