DMP Mutual Support Thread (Part 4)

ianmak

DMP company will negotiate with Creditors to stop interest, but there is no guarantee that they will comply, nor do they have to.

I believe though that if your debt is defaulted, then the interest is stopped.

Someone please confirm though!

monami_2

thanks,here hoping

Gemmzie

Yes ianmak is correct. Creditors don't have to stop interest but many do stop or reduce it.
As for stopping after default, I'm not sure if that's a legal obligation

MissKJ

I am about to start a DMP,but payplan have told me to make a payment of anything rather than not. I think that still counts as default though.

Can anyone tellme which is the best/quickest account to set up for my wages to go into before the bank find out I can no longer pay? I dont want to have to tawl through this vey long thread o find out?

ianmak

Anything below your minimum counts as a default. Still make token payments of £1 to your creditors until DMP is setup.

I setup a cashminder account with Co-Op, think I had an account number after a week. Then it's just a case of changing your bank account details with your employer.

cocker100

MissKJ wrote: »

Can anyone tellme which is the best/quickest account to set up for my wages to go into before the bank find out I can no longer pay? I dont want to have to tawl through this vey long thread o find out?

Hi,

I set up a Step account with Nat West. I did it all online so I wasn't embarrassed at opening a basic account in branch. It took about a week for everything to set up. I've had no problems so far. I know a lot of people on here have used the Co op bank. I think they are quite good too.

Cocker

poohbearmufc

We are about to start our DMP with our first payment going 1st November... anyway, how long does it take for creditors to respond to CCCS letters to reduce interest etc, as I haven't heard from one of them, just keep getting phone calls...

Thanks

Nikki

MissKJ

This is what I am dreading. The phone calls.

Cant use natwest, they are one of my creditors. i was looking for an alternative to co-op as there isnt a branch near me if i need to go in to show my id verification?

ianmak

Yorkshire I think some use?

It's taken about 6-8 weeks for the letters to come through stopping interest/recognising my situation. The phone calls stopped around the same time.

skintandscared_2

MissKJ wrote: »

I am about to start a DMP,but payplan have told me to make a payment of anything rather than not. I think that still counts as default though.

Can anyone tellme which is the best/quickest account to set up for my wages to go into before the bank find out I can no longer pay? I dont want to have to tawl through this vey long thread o find out?

People have used various accounts as they new current account. I opened my current account with Lloyds and am opening a savings account with Nationwide. The important thing is that the bank is not linked to any of your creditors - that's all that really matters.