DMP & Mutual Support Thread - Part 11

BeingDebtFreeStartsHere

Debtfreehopeful wrote: »

Sorry- me again!
I've just gone to cancel my direct debit for my Tesco loan and CC and have noticed that RBS administer the finance. As I've applied for a basic bank account with Nationwide, I'm not sure if they are part of RBS?! If so I was thinking of applying for a basic bank account with Cooperative Bank- will my money be safe there? Thanks

Hi debtfreehopeful,

As far as I'm aware Nationwide and RBS are not linked but i'm not 100% certain.

I'm sure one of the more knowledgable folk on here will be able to give you a definite answer

Take care,

BDFSH x

sourcrates

Debtfreehopeful wrote: »

Sorry- me again!
I've just gone to cancel my direct debit for my Tesco loan and CC and have noticed that RBS administer the finance. As I've applied for a basic bank account with Nationwide, I'm not sure if they are part of RBS?! If so I was thinking of applying for a basic bank account with Cooperative Bank- will my money be safe there? Thanks

Here is a list :

Who owns your bank or building society?

Britain's biggest banks

1. HBOS (Halifax/Bank of Scotland group)

AA
Bank of Scotland
Birmingham Midshires
Halifax
Intelligent Finance
Saga
2. Lloyds Banking Group

Cheltenham and Gloucester
Lloyds Bank
Despite HBOS being acquired by Lloyds Bank, both HBOS and Lloyds Banking Group continue to operate under separate banking licences.

3. TSB

TSB
TSB has its own banking licence now.

4. Barclays

Barclays
Barclays Direct (formerly ING Direct)
Standard Life
Woolwich
5. HSBC

First Direct
HSBC
6. Royal Bank of Scotland (RBS)

RBS
7. NatWest

NatWest
8. Ulster Bank

Ulster Bank
9. Coutts & Co

Coutts
Please note that RBS subsidiaries NatWest, Ulster Bank and Coutts all have their own, separate banking licences and are not covered by the RBS licence. So £85,000 with RBS and the same sum with NatWest, Ulster Bank and Coutts would be covered for four times £85,000 (£340,000) by the FSCS.

10. Santander UK

Cahoot
Santander
11. The Co-operative Bank

Britannia BS
Smile
The Co-operative Bank
12. Bank of Ireland UK

Bank of Ireland UK
Post Office

blisteringblue

Debtfreehopeful wrote: »

Sorry- me again!
I've just gone to cancel my direct debit for my Tesco loan and CC and have noticed that RBS administer the finance. As I've applied for a basic bank account with Nationwide, I'm not sure if they are part of RBS?! If so I was thinking of applying for a basic bank account with Cooperative Bank- will my money be safe there? Thanks

If it's an old debt then RBS did used to underwrite all the Tesco Finance products, but Tesco took it on themselves probably something like 5 years ago.

Had the same issue, I bank with RBS and it was my only account with them, but one of the debts in my DMP was Tesco, but all been good. Got to keep my nice Bank Account in the DMP and Tesco long defaulted now and paying back.

Keezing

sourcrates wrote: »

Here is a list :

Who owns your bank or building society?

Britain's biggest banks

1. HBOS (Halifax/Bank of Scotland group)

AA
Bank of Scotland
Birmingham Midshires
Halifax
Intelligent Finance
Saga
2. Lloyds Banking Group

Cheltenham and Gloucester
Lloyds Bank
Despite HBOS being acquired by Lloyds Bank, both HBOS and Lloyds Banking Group continue to operate under separate banking licences.

3. TSB

TSB
TSB has its own banking licence now.

4. Barclays

Barclays
Barclays Direct (formerly ING Direct)
Standard Life
Woolwich
5. HSBC

First Direct
HSBC
6. Royal Bank of Scotland (RBS)

RBS
7. NatWest

NatWest
8. Ulster Bank

Ulster Bank
9. Coutts & Co

Coutts
Please note that RBS subsidiaries NatWest, Ulster Bank and Coutts all have their own, separate banking licences and are not covered by the RBS licence. So £85,000 with RBS and the same sum with NatWest, Ulster Bank and Coutts would be covered for four times £85,000 (£340,000) by the FSCS.

