DMP & Mutual Support Thread - Part 11

Keezing

I'd say your employer has a lot of questions to answer for not actioning the bank change properly.

I'd tell them you no longer have access to funds in the old bank account and ask them for a solution.

motivated

sourcrates wrote: »

It is easy, people expect to be made to jump through hoops, but it just does not happen like that at all.


You have made the right choice for your situation, i cant tell you how difficult it can be reading peoples posts before they have there LB moment, they go on about "0%" deals, then when they run out its consolidation, when that goes wrong, they finally realize they should of gone to debt management previously.

You are doing the right thing believe me.

Sourcrates I believe you :A You were absolutely right. Our DMP is all set up and ready to go. 1st payment 1st April. DD all ready on my account and I can honestly say I am regretting not doing it sooner.

• One budget completed on SC website
• One phone call to SC
• One new account opened online
• One email to SC with creditor details
  (even photos of wageslips)
• One phone call to check budget
• One call to SC to confirm
• One DMP in place
  
  Equals one happy,relaxed couple

I can honestly say it has been that easy :j
Thankyou so much to everyone especially sourcrates and January2015 you have saved us from ourselves.

I was panicking terribly about taking the first step in to DMP land. Not any more
We have started our journey to our Debt Free goal
M

Debtfreehopeful

Thanks Keezing.
Oh I know it's been a stressful morning!
When I phoned Santander they were really good about it and told me to log into my internet account 2 hours later- it didn't go through (I tried twice) so I ended up phoning Santander back. As there was a block on the account it was then taken off and I managed to successfully transfer my wages! Massive relief!

BeingDebtFreeStartsHere

Quick query,

We have our mortgage with The One Account. We are thinking rather than saving our emergency fund separately we could pay it into our mortgage account to reduce the interest we pay each month as it is calculated on a daily basis. Hence the more we pay in each month the less the interest is.

What is everyone's opinion on this - good idea or best to keep emergency fund pot completely separate?

Many thanks,

BDFSH x

sourcrates

BeingDebtFreeStartsHere wrote: »

Quick query,

We have our mortgage with The One Account. We are thinking rather than saving our emergency fund separately we could pay it into our mortgage account to reduce the interest we pay each month as it is calculated on a daily basis. Hence the more we pay in each month the less the interest is.

What is everyone's opinion on this - good idea or best to keep emergency fund pot completely separate?

Many thanks,

BDFSH x

Personally I would keep a separate pile of cash, readily available, so that when one of life's little problems occurs, you have the cash to sort it out.

Just my thoughts.

Sazzie23

BeingDebtFreeStartsHere wrote: »

Quick query,

We have our mortgage with The One Account. We are thinking rather than saving our emergency fund separately we could pay it into our mortgage account to reduce the interest we pay each month as it is calculated on a daily basis. Hence the more we pay in each month the less the interest is.

What is everyone's opinion on this - good idea or best to keep emergency fund pot completely separate?

Many thanks,

BDFSH x

Half and half for me sitting on that fence as usual :eek:
Then you'll reduce the interest a bit but have separate access to savings fund

Saz

Sazzie23

Debtfreehopeful wrote: »

I am so worried! My wages have been paid into my Santander account who I owe money to and are included in my DMP! I gave my employer my new bank details too. I don't know what to do as I have no money. Please can someone advise. Thanks.

Glad you sorted it, #nevergiveup, now contact your employer and ask them what they are planning to do next month? Some companies have a long lead time for changing account details. As your manager or union to intervene if you need extra help.

Saz

Stig_of_the_DMP

Hi all. After a couple of months of lurking and a long time worrying about my unmanagable, and endlessly rising debts, my wife and I have finally come to the decision of starting our DMP. We have had the initial chat with Stepchange and plan to use them in the short term until we get used to the process. Eventually we would like to go self managed to get the defaults starting as soon as possible. We have managed to rack up debts of around £60k between us. Redundancy and having two small kids has been partly to blame, but ultimately it is down to bopth opf us being terrible with money and getting into the balance transfer spiral - convincing ourselves that this time we will pay it off but always ending up talking on more and more debt.

Anyway, i just wanted to say that all the posts on here have made me feel much more confident and relaxed about the whole process - so thanks (thanks in advance for all the idiotic questions i will no doubt be asking you in the future too!)

Stig

January2015

Stig_of_the_DMP wrote: »

Hi all. After a couple of months of lurking and a long time worrying about my unmanagable, and endlessly rising debts, my wife and I have finally come to the decision of starting our DMP. We have had the initial chat with Stepchange and plan to use them in the short term until we get used to the process. Eventually we would like to go self managed to get the defaults starting as soon as possible. We have managed to rack up debts of around £60k between us. Redundancy and having two small kids has been partly to blame, but ultimately it is down to bopth opf us being terrible with money and getting into the balance transfer spiral - convincing ourselves that this time we will pay it off but always ending up talking on more and more debt.

Anyway, i just wanted to say that all the posts on here have made me feel much more confident and relaxed about the whole process - so thanks (thanks in advance for all the idiotic questions i will no doubt be asking you in the future too!)

Stig

Welcome to our DMP family. :wave:

I absolutely love your forum username.....oh God...I wish I had thought of that one:rotfl:

BeingDebtFreeStartsHere

sourcrates wrote: »

Personally I would keep a separate pile of cash, readily available, so that when one of life's little problems occurs, you have the cash to sort it out.

Just my thoughts.

Sazzie23 wrote: »

Half and half for me sitting on that fence as usual :eek:
Then you'll reduce the interest a bit but have separate access to savings fund

Saz

Thank you both May go for the half and half option - hadn't even considered that

Take care,

BDFSH x