Confused and not sure what to do!

karlou13

Hi All

This is my first time on a chat board ever so please excuse me if any mistakes made!

We have finally admitted to ourselves that we have a major problem with money and after a lot of trawling through websites went on to cccs site and did the debt remedy on there. It suggested a DMP was suitable for us but trouble is now i'm not sure whether this is the way to go - can we get some advice from people already on a DMP with cccs maybe?

It's just all so confusing - especially can't get my head around the changing of bank accounts - we have so many direct debits on the existing ones and can't believe will have to transfer them all over to a new account! Can anyone recommend good current account with debit card but no overdraft that we can apply for?

Sorry I'm probably not making much sense but brain is a bit addled now!!

Gemmzie

There's lots of people with CCCS here, and other's with DMPs. Plus CCCS themselves post sometimes, so fire away with any questions and I'm sure someone can help.

The NatWest Step Account is often recommended and there's a Smile basic account. You just need to make sure it's not a bank that you have any credit with at the moment (some of them are linked). http://www.adviceguide.org.uk/nm/basic_bank_accounts.pd has some advice

chevalier

the reason for opening another bank account, that isn't linked to any of your current creditors is because, bank terms and conditions often say that they can take money from any accounts they have with you to pay off debts. So you tell them that you are going onto a DMP, then you get paid, and they take all that money to pay your loan, and then charge you for all the direct debits that bounce, and take you over your overdraft etc.

So really is a good idea
chev

ps welcome to the site!

Janey51

Hi karlou. Welcome to MSE :wave:

My husband and I have been in a DMP with CCCS for nearly 3 years.
Before we went with them, our lives were miserable because of the worry about teh debt and the constant phone calls and letters from credtors. It made us both ill.

We had a telephone interview with an advisor from CCCS and she told us how a DMP would work. At first we owed £84000+ and could only afford £105 a month to share between creditors. Last year we increased this to £418 and we have already paid a couple off. We still owe £69000 :eek:

You need to get a basic bank account. Ours is Co-op Cashminder which means we can still use Direct Debits, Standing Orders and I have a Visa Electron card.
If your creditors' phone calls get too much, change your number. It was the best thing we ever did.
If you decide to go with CCCS, I can only speak from our own experience and say they have been great. Sometimes its hard to get through on the phone but an email is answered in 48hrs.
Good luck .
Ask any questions you want. People are very helpful and so many of us are dealing with huge debt that you won't be alone.

bowz25

hi and welcome
we have been on dmp since june 07 and i felt the same about changing banks. i had banked with same bank for 20 years!! (this now means nothing to me) I took the inspiration from people on these boards contacted cccs then set about sorting it all out.
I applied for co-operative current account online it was so easy and i had a switch/debit card without overdraft within a week. I was also able to cancel my direct debits online and when i rang to change the direct debits most of them could be changed over the telephone. Co-operative even offer to do this for you as far as i can remember.
We have paid off over £3,000 so far long way to go but in control which is a good feeling amongst all the doubts and worries that go with this all especially that daunting time at the beginning.
If you think it is for you go for it you will always get support here every step of the way.

take care
bye for now.

HHH_2

Hi I've had a CCCS DMP for a year and all interest has been frozen on my accounts so everything I pay to my DMP goes towards the actual debt. I changed my bank account to Coop as had no debt associations with them. Just a basic account but with an electron card which everyone except the odd internet site accepts. no overdraft or cheque book but that has actually forced me to look at my spending and kept me on the straight and narrow! CCCS are BRILLIANT, non judgemental and know their stuff. I am at last in control of my debts but still have enough money to get by on. The first bit can be stressful but once you and CCCS have the DMP in place a huge weight is lifted. good luck!

compulsivespender79

Hi Karlou, and welcome.

I started my DMP with CCCS last month, and have to say, so far they've been great. They really do know their stuff.
Fortunately I already had account that wasn't associated with any of my debts. It's an Alliance & Leicester Premier Account. When you apply for the account they switch all of your DDs and SOs for you, you just have to tell them what they are. It's an internet account, and you can start, cancel, amend DDs and SOs as much as you like online. You don't get an automatic overdraft, and you get a Visa Debit card. I applied for the account online, and it was all very easy. Haven't had any issues with their customer service so far either.
Deciding to go on a DMP is a terrifying and exhilirating decision all at once. I'm still worried about the state of my credit rating at the end of all this, but to be fair, I don't think I'll ever want to get credit again. On the upside, you will have a budget that you can work with, and once the initial flurry of creditor phonecalls and letters subsides, you will find a much calmer and happier you.

Good luck with it, and there's always someone here to help if you need it

CS x