Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • fermi
    • By fermi 10th Jul 15, 6:32 AM
    • 39,669Posts
    • 47,650Thanks
    fermi
    DMP & Mutual Support Thread - Part 11
    • #1
    • 10th Jul 15, 6:32 AM
    DMP & Mutual Support Thread - Part 11 10th Jul 15 at 6:32 AM
    Welcome to the DMP mutual support thread.

    Here you can find help in starting and running your DMP, self managed, Stepchange, Payplan and any other DMP all welcome here. There is help on getting interest and charges stopped, how to start with an emergency fund, defaults, token payments and lots more.

    If you are in a DMP or thinking of one, this is the place to be. We are a non judgemental and all questions welcome.
    Originally posted by Sazzie23
    Once again the old thread was getting a bit large, so here is a fresh thread.

    The previous thread can be found here: Click ---> DMP & Mutual Support Thread - Part 10

    Or click here for the last page of posts on the old thread. ---> Last Page

    Sazzie23's fantastic post of the month winning post from the previous thread is repeated below.

    Best wishes with the DMPs everyone.
    Last edited by fermi; 12-07-2015 at 8:50 AM.
    I'm a Board Guide on the Debt-Free Wannabe, Bankruptcy, Credit Cards and Loans boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Board guides are not moderators. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com

    Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB

    IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed
Page 254
    • Sazzie23
    • By Sazzie23 25th Mar 17, 11:23 PM
    • 2,620 Posts
    • 10,506 Thanks
    Sazzie23
    Thanks beingdebtfree, much appreciated. Has anyone had a recent yearly budget review, did they require any proof of income? it's very difficult to find out if it is part of the annual review. Huge thanks to everyone for the advice.
    Originally posted by zay475

    Hello and welcome to the DMP thread. I just did my review this,week and no paperwork or proof of I&E was requested. P
    Hope this oust your mind at rest

    Saz
    Debt -it's a fight that I'm winning, dealing with debt one day at a time.
    Estimated DFD August 2018 - 2031 - now 2027

    Guide dog Tess, missing Scotland 2 years

    DMP support no438.
    • zay475
    • By zay475 26th Mar 17, 12:50 AM
    • 4 Posts
    • 5 Thanks
    zay475
    Thank you so much Sazzie, you and the others have helped me so much today. It is very much appreciated and I will sleep a lot better tonight thanks to you.

    Kind regards
    • Suseka97
    • By Suseka97 26th Mar 17, 7:54 AM
    • 741 Posts
    • 852 Thanks
    Suseka97
    Hi sourcrates,

    Thanks so much for your quick reply, it is much appreciated. Do you know if stepchange ask for proof of income in the yearly review? I had to give them proof when I started the DMP last august, however I can't see any recent posts saying whether or not they ask for it in an annual review. I found a post from dec 2015 saying they don't, but on their site they mention that they are bound by the FCA to do a yearly review now, even though they always have. I can't seem to find out whether showing proof of income is a new mandotary rule too. It's very confusing lol.
    Originally posted by zay475
    I've just completed my 4th and final annual review online and, as before, all I've done is updated my income and adjusted a few outgoings (such as gas, electric, council tax). I've not been asked to provide proof of any adjustments. I guess if my monthly payment to SC was to drop significantly as a result, then I would expect to hear from them -but each year my payment has risen (albeit only a small bit).

    As has been said - whilst your income might have risen a little, so have your costs. The DMP arrangement is an informal one and it's yours to control. You're paying your debts and that's the main thing and the plan has to work for you. If you want to have that little extra income to add to your emergency fund, or for a little luxury every now and then - go for it, what's the harm
    • Suseka97