DMP Mutual Support Thread (Part 4)

newlywed

On another note... Co-op did indeed send me a cashminder application form along with the refusal for a current account. This has been duly completed and will be posted today. Still waiting to hear on the co-op savings account.

OH wanted to know why? It is firstly an account to put money into so that if A&L banking system ever goes down again, at least one of us can get some sort of money out to buy food/petrol (we are both with A&L). Secondly it is in case A&L/Abbey/GE decide they can all take money out of the other accounts to offset debt - it will make sure I can jump ship very swiftly so they can't get my money

And in fact a third reason is that with all my accounts at A&L I keep shuffling my money round and keep using emergency money and car tax money for food each month :rolleyes:

I'm planning separate cash card accounts for each pot so it takes longer to transfer money and is more of a pain to spend it Especially now my DMP reduces from this month so should make sure I "keep hold of" the right amount of money

Can't decide what to do though - ought to have these accounts:

Current account for wages/bills/DMP money
Budget for food and petrol (easier to keep with current account and visa debit card)

Budget for emergencies - thinking of a Barclays saving account for this and just transfer money in each month.

Budget for gas/electric - as all summer I have spent the "extra" gas money instead of building it up on the prepay meter ready for winter - thinking of using the co-op savings account for this

Budget for my money (haircuts, clothes, prescriptions, etc). Again keep spending this when the food/petrol money runs short and so am tempted to put this into a separate account. So might use the new cashminder account for this....

Budget for car repairs and car tax (could be a cash card savings account) - so looks like I might need another savings account for this

Ex-Spendaholic

Tranceaddict, hello and welcome. Thats you. You don't need a phone interview. You've done it online. Some people like to ring up and speak to CCCS etc but there is no actual need to do that unless you want to.

Gillganstyle, keep the money. You never know when you'll need it for car repairs or whatever. Oh and I would cancel the card. It may be a hassle but is the one sure fire way to stop this.

Milliejon, I would write to them all asking them to stop interest. If you don't get it done that way then I would go with CCCS or someone. Don't worry about DCAs. Once debts go to DCAs interest generally stops and as long as you are making payments you don't hear from them. Oh and they can ask all they want to see your bank statement. You don't have to give it to them. You owe them money nothing else so don't feel pressured into these things.

Newlywed, good luck with the co-op application.

Hello to everyone else.

rayday2

newlywed wrote: »

You've done the equivalent of the phone interview on the web You've given your income and expenditure and debts list and that's what the interview does - I did it via the web so that I wouldn't have to talk it all through on the phone (huge risk of sobbing down the phone )

If they recommended a DMP and sent you paperwork then you're all set - full steam ahead and all that

They are not entitled to see your bank statements at all!

newlywed

rayday2 wrote: »

They are not entitled to see your bank statements at all!

Did you quote the wrong bit??

rayday2

milliejon wrote: »

Ex-Spendaholic - thanks. Yes I manage the DMP myself. I've been thinking about this overnight, and I don't think I can do what I'm suggesting because if any of me creditors ask to see my bank statement (and was does nearly every 6 months) they would see that I'm not paying what I said I would. Why is everything so complicated?

This is the post I meant to comment on!

They are not entitled to see your bank statements at all even courts don't ask to see them all the time.

Just send them another I&E sheet.

rayday2

newlywed wrote: »

Did you quote the wrong bit??

I did sorry the page jumped! :rotfl:

tranceaddict

Tranceaddict, hello and welcome. Thats you. You don't need a phone interview. You've done it online. Some people like to ring up and speak to CCCS etc but there is no actual need to do that unless you want to.

Woo hoo, thats all good then, I'm not very good on the phone, much prefer letters or e-mail etc.

Opened my co-op cashbuilder this morning (over the phone funnily enough :rolleyes: ), should get detials next week (card, account number etc)

Just getting ready to cancel my non prority direct debits and send off all the stuff to get the DMP started.

How quickly can they do this? Is putting a start of September asking too much?

It's all happening! Thanks for all the help and support

R

ianmak

Interesting article and responses here on who is to blame for the current debt crisis...
http://www.fool.co.uk/news/get-out-of-debt/2008/08/20/who-is-to-blame-for-debt-crisis.aspx?source=uemfoleml0010038

Toffee_Penny

Hi guys!

To all those just starting up a DMP I am with CCCS, I did the initial bit online and then received a pack through the post with agreements to sign and notification letters to send to all my creditors.

I had to send proof of income (latest wage slip, child benefit etc) and creditor details (latest staements) to CCCS, cancel direct debits and set up a new account.

In the pack from CCCS you have a payment slip which you pay at the Post Office and a slip in the pack to set up a direct debit so future DMP payments are taken from your new bank account. The direct debit payment will be taken the following month so you will have time and a bit of money to get sorted out until it is set up properly.

ANY statements I received from creditors I just sent token payments of £2 to them whilst I waited for confirmation from CCCS everything was set up. This took about 2-3 weeks if that. You will receive a letter also with a password to check up your DMP details online, this will show payments, creditor details etc you also get sent a monthly statement from CCCS too. If there are any changes to your income you can even request a review online too.

I had a letter from Littlewoods (i think) asking to see my income and expenditure DON'T send them your bank statement whatever you do, despite their words they have no right to see this even for a CCJ they do not request to see your bank balance.

If I am honest I have mostly ignored some of the letters I have been sent because I know I have made two payments so far to CCCS and it takes time for the creditor to receive your reduced payment.

I have already sent a notification letter to each of my creditors and CCCS have contacted them on my behalf too so any kind of letter saying 'we have yet to receive payment', 'you have ignored our requests', 'contact us immediately' are all standard template letters on their system. You are not special, everybody gets them

It is entirely up to you if you want to contact the creditors by phone, I was a wimp, I just couldn't face trying to tell a stranger who didn't give a hoot about me that I could only afford such and such and no more. They will try to do this, it is their job. I changed my number so they have no details about me apart from my address.

As for additional interest and charges, some creditors will stop almost immediately (Next did for me) some will continue for a while eventually stopping all charges and some will be stubborn and never do so.

The thing is to remember that no matter how much money you owe, you have taken the first step in stopping your debt getting out of control. Don't worry about the end date and how long it will take to pay off, just start enjoying your life. You only get the one after all

I hope I haven't waffled too much :rolleyes:

Parsley_2

I'm just sorting myself out for my DMP with CCCS. I also did it all online although I have phoned them since for some advice and they were extremely helpful.

I haven't had any letters from credit cards yet but have had the following responses from phoning them:-

TSB - What's your CCCS number? What's the offer? I'll put a note on your file and we'll be in touch. (CCCS said they are about 4-6 weeks behind on their paperwork so who knows when I'll hear from them.)

MINT - We have it on file but we can't agree it until your account has been defaulted and terminated. Once that process has been followed we'll be in touch. (They did send a letter telling me this would happen which saved a bit of panicking)

Halifax - Yes we've got that on file. The amount is lower than our minimum criteria so we have agreed it for 3 months and will then review it. You will be paying reduced interest. Thank you very much for calling about it.

BOS Preference account - Yes that's on file and has been agreed. We'll be writing out to you shortly to let you know the interest rate. Thank you for calling us.

My husband tried to speak to his TSB people yesterday but they hung up on him in the middle of giving his personal info. He asked me to put the details on the fridge (next to the phone) so that he will know what to tell them. Previously he has told them that he is not in as he keeps forgetting what he's supposed to say.

All in all I think it's going well but it's hard to say as I've never done it before. Only reading the posts on here have kept me sane about it all as I think otherwise I'd be seriously panicking about it.

Thank you everyone.

:A