10. Santander UK

Cahoot
Santander
11. The Co-operative Bank

Britannia BS
Smile
The Co-operative Bank
12. Bank of Ireland UK

Bank of Ireland UK
Post Office

This list doesn't mention associated credit card brands, e.g. Barclaycard/Barclays and MBNA/Lloyds.

Are there any examples of banks using their right to offset on their credit card brands?

Billy12345

BeingDebtFreeStartsHere wrote: »

Hi Billy,

The first reduced SC payment is due out tomorrow :eek:

Fingers firmly crossed SC have amended the direct debit - I did get written confirmation of the change from SC so it should all be ok.

Will let you know if we get any hassle from the creditors!!

Hope all goes smoothly for us both

Good luck to all the newbies just starting out on this journey - there is always a solution to any difficulty you may encounter along the way.

Motivated - how did the telephone call to SC go??

Take care,

BDFSH x

Morning BDFSH

Well I called all of my creditors this morning and they were all OK about the token payments for February and March. They did say they had received the updated financial information from SC but no one knew about the agreement for token payments. I called SC who confirmed they are sending these details now given the payments are in Feb and March. The creditors were all pleased `i had called and everything seems to be going to plan. :j

One thing SC did say was that they cannot give £5 to each creditor as they pay on a pro rata basis so if I pay £35 then they will split that amongst the creditors so one may get £7 and another £2;). The creditors weren't concerned about the amount more so they were getting some sort of payment and they weren't being ignored. Thankfully I can now get the car fixed

I now bank with Halifax and my mortgage is with them. My creditors are Barclaycard, Santander, Sainsburys, Tesco and Ratesetter, does anyone know if they are connected with Halifax and whether Halifax has the right to use my money to offset these debts ? This will be a problem as this is my sole bank account and my wages are paid directly there.

Interestingly I was told that my current account with Santander has now been passed to Westcott so I guess I'll just update the SC details when I get a letter from Westcott and payments will go to them.

Plodding along but at least I wasn't made to feel terrible when I called them.

Debtfreehopeful

Ok so my DMP journey so far...
Just phoned Nationwide for an update on my application- been accepted so just got to wait for card, s/c and account number.

Completed all my SC paperwork ready to send back- just need bank details to complete the DD instruction. As I'd forgotten 1 of my creditors I phoned SC, in conversation I asked if I could start the plan in April to give me time to save an emergency fund- the adviser wasn't keen and said that my budget does include an emergency allowance- but she did say she'd add a note to my file....she did also advise I phoned all my creditors to advise I'm setting up a DMP- feeling REALLY anxious about doing this- any advice please?

As Santander are 1 of my creditors who I currently bank with I'll have to tell them last- I just hope they don't get suspicious when I'm cancelling my DD's and withdrawing all my wages- then after a few days withdrawing more money out of my overdraft- think i'll do that bit when I've got my Nationwide card in my hand! As I've already told SC the balances on my CC's I'm unsure whether or not to take some money out on them?- scared of being told off or having to explain myself!

Feeling so anxious and emotional today- it will take me 8 years to pay off my creditors which is scarey!

[Deleted User]

Billy12345 wrote: »

Hi, like a lot on here i started my DMP straight away without building up an emergency fund which is a bit of a pain. SC never advised me to build up any fund but I dont think its in their remit to advise this. Obviously your choice but I wish I built up an emergency fund before taking the plunge, sourcrares, january2015 and others can no doubt advise further if needed..........

I so agree, Billy:T. I did exactly the same, going from never missing a payment to creditors (however crippling that was) to starting on my SC DMP. Well, I just missed the one payment actually whilst it was all being set up but that's all. It was through timing rather than intention though.

Life's full of 'if onlies' but I constantly wish that if only I'd found this thread and all the support on it before I started a DMP that the early stages would have been so much more financially comfortable.

Puzzcat

Debtfreehopeful wrote: »

Ok so my DMP journey so far...
Just phoned Nationwide for an update on my application- been accepted so just got to wait for card, s/c and account number.

