DMP & Mutual Support Thread - Part 11

sourcrates

jellybean08 wrote: »

Hello all,

I've just sent off the paperwork to start a dmp with stepchange. One of my creditors is my bank-I have a 2000 overdraft with them on my current account that I'm struggling to pay the charges on, let alone repaying it. Do I now need to change my bank account to another bank? Or will they still let me pay my salary in and make my direct debits?

Hi,

Another bank account with a bank with whom you have no debt, is a must do first step, otherwise your bank can use the right of set off and empty your account basically.

Do this now, straight away.

jellybean08

Thank you sourcrates. I did apply for the first direct account that Martin always advertises but got turned down-perhaps bad credit rating? Will that affect me getting any new bank account? It just needs to be one that I can pay salary in and direct debits from.

sourcrates

jellybean08 wrote: »

Thank you sourcrates. I did apply for the first direct account that Martin always advertises but got turned down-perhaps bad credit rating? Will that affect me getting any new bank account? It just needs to be one that I can pay salary in and direct debits from.

You need a new "basic account" they are not always well advertised, you need to search for them.

There is no credit search carried out for basic accounts, as they allow no borrowing, so almost anyone can get one, Lloyds and coop both do good basic accounts, both come with debt cards as a pose to just cash cards.

[Deleted User]

sourcrates wrote: »

You need a new "basic account" they are not always well advertised, you need to search for them.

There is no credit search carried out for basic accounts, as they allow no borrowing, so almost anyone can get one, Lloyds and coop both do good basic accounts, both come with debt cards as a pose to just cash cards.

Mine's with Nationwide. Does everything I want it to do and I'm very happy with it:j

January2015

sourcrates wrote: »

You need a new "basic account" they are not always well advertised, you need to search for them.

There is no credit search carried out for basic accounts, as they allow no borrowing, so almost anyone can get one, Lloyds and coop both do good basic accounts, both come with debt cards as a pose to just cash cards.

Some of the basic bank accounts are:

Nationwide Flex Basic
Co-op Cashminder
Yorkshire Bank Readycash

All the big banks do basic bank accounts as well, e.g. Lloyds, Barclays, HSBC, Nat West.

carlyfluck

Hi everyone,

So this year our DMP comes to a end. When I log onto my step change and look it states July 2017....will this be the end of July? Or beginning with final payment in June?
Any help would be great!

Thanks xx

sourcrates

carlyfluck wrote: »

Hi everyone,

So this year our DMP comes to a end. When I log onto my step change and look it states July 2017....will this be the end of July? Or beginning with final payment in June?
Any help would be great!

Thanks xx

Hi,

You answered your own question when you said final payment was in June lol

It's over when you make your last payment.

[Deleted User]

carlyfluck wrote: »

Hi everyone,

So this year our DMP comes to a end. When I log onto my step change and look it states July 2017....will this be the end of July? Or beginning with final payment in June?
Any help would be great!

Thanks xx

Well done, it must be a great feeling to be so close to the finishing line:beer:

Just divide your remaining balance by the amount of your monthly payment. Should show how many months you have left to go.

Sazzie23

carlyfluck wrote: »

Hi everyone,

So this year our DMP comes to a end. When I log onto my step change and look it states July 2017....will this be the end of July? Or beginning with final payment in June?
Any help would be great!

Thanks xx

Hi, that's great news, probably best just to make sure creditors are showing same balance as Stepchange. SC sometimes estimate balances and it be awful to make more of a payment than you need.

Time will soon pass and you'll be DMP free:T

Saz

abby1234519

Just emailed PayPlan to give notice arrrrrgghhhh so scary! Been reliant on them for 2 years.

Good news is that a £912 debt has just agreed to settle for £300 which I will take out of my savings. Too good an opportunity to miss.

Heres to self managing DH's DMP!