DMP Mutual Support Thread - Part 12

SuzyN · 5 August 2018 at 8:25PM

Today I discovered YNAB - I think I'm in love

:happyhear:happyhear

I was reading old posts on the YNAB app and budgeting software (For anyone like me up to yesterday it is like a new way of managing your money via a virtual envelope system) and I read that although it costs $60 a year, if you email them your student card they will give you a year free. Cant believe it!! Within an hour I had my free link back.

I'm only a pt student and there were no issues at all.

Cant wait to see how it works out for the rest of the month as I think changing my spending habits is key to my future dmp success.

Sx

sourcrates · 5 August 2018 at 9:59PM

Red_Athena wrote: »

Oh, I have a question that someone may know the answer to. I set up a new bank account to an unlinked bank, but I do have a joint First Direct account with my partner. I have an M&S credit card, and looking into it M&S are owned by HSBC, as are FD. Could they take money from my joint account for a solo debt?

Edited to add: I found the answer on StepChange and no they cannot. I am not able to post a link because of being a new user!

Good question, I would say yes, you need to remove all avenues such as this.

usedtobeblue · 6 August 2018 at 4:50PM

Good afternoon everyone,
Just thought id share a quick update with you all. First off is some good news, my loan (which was my biggest debt at £19k) has been defaulted by first direct and straight off knocked the interest that i would have been paying, lessening the debt now to £14k. It feels like a wee £5k windfall lol.
Tesco bank, next and Barclaycard have also all defaulted me, just waiting on mbna and virgin now and it will be a full house. Im really pleased with how things are going and really wish i had done this years ago instead of just adding to it. My dfd date is estimated as June 2024, seems like such a long time away but at least im on the right track.
The old spending devil lands on my shoulder occasionally and i have to reign it in as i really want to continue with the little bit of savings ive managed to gather up.Its not easy but its worth it.

SuzyN · 6 August 2018 at 5:07PM

How long did each of your creditors take to default you? I have the same set (except first direct) and am wondering what they are likely to do?! Brilliant news re your loan

usedtobeblue · 6 August 2018 at 5:08PM

SuzyN wrote: »

How long did each of your creditors take to default you? I have the same set (except first direct) and am wondering what they are likely to do?! Brilliant news re your loan

HI, I stopped my direct debits in March and my first dmp payment went out in June. My new credit report shows the defaults dated august, so not long at all.

Red_Athena · 6 August 2018 at 10:21PM

Well it does not fill me with confidence that today I received a bank account application pack from StepChange *as discussed* (nope) rather than the DMP pack.

SuzyN · 6 August 2018 at 11:55PM

Red_Athena wrote: »

Well it does not fill me with confidence that today I received a bank account application pack from StepChange *as discussed* (nope) rather than the DMP pack.

Nope not good!!

DMP_Tiger · 7 August 2018 at 9:39AM

Red_Athena wrote: »

Well it does not fill me with confidence that today I received a bank account application pack from StepChange *as discussed* (nope) rather than the DMP pack.

I received a Barclays basic account application pack from Stepchange, even though they knew that I already banked with Barclays and have a loan and Barclaycard with them....although SC did say that Barclays wouldn't steal my money as long as I was making the agreed DMP payments to them. It seemed a bit risky though so I opened a new account with Nationwide.

The actual DMP application pack came by email shortly after I'd completed the online debt remedy tool (same day).

backandevenmorebroke · 7 August 2018 at 10:30AM

Morning all!

So letters slowly coming back in from creditors, 2 have asked for information about my budget. I am reluctant to give them any info at the moment as I want to take my time so I can build my emergency fund up along with paying off some dental treatment that I'm already committed to. This means it might take me a good 5 months until I crack on with my DMP. Do I just send them to budget but make it clear I am taking some breathing space to build up emergency funds? Or do I just write back without a copy of my budget and tell them I will be back in touch with my budget as my circumstances are due to change in the next few months (which isn't a lie)? Any help will be much appreciated!

Suseka97 · 7 August 2018 at 12:17PM

backandevenmorebroke wrote: »

Morning all!.........
So letters slowly coming back in from creditors, 2 have asked for information about my budget. I am reluctant to give them any info at the moment.......... Do I just send them to budget but make it clear I am taking some breathing space to build up emergency funds? Or do I just write back without a copy of my budget and tell them I will be back in touch with my budget as my circumstances are due to change....

It's always a good thing to get your creditors on board in the early stages - so yes, go back to them with your I & E, but make it clear that the DMP will start from x date. You can state the reason as being a) money to save for EF (to minimise the likelihood of having to vary payments should and unexpected bill hit you), b) the dental work commitments and c) anything else you like (which you could make up if you're so minded to).

This is an informal arrangement and you need to be ready to go when it suits you, not your creditors. But of course they have every right to ask for the I&E and when they can expect the DMP to begin.

DMP Mutual Support Thread - Part 12

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