DMP & Mutual Support Thread - Part 11

KID77

Canuckinuk: sorry i dont have experience of this but hopefully some one knowledge will be along soon or try speaking to Stepchange?

KID77

Hi Dizzi
I replied on your other thread but to answer some of your questions, assuming you are going to go ahead with DMP, contact all creditors by online message or post advising you are experiencing financial difficulty and speaking to Stepchange. You can the pay them £1 token payment beginning of Jan if Stepchange not set up til Feb, some people do 3 months of token payments to build up emergency fund. Xx

KID77

Sorry just to add, dont let your bank know until your dec wage has been paid in and then moved to your new account. So no need to tell anyone til early jan and by that time you will have been able to move funds to your new basic bank account x

Dizzig87

Sorry I'm duplicating kid. So I need to let my wages go in to my old account, physically move the money to my new account once my essential direct debits are paid? then tell them that I'm offering a token payment? My overdraft charges and loan payment will go out on 1st of the month. Sorry I'm just so confused! I don't have my new account number yet as ive got to pop in with ID as I set it up online.

KID77

Hiya, if you can get your wages paid into your new account end of this month then thats ideal but if not then move your wages to your new account asap. If you cant get your direct debits for essential bills i.e. electric, council tax moved to new account for 1st jan then leave enough in normal account to civer these. I would just hold off telling your bank you have financial difficulties until you have taken your wages out and paid essential dds still coming from that account. Hope that makes sense xx

Scaredofdebt_2

Hi Dizzig89, I started my Dmp with SC in March and I informed everyone we were in financial difficulties and starting a Dmp except our bank, we kept that payment up to date with them until our new bank account was open, our employers had been informed and our DD's were moved. We then contacted them. My employer did not change the bank details in time and it was a bit scary when my wage was paid in to my old account but I transferred the money straight away and noone questioned it. Good luck and things do settle down quite quickly.

KID77

The overdraft and loan will still come out so ideally you need to tru and your dds moved for jan 1st so you can move your wages out on 31st. The loan payment and overdraft charges will then come out of your overdraft which means addinf to your debt but I would be nervous telling them to do token payments when your wages are still going in that account. I am not an expert as fairly new to all this myself so someone else may offer other advice.
I rung council and electric etc to change dd and it was all done super quick. My wages got paid to new account but if yours dont then go into branch and withdraw or do an online transfer to new account but that may take up to 2 days....
Sorry im rambling now so if that doesnt make sense, let me know xx

Dizzig87

Ok. So I get paid on 24th. Will have my new account details by then so as soon as in paid on 24th I move my wage out. I make sure I have changed over all my essential direct debits in time and if not call them to pay over the phone, reassured that the next payment will go out of my new bank account. Phew I think ive got my head around that. Will have to do the same for my husbands too as the new account is joint (so I can keep an eye on his spending and human mine). Then I call them all up and offer a token payment of £1. I can't thank you enough for all your help!
Do you know what the odd thing is? I feel like a weight has been lifted already, just knowing we are going to sort this out! Thanks again! X

neiljmuk

I've completed a review for SC and it would bring about payments of £300 instead of £400.. They have asked me to call them before completing it. Why in gods name do they want me to do this? All the amounts entered are within the suggested and as for the reduced amount, half the people on here have very long initial DFDs. I would not mind but they've not got the staff to answer the phone in under 30 minutes...:mad::mad::mad::mad:

January2015

neiljmuk wrote: »

I've completed a review for SC and it would bring about payments of £300 instead of £400.. They have asked me to call them before completing it. Why in gods name do they want me to do this? All the amounts entered are within the suggested and as for the reduced amount, half the people on here have very long initial DFDs. I would not mind but they've not got the staff to answer the phone in under 30 minutes...:mad::mad::mad::mad:

I think they just want to talk it through with you - literally.

We had to do a review recently because we 'added' a debt (we didn't really but stupid EDF sold half of a dual fuel debt, ie sold the electric bit but not the gas, and so adding the DCA for the electric debt appeared to be a 'new' debt (even though the debt to EDF immediately reduced by over half):mad:

When we did our review it showed payments needed to reduce and they just talked it through with us. No hidden agenda - just made sure we had got figures correct. They are not trying to trip you up, or challenge you, but they do have to give debt advice/counselling - it's the basis on which they are set up. Not everything can be done without talking to them occasionally.

I know you are on hold for a fair while but it is a completely free service and they are helping so many people. They must have a limited staff budget - which is not supported by us lot in any way - so the more people who need financial support and guidance the longer it takes to get through. Just try and be patient - they are doing their best and are not keeping you on hold to annoy you;)