DMP Mutual Support Thread - Part 12

kram

Hi Motivated
So you can link several savings accounts to your current account, I did not know that you could do this as all I have ever done with online banking was pay my bills.
I will look at what my bank offers, I will have to do it quick though as I am 14 days away from getting 2 defaults.
Thank you.

[Deleted User]

kram wrote: »

Thanks for all your replies, but just so I don't apply for the wrong thing am I right in thinking the following.
So from my normal current account add online savings account with same bank then drip feed any money into it to build an emergency fund.
Is this right.

As long as you have no debts with this bank (credit cards, loans etc) then it's OK. I use my Nationwide Basic Account to do what you suggest because although I have no debts with Lloyds as regards my bank account I do have a credit card debt with them in my DMP and I don't want to risk saving anything with them at the moment;)

[Deleted User]

kram wrote: »

Hi Motivated
So you can link several savings accounts to your current account, I did not know that you could do this as all I have ever done with online banking was pay my bills.
I will look at what my bank offers, I will have to do it quick though as I am 14 days away from getting 2 defaults.
Thank you.

You can set up as many as you want in Nationwide:j. I have a Flexbasic account with them since I set up my DMP and all income and expenditure payments go through that. I move sums between it and online savings 'pots' as and when necessary. Just a simple one click process and it transfers instantly.

lynns3cookies

Can I ask a question please. Can you have a DMP with one debt?

motivated

kram wrote: »

Hi Motivated
So you can link several savings accounts to your current account, I did not know that you could do this as all I have ever done with online banking was pay my bills.
I will look at what my bank offers, I will have to do it quick though as I am 14 days away from getting 2 defaults.
Thank you.

Hi Kram as carbootcrazy said as long as you have no debts with the new bank account.

I have mine with Santander all applied for and sorted online. I am then able to open savings accounts online too. I have a basic account with them where our wages are paid into and I have set up DDs on this account. They also gave me a top up debit card that I only transfer onto it what I can afford to spend in shops etc.

I have the banking app on my phone and I can easily log in and transfer money around the accounts as I wish

Good luck
M

kram

Hi Carbootcrazy
I am with the Nationwide as well, the only thing was I was unable to open a basic account with them they put me on to flexdirect instead.
What you say about putting money aside for different things makes total sense to me and being able to do it all from within online banking makes it even better.
How long do they normally take to process add a savings account, as I would like to have this in place before the defaults start being applied to me.
Thank you

motivated

kram wrote: »

Hi Carbootcrazy
I am with the Nationwide as well, the only thing was I was unable to open a basic account with them they put me on to flexdirect instead.
What you say about putting money aside for different things makes total sense to me and being able to do it all from within online banking makes it even better.
How long do they normally take to process add a savings account, as I would like to have this in place before the defaults start being applied to me.
Thank you

I'm not sure about Nationwide but once I apply for mine online they are open and up and running within hours
M

motivated

lynns3cookies wrote: »

Can I ask a question please. Can you have a DMP with one debt?

Hi lynn
I'm no expert on DMPs as I am just starting out myself.
Someone with more knowledge will be along soon to help you out.

Have you looked on the Stepchange website and done the budget form, it may advise you what the best option will be.
M

lynns3cookies

Thanks motivated. I have a DMP with step change at the moment but I will be able to three of the small debts on it leaving me just 1 large debt. My thought was to go self managed with this one.

motivated

lynns3cookies wrote: »

Thanks motivated. I have a DMP with step change at the moment but I will be able to three of the small debts on it leaving me just 1 large debt. My thought was to go self managed with this one.

January2015 has now gone self managed and is the one that's helped me no end with my DMP journey. I believe she will be able to advise you prodperly with any questions. She is never too far away so definitely stick around and she will be along soon I'm sure.
M