DMP Mutual Support Thread (Part 4)

ANY_CHANCE

newlywed wrote: »

It depends who his debts are with (original debts, not which DCA's they were passed to). He really needs to get a bank account with a bank that isn't related to any existing debts to make sure they can't offset his money to pay other debts

Thanks newlywed,

When he applies for an account will he be accepted if on a DMP? are there some companies that are easier to apply to? It is just a basic one he wants with no frills but wants to be able to have standing orders/direct debits & cash card

Should i just tell him to go anywhere and see if he is accepted?

I have my account with the LLoyds, his wages are paid into my account at the moment

rayday2

http://www.payplan.com/debt-library/miscellaneous.php these are the linked banks, but recently A&L could now become part of Abbey and also GE Money (behind most store cards) could become Abbey so choose carefully.

Most banks will accept you if you apply for basic because they are for bankrupts so credit score wise you will be fine. Bit out of date this link but its about basic accounts http://www.payplan.com/pdf/bank_acc.pdf

newlywed

ANY_CHANCE wrote: »

Thanks newlywed,

When he applies for an account will he be accepted if on a DMP? are there some companies that are easier to apply to? It is just a basic one he wants with no frills but wants to be able to have standing orders/direct debits & cash card

Should i just tell him to go anywhere and see if he is accepted?

I have my account with the LLoyds, his wages are paid into my account at the moment

There are basic accounts which apparently should be easier to get as they have no cheque book, no overdraft and sometimes no visa debit card - just cash cards.

I applied for A&L online and got accepted for a premier account (but requested no overdraft) - think that's because of my wages going in every month though and it was just before the DMP - others have been refused a premier account so it seems to depend.

If you list who he has debts with, we can see if anyone knows which banks you should definitely avoid - eg:
First Direct and HSBC are linked,
Natwest and Royal Bank of Scotland/mint are linked,
Halifax and Bank of Scotland are linked.

So if he had a debt with Natwest and opened a RBS account, they may be able to swipe his money to "offset" their debt

Ex-Spendaholic

Morning all

Signalising I agree with what the others have already said. I'm not with HSBC but have seen so many others get tortured about the managed loan. Do not take it.

Any Chance good luck in getting sorted with a bank account.

I managed to get turned down for the Co-op Cashminder about a year ago. :mad: I must be bad. I haven't tried for anything since.

ANY_CHANCE

OH has debts with (are you ready?)

HBOS
A&L
Virgin
Barclaycard
HFC

B120WNY

Hey Guys,

Just trying to sort my DMP out to start in september with CCCS. My robbing peter to pay paul has finally ended in july, and will be making nominal payments in august prior to the DMP starting.

I have a few questions which i hope you can help with,

1) I currently get my wages paid into my natwest current account, it has a £1000 o/d which is used every month to pay bills. I use another account, natwest cashcard, which i transfer money into to pay bills, thus using my full overdraft every month. Now I have opened up a new account elsewhere, im aiming to get paid into it, and hopefully set up my bills from it asap. I also have a Natwest C/C with £700. They will be part of DMP too. Any thoughts on this?

2) I have 2 loans and a C/C with Egg, my main creditor. I therefore have 3 notification letters. Can they be put into one envelope and sent to the same egg address?

3) Do you just need the notification letter and thats all?

4) The nominal payments I intend to make for August will be sent out soon, prior to the normal monthly payments anyway. Do you include a short letter in that too, as they will already have received notice of my DMP?

Finally, do all these need to go recorded post?

Many Thanks in advance for your help

Paul

newlywed

ANY_CHANCE wrote: »

OH has debts with (are you ready?)

HBOS
A&L
Virgin
Barclaycard
HFC

Not sure who Virgin and HFC are linked to

Immediate thoughts - try Co-op.
HSBC?
Or Natwest have a basic account too.
(As long as none of those are linked to Virgin or HFC)


Avoid:
Halifax/Bank of Scotland/Sainsburys Bank
Woolwich (Barclays link)
Abbey (possible A&L link soon)

rayday2

Ok yes if you have a new bank account that is not connected to any companies you owe money to then you can include the overdraft in your DMP and I personally would and did!

I would pop all 3 letters in one envelope but have the letters in another envelope inside if that makes sense - just so no one things daft wotsit has duplicated the letter 3 times.

Not sure about the specific stuff to CCCS as I personally have not dealt with them.

If you have the cash recorded is best.

andytwonames

newlywed wrote: »

Not sure who Virgin and HFC are linked to

Immediate thoughts - try Co-op.
HSBC?
Or Natwest have a basic account too.
(As long as none of those are linked to Virgin or HFC)


Avoid:
Halifax/Bank of Scotland/Sainsburys Bank
Woolwich (Barclays link)
Abbey (possible A&L link soon)

ALSO AVOID HSBC - they are related to HFC

Ex-Spendaholic

B120WNY, Are you including the Nasty West OD in your DMP too? I think you are doing the right thing getting your salary paid in elsewhere. Just check that the provider you have gone for isn't linked to any of your creditors.

I would send all the Egg stuff to the one address. Its up to you if you use recorded delivery. I can't remember if I did or not. I suppose it gives peace of mind as you can check to see it has been received. Creditors have a nasty habit of claiming that they haven't received these letters.

Is it possible for you to enclose the nominal payments along with the notificaiton letters thus saving yourself hassle and postage costs?

Any Chance, Nowadays normal bank accounts aren't the only option. You can get money paid into those prepaid debit cards or savings accounts etc. It really depends what you want a bank account for. As I have very few DDs nowadays and try to pay cash for everything, I'm toying with the idea of opening another Post Office Instant Saver and getting my money paid in there. I could then go and withdraw my salary in cash in one fell swoop. You get 6 free withdrawals per year and any after that are £1 each so it would cost me £6 per year to run. I could then pay the money into the Halifax account to cover the DDs.