dmp help

tkell

Hi all,

need some advice.

I set up a dmp on Friday. Management company advised that switch bank accounts.

I switched from LLYODS to SANTANDER using switch service but without my overdraft.

Switch process began on friday and should be completed by 7.6.17,

my DMP includes an overdraft with LLYODS for 4,600.

My wages get paid into LLYODS on wednesday. I'm afraid they will take my wages and use them to offset overdraft now they know I'm on a DMP.

As Santander are only in the process of setting up, i have no account no, online banking or bank card, so its impossible for me to get my wages put into my santander account.

Even if i could, my first DMP and rent etc are scheduled still to be taken from LLYODS on wednesday, before the switch to santander is complete.

what happens if llyods takes my wages and none of my dd's, dmp payment or rent are fulfilled?
Help please! Cant ring today as its a bank holiday.

Pixie5740

Your DMP only started on Friday. Today is a bank holiday so if you have written to Lloyds about your DMP it's unlikely they will receive and/or action anything before Wednesday. On Wednesday withdraw as much cash as you can from your Lloyds account. When is your rent payment due? If you have a standing order set up to pay your rent then you will have the sort code and account number of where to pay your rent therefore you could go into a branch of whichever bank that is and pay cash in over the counter.

When you say, "management company," you're not paying a company to administer your DMP are you?

tkell

My rent comes out on Thursday.

I think the DMP company have already contacted Llyods by phone.

Im afraid if i go into llyods to withdraw my money i will be refused or they will automatically use my wages to offset as soon as it goes in which wouldn't allow me to withdraw

tkell

Yes im being charged.Also, yes i didnt realise you could do it for free. Now that they have set it up and its happening so soon im afraid its too late to change it as step change will take at least a week to set up and i would have to give two weeks notice to this company. Im worried that i will get loads of defaults ...

Pixie5740

A DMP is an informal arrangement between you and your creditors you do not need a [STRIKE]blood sucking leech[/STRIKE] debt management company to administrate it for you. Simply tell the [STRIKE]blood sucking leech[/STRIKE] debt management company that you no longer require their services. If you are too afraid to go it alone contact one of the debt charities: CAP UK, National Debtline or Step Change.

As for being too afraid to go into a branch to withdraw your money what do you think will happen? The alternative is to do Sweet Fanny Adams and just let Lloyds keep the money.

fatbelly

I helped a client to open a Santander basic account ahead of a DRO. We were able to apply online, get accepted, and be told the new sortcode/account number in about ten minutes.

She was later asked to prove ID at a Santander branch but at least we had the account details to start to get her income moved.

Check with Santander - they should be able to tell you your sortcode/account number

tkell

Thanks all.

I feel like I'm just up against the obstacles. I work as a teacher and we are on our week off. If i managed to get the account number and sort code, i dont think i would be able to advise the finance company of a change of bank account with just a days notice. high possibility that they are not even in tomorrow and even if they were it would be too late.

what is the likelihood that llyods will take my wages on wednesday?

sourcrates

Not going to happen.

The right of set off is there, but you have literally not even started your DMP yet.

Nothing is going to happen that quickly, debt collection takes years, not hours.

Sack off your paid for debt management company, get an account with a bank with whom you have no debt, speak to stepchange, slow down, things do not happen that quickly!!!!

Never, ever pay for a DMP.

tkell

okay in relation to changing DMP company to a free one, whats the best course of action?

first payment due to them on wednesday. do i let that go through then give the required two weeks written notice to cancel and then set up a new DMP with step change?

will step change handle the switch for me?

ps thank you to all who have helped me with advice i really appreciate it

sourcrates

No, cancel straight away, stop the payment, write and cancel with your current provider.

How many creditors do you have ?

tkell

I have 5 payday loans, 2 credit cards and an overdraft with my bank. total debt is approx £8500.

I have cancelled my CPA's with the bank. well, i phoned and instructed them to.

Im just concerned that I am supposed to pay the first instalment to my creditors on Wednesday. If i cancel with GW finance (debt management company) then my creditors won't be payed and i will have default notices and a lot of hassle.