Completed all my SC paperwork ready to send back- just need bank details to complete the DD instruction. As I'd forgotten 1 of my creditors I phoned SC, in conversation I asked if I could start the plan in April to give me time to save an emergency fund- the adviser wasn't keen and said that my budget does include an emergency allowance- but she did say she'd add a note to my file....she did also advise I phoned all my creditors to advise I'm setting up a DMP- feeling REALLY anxious about doing this- any advice please?

As Santander are 1 of my creditors who I currently bank with I'll have to tell them last- I just hope they don't get suspicious when I'm cancelling my DD's and withdrawing all my wages- then after a few days withdrawing more money out of my overdraft- think i'll do that bit when I've got my Nationwide card in my hand! As I've already told SC the balances on my CC's I'm unsure whether or not to take some money out on them?- scared of being told off or having to explain myself!

Feeling so anxious and emotional today- it will take me 8 years to pay off my creditors which is scarey!

Hi,

i wouldn't phone your creditors if your feeling anxious, I wrote to all mine when I started up. I also just told SC when I wished the plan to start.. it is your dmp you decide the start date...

Mine was due to run for just short of 10 years when I started in 2013.. and I'm going backwards now as its still 10 years.. but that is my choice as I am self managing now..

All will be fine..

Keep smiling..:D

Love Puzz. x

[Deleted User]

Debtfreehopeful wrote: »

Ok so my DMP journey so far...
Just phoned Nationwide for an update on my application- been accepted so just got to wait for card, s/c and account number.

Completed all my SC paperwork ready to send back- just need bank details to complete the DD instruction. As I'd forgotten 1 of my creditors I phoned SC, in conversation I asked if I could start the plan in April to give me time to save an emergency fund- the adviser wasn't keen and said that my budget does include an emergency allowance- but she did say she'd add a note to my file....she did also advise I phoned all my creditors to advise I'm setting up a DMP- feeling REALLY anxious about doing this- any advice please?

As Santander are 1 of my creditors who I currently bank with I'll have to tell them last- I just hope they don't get suspicious when I'm cancelling my DD's and withdrawing all my wages- then after a few days withdrawing more money out of my overdraft- think i'll do that bit when I've got my Nationwide card in my hand! As I've already told SC the balances on my CC's I'm unsure whether or not to take some money out on them?- scared of being told off or having to explain myself!

Feeling so anxious and emotional today- it will take me 8 years to pay off my creditors which is scarey!

Congratulations on getting a Nationwide account set up. I'm with them too, as are a lot of others on here, and they are so easy to work with. If ever I've had a problem the call centre person was so helpful, friendly and efficient. Made me, even with my basic account, feel like a valued customer:j. Just the opposite of my original bankers (beginning with Ll) who were a total pain:(.


As for your experience with the SC advisor I just want to say that it totally depends on who you get dealing with your query. They don't always work from the same 'script';). I had to discuss something and it was a long involved query that needed me to hang up and find some information for them. It was a different advisor who I spoke to when I rang again. Although a 'note' of my earlier session had been placed on my file the second person seemed to be treating the query and its outcome in a different way to the first one. The advice and solution were not how I was led to believe would happen when I discussed things with the original advisor:eek:

Incidentally, your April suggestion seems totally fair to me. As you haven't even sent your DD instructions to them yet you may be too late for the Feb payment to go out anyway (I think they do it on 1st or 10th according to your choice but I could be mistaken:o). Something in the back of my mind says they can make a later payment but I'm not sure if this is so. Sorry, I'm not being much help here am I?:o If you can delay getting the DD details to them (quite possibly you couldn't let them have them even if you wanted to if you are still waiting for your new bank to get in touch with you;)) you'll miss Feb's payment going out anyway. Please don't take this as gospel though, someone like January, sourcrates or Sazz will be in a far better position to advise you than me. But even if SC had time to pay it this month and had planned to do so it's only Feb and March that you'd asked to be delaying for. Doesn't seem an unreasonable request for you to make:)


Good Luck:beer:. Please come back and let us know how you get on:)

Debtfreehopeful

Thank you Puzz :A
It's so reassuring to know that I'm not on my own and there is light at the end of the tunnel

I need to start thinking of the positives now that the DMP will bring- no stress or anxiety, being able to get a restful sleep, and feeling happy and content with the life I can afford instead of relying on credit to live.xx