another question about DMP set up please?

rubydoiwannabee

Hi everyone
I am a football widow this evening with OH and DS watching Portugal on the box. I have spent the evening surfing MSE site and love, love, love it.

Have a question though and figure someone here is bound to be able to answer it. I am in the process of setting up a DMP and following advice have set up a 'safe' bank account. I did this online and I am waiting (not so patiently) for the paperwork to arrive. One of my large debts is my OD about £3K today and will be more when mortgage has come out next week. I am in a bit of a quandry about the best time to move any available funds from existing account over to new when it is established and worried about how this will coincide with first letters advising of DMP. My main worry is what if the bank (First Direct) take both our salaries this month if the timing is wrong between transfer of SO and DDMS and receiving letters.

Any advice gratefully received and I hope the rambling makes sense.... I have had a glass of wine.
x:o

10past6

When you DMP is set up, whoever manages it will not contact your bank informing them of your DMP, until you have a safe account.

They may well contact your other creditors to inform them, but your bank will not be made aware until you have that safe a/c.

poorandindenial

I have had wine to so hopefully I will make sense. Did you check that your new bank isn't associated with any of your existing debts?? A good idea to do this just in case they take money to cover the payments.

I assume you want to have the money out of your 'unsafe' bank account ASAP. I would do this as soon as possible, if payments that you need not to pay are iminent then you could alwyas take out cash and then pay cash into your new account (not ideal but could protect your money)

rubydoiwannabee

Thanks 10past6, I will be with Payplan. How have you found them? Are you able to manage/view your plan online?

10past6

rubydoiwannabee wrote: »

Thanks 10past6, I will be with Payplan. How have you found them? Are you able to manage/view your plan online?

As you can see from my signature, I'm also with Payplan, it does take time for your DMP to settle down, give it a couple of months for the creitors / DCA's to amened their records.

One very important issue, when you start receiving telephone calls / letters from your creditors, no doubt they will say they are not aware of your DMP, easily resolved, get hold of a supervisor obtain their name and fax number, go back to Payplan and ask them to fax over your "Letter of Authority" this gives Payplan authority to speak with your creditor / DCA on your behalf.

Once your DMP is set up, Payplan have an email address, obtain that from them, when your want to contact them, or forward any correspondence, do it via email, it's quicker and cheaper, and you know they've received it.

rubydoiwannabee

That is really useful thanks, I'm hoping new account will be in force ASAP.

10past6

rubydoiwannabee wrote: »

I'm hoping new account will be in force ASAP.

What stage are you at now?

rubydoiwannabee

I have completed my I&E with national debtline and they are about to send me the pack, should be here on Monday.

10past6

rubydoiwannabee wrote: »

I have completed my I&E with national debtline and they are about to send me the pack, should be here on Monday.

OK, you should have your a/c - ref no.just quote that to your creditor's / DCA's if and when they call.