DMP Mutual Support Thread - Part 12

MK-4

Paperwork sent to SC to start in a couple of months to allow a small emergency fund to be built up. A bit worried about the OH as she is working 60-70 hour weeks to try to build up a small fund before the SC payments start going out. Hopefully she can calm down and stop working such long hours once this is all running, or preferably even before.

Will take many years to pay off all the debts, but at least they will all be paid even if they lose out on the interest.

All budgeting finally done and going to be very careful on ALL spending so this issue never happens again.

For the first time in my life I have savings accounts - two of them!
One savings account was setup at RCI Bank that gives a 1.3% interest rate. There is no limit or restrictions on transferring money in or out.

So far no major hiccups, only one creditor has not stopped charging interest.

usedtobeblue

I used Santander for a new basic aaccount, they give you a top up debit card, all in all the account opening service, waiting on cards, pins etc took approx 5 working days, they will be closed for 2 days over easter tho. I applied online and decision was instant. I too have opened 2 savings account, one for emergency funds and one for Christmas/birthdays and hopefully in the future some little luxuries.

motivated

usedtobeblue wrote: »

I used Santander for a new basic aaccount, they give you a top up debit card, all in all the account opening service, waiting on cards, pins etc took approx 5 working days, they will be closed for 2 days over easter tho. I applied online and decision was instant. I too have opened 2 savings account, one for emergency funds and one for Christmas/birthdays and hopefully in the future some little luxuries.

I also went with Santander and love the top up debit card. I only transfer to it was we can afford to spend. I now have 4 online savings accounts too.

• Car
• Christmas
• Emergency Fund
• Full & Final account

All very simple to set up and all done online very quickly.
M

System

So nice to see a few new members on here now. :)I know how you are all feeling as I was like that back in 2015. But as others have said, you have done the hard part admitting you have a problem and trying to get it sorted. Keep coming back with questions as someone will always know the answer and we all help each other and it is a very friendly forum where no question is ever too silly to ask.;)

NewbieNat

Hi
I find Capitol One very awkward to deal with. I told them I had contacted SC & didn't have my reference number. They have now written to me with their own I & E to complete within 4 weeks. Today I posted off my details to start with SC, so I'll send that I & E. They are pushing to start a payment plan with them, SC should contact them within the 4 weeks anyway. It depends how far along you are with a DMP really. Sorry I'm not much help, but they have been far more difficult than the others.

NewbieNat

I have started the process with SC! I actually feel quite relieved - well so far anyway. My low payment start for 4 months might be refused, but one step at a time. I looked at my credit rating & it's gone up a little, before it crashes completely. I almost feel I had an emotional attachment to my credit score!!

January2015

Wow - busy day on the thread. I have some reading to do to catch up

It was my last day at work today. Nice healthy deposit into my bank from my employer - everything over and above salary transferred to savings.

Let the job hunt begin

System

January2015 wrote: »

Wow - busy day on the thread. I have some reading to do to catch up

It was my last day at work today. Nice healthy deposit into my bank from my employer - everything over and above salary transferred to savings.

Let the job hunt begin

Hope all goes well in your search for a job.

Dandytf

All going well I just might implement target dmp 2 year plan -though I'm a few weeks away from triggering that optionThat could reduce SC dmp from late 2022 to maybe 2020 which would be very motivational on the road to financial recovery since 2011.
Getting a bit ahead of me though working towards raising SC dmp payments to approx 200 per month or more, not going to be easy though I'm finding the idea of reducing years from dmp and excellent idea at least in mind anyway.
Maybe I'll be able to call SC End April or May to make the increase.

[Deleted User]

I hope all the new members of the thread who are just starting on their DMP journey have sent CCA requests to their creditors. It may confirm that some of the debts are unenforceable which means that you have a lower total debt balance than you feared:).