DMP Mutual Support Thread (Part 4)

shellfishb5

Well big day tomorrow
Going to the post office on the way home to make my first payment to CCCS via Transcash,still trying to sort out basic bank account, waiting to hear back from Citibank, having probs with Co-op bank because i dont have the correct id they need. Can anyone recommend any other bank accounts to try, as my credit rating is in the gutter.
I will feel a lot happier when i have actually made payment to CCCS, still a long way to go but its a start and i couldnt go on ignoring debts.
I have read most of the posts on this thread and have learnt a lot and its nice knowing its not only me going through this turmoil, i was on anti -depression medication for 3 months about two years ago and i dont want to go back there thankyou. I stopped smoking 16months ago and i am have stayed strong and even with all this grief have resisted the temptation to start smoking again, anyway if i smoked i would have no money to pay my DMP. Thanks to everyone on here who has helped me :T :T :T

WannabeFreeOfDebt_2

sarriep wrote: »

FAO WANNABEFREOFDEBT
has anyone used dfh financial solutions before? have just been looking through teh forum and cant find any reference to them! am slightly worried now as they said my 13500 debt will be gone in 4 years and 3 months and am doubting them now

Please please don't use this company. Phone CCCS they are fabulous, are a charity and DO NOT take ANY fees at all! No company can tell you how long your debt will take to clear. It is in the hands of the cc and loan companies whether they accept DMP payments or freeze interest. I assume dfh are taking a fee? :mad: That money could be going towards repaying your debt. The 2 free charities who are recognised by all the creditors are CCCS ( www.cccs.co.uk ) and payplan. CCCS have been wonderful and there for advice along the way. Read through the posts on this thread to see how much support and help they give and it's FREE!!!! :rotfl:

dont worry have already cancelled it and phoned cccs whohave given me an appointment for 10th november. just need to tell hubby now and hope i'm still married in the morning!

Honky_tonk

Hi Shellfish,

A note about bank accounts, I tried with coop last week, they referred it for whatever reason. I got impatient and wandered into LLoyds and asked them about a basic account. Within 10 minutes I was out with my new account details in hand! They did want photo ID which I just happened to have but otherwise pretty painless.

HT

CATH_3

help
I,ve been with Payplan for nearly 2 years and am about to move in with my partner. I had therefore planned to increase my payments by about £50 per month due to my new circumstances. However, Payplan have asked me to consider an IVA instead-making me debt free in 5 years. I considered one before but was put off by the strictness of the rules. I owe about £16000 and Payplan say their IVA would only cost me about £110 per month for 5 years instead of the £101 I am paying now. Has anyone out there changed to an IVA from Payplan?? Thanks

sarriep

Cath
Do a search for payplan and IVA on the forums - I'm sure there has been some negative comments about them wrongly advising clients to take out IVAs. Do you own property? If you don't then an IVA is not for you. My understanding is that you must be a homeowner and that you will be expected to take some equity out of your proprty in Year 4 of your IVA. This scared us!
I understand your reservations. We considered an IVA but I must confess even though our current debt will take about 9 years to pay back I MUCH preferred a DMP. IVAs are much stricter about your living expenses too - a DMP is more flexible and allows you more to live off.
Have you thought about contacting CCCS to see what they would advise? You wouldn't have to change to them it just might be useful to get a second opinion
Sx

shellfishb5

Honky_tonk wrote: »

Hi Shellfish,

A note about bank accounts, I tried with coop last week, they referred it for whatever reason. I got impatient and wandered into LLoyds and asked them about a basic account. Within 10 minutes I was out with my new account details in hand! They did want photo ID which I just happened to have but otherwise pretty painless.

HT

HT
Yeah thats the problem i havent got Phot ID i forgot about sending driving licence to change address so only just done it and i dont have a passport either. I have photo ID for work (Ministry of Defece) which Co-op wont except. I have sent the forms away for Citibank they just wanted a bank statement so fingers crossed, but would have prefered the Co-op if i get my driving licence back quick enough i will go for Co-op. My debts are with Nationwide and HSBC i still bank with HSBC and i have £100 overdraft with them.

Just a bit worried as DMP starts 1st Nov and my wages will still be going into HSBC account until i can sort out a new account. When i spoke to HSBC staff in my branch they said that hsbc could take money from my current account, i have been paying them £10 a month for 2 years now and they havent touched my current account yet and on the DMP they will get £34 a month compared to £10 i am paying them now

hula-hoops

I managed to set up the basic bank account with Co-Op over the phone with no mentionings of any ID...

This was on Monday this week. I don't have the account number yet because she said that's in the post and I should receive it by the weekend.

All-in-all a pleasant experience but I was not impressed when she said 'You do realise this is a basic bank account with a lot of restrictions. No cheque book. No overdraft.' 'Yes. I need that kind of account because I am starting a DMP with CCCS' I said. 'Oh right. Yes, this is the account we have for bankrupts like you' she said.

I'm not bankrupt yet!

nataz

argh Im totally stuck. Can someone explain the changing bank account to me. I have an account with Co-op and go in and out of my overdraft due to OH's wages taking ages to go into the bank and bills going out before his wage goes through. I really dont want to change and lose my account, but if Im overdrawn when I send the forms I will have to list them as a creditor - wont I?? If I start making token payments, I wont go into my overdraft....

what should I do????????? :huh:

Jvic28

Hi nataz,

Personally, I would make token payments. If you are on a DMP you should not be using credit and that includes overdrafts, so you need to make sure you don't go into it. Otherwise you need to include it on the list of creditors and open a new account. That's my take on it anyway.

nataz

Thanks Jvic, I havent actually started my DMP just got the forms today, I just know come 1st Nov I'm gonna be a couple hundred overdrawn.

Do I have to pick a bank with whos parent company I dont have debt with? Hope that makes sense! I have debt with Virgin, HSBC, Barclaycard, Nationwide, RBOS, Marks & Spencers, John Lewis oh, and Co-op - just a few!