DMP Advice

OliverCol

I actually ate some food last night for first time in 2 days because of your replies, you've really helped me get my head around alot of the questions I've had suffering me so thanks again, I wish I'd joined sooner!

Rob5342

DMPs are informal arrangements with no fixed rules, so just do what you think works best for you.

Stepchange have a very rigid approach to DMPs. If you are happy with that approach then using them can save you some administration, but if you ever want to do anything different then having them involved just complicates everything.

One approach some people take is to pay less than they can afford, and save the difference to make settlement offers further down the line.

The important thing is to understand that you are in charge now, so play everything to your advantage.

OliverCol

https://forums.moneysavingexpert.com/discussion/comment/82093747#Comment_82093747

Yeah I know I need to keep that mindset going forward, I'm going to pay off that overdraft and remove it then I can auto switch to starling with DDs and auto close the account.

Grumpelstiltskin

Do not use the bank switch service but transfer the vital direct debits yourself, the reason behind this is that the direct debits you have cancelled can be brought back to life if you have used the switch service and you don't want these creditors taking your money without telling you.

OliverCol

https://forums.moneysavingexpert.com/discussion/comment/82093810#Comment_82093810

Again, learnt something new, thank you for that

Grumpelstiltskin

OK All this is new to you but you will find once you have had the initial sort out it is easy, just don't panic whatever you receive and keep coming back on here will anything you are not sure about.

OliverCol

I really appreciate your advice throughout this with me, I'm not clued up on this sort of finance at all. All this started due to virgin media defaulting me for not returning a TV box, only found out about it when I went to do my balance transfers and my credit was ruined, absolutely ridiculous.

Whilst I'm on, I've moved all my direct debits manually now as suggested, I've only got 2 left which is my MBNA loans, if I change the direct debit for those loans they can't use that new DD to try and get the credit card payment can they? Without my explicit permission?

Grumpelstiltskin

Make the loan repayments standing orders not direct debits then the creditor can't change them.

OliverCol

I spoke to MBNA today who said they only accept direct debits for loan repayments not standing orders so I'm going to set it up anyway 3 days before the due date and it'll arrive around the same time

Grumpelstiltskin

It takes a bit of finding but scroll down to pay by bank transfer and it shows you how to pay by standing order.

Ways to pay your credit card | Credit cards | MBNA

Try it, if it goes through I can't see them refusing the payment