DMP with Payplan? - Im a NEWBIE - HELP!!!

bank_of_slate

Hi Culator, I opened a Natwest basic account...
No overdraft
No cheque book
It comes with a Solo debit card and I have internet access!
It's great for me.
...Linda xx

mummum2

bank_of_slate wrote: »

Hi Culator, I opened a Natwest basic account...
No overdraft
No cheque book
It comes with a Solo debit card and I have internet access!
It's great for me.
...Linda xx

Ditto same account for me, although I wish I had a cheque book.

Culater_2

Thank you so much for all your help - I have applied for a bank account today online and await to hear from that. Payplan are calling me at 4pm 2morra - so fingers crossed... Will they tell me then what they advise or is there more checking to do afterwards this call?

Culater_2

One question I do need t ask - My mortgage special rate is upin May 2009 and I maybe on DMP soon. Will the Building Society still offer me an alternative rate as they would if I was not on DMP or not? Will I end up with some stupid rate or their normal base rate because of DMP?

miggy

Hi Culater, you seem to have had a bit of a busy day!
I'm not able to advise on the questions you're asking, I just wanted to suggest you have a look at the 'old style' board if you haven't already, because there are plenty of ideas there to reduce your outgoings and as they say, 'a penny saved is a penny earned', though nowadays I think it should be 'a pound saved is a pound earned', or maybe a fiver...?
Also get yourself signed up to Freecycle - our local one often has things for young children and didn't you say you have an 18-month old?

Culater_2

Yay! Bit of good news this morning - I applied for a Lloyds TSB account yesterday afternoon as I have no creditors associated with them at all.

Received in the post this morning (how fast??!) confirmation of new account number and sort code - Account comes with a visa debit, chq book, internet and telephone banking access!! Just what I need, and also they will take care of all the deriect debits and transfers from my soon to be old Barclays Account. Fingers crossed.

It is a Std current account so my rating must not have been affected yet.

Im not behind on any payments at all with my creditors and have not missed any either but just paying min amounts which is impacting on other areas, for instance we have nothing left for shopping etc or emergencies!

Hope payplan can help at 4pm today!

miggy

Well done on the new bank account and also on keeping up your payments! You do need to eat though...! Hopefully you will soon be in a position to budget for that and emergencies. As I said, get onto Freecycle, just on case those emergencies come up (and also for the occasional treat - many people are on it because they feel it's wrong to throw away something when it's just surplus to requirements).
Hope all goes swimmingly with payplan this afternoon.

Culater_2

Thanks for your comments and support - less than an hour to go for the phone call and already my stomach is churning!!! I hope its ok and my SOA is acceptable

Scarlett.1974

Culater wrote: »

Thanks for your comments and support - less than an hour to go for the phone call and already my stomach is churning!!! I hope its ok and my SOA is acceptable

You really don't need to worry. They're not there to judge you and going from my own experiences with both payplan and CCCS they don't really question your SOA too much (unless you're wanting to budget for £300 per month for clothes and shoes ). Just be honest with them, especially regarding your expenditure. The point of a DMP is to give you back control of your finances; there's no point in making your SOA so tight that you're going to find yourself struggling in a few months.

Good luck

Culater_2

Had my chat with Payplan and they offered a DMP based on £416 pcm to my creditors against debts of 30K. This I thought was a bit high as I thought about £300 pcm, nevertheless time to tighten our belts and get stuck in I suppose. It means we will be debt free quicker I suppose although we will find it a struggle (compared to living on credit!), like others do but this is the only way - culture shock!

Now I have started receiving credit card bills in for end of this month and Payplan said you could offer a £1 token payment with a covering letter saying I was in financial review.... Is this right and how do I go about it? Surely I will have defaults coming out of my ears and legal action???? HEEEEEEEEEEEEEELP!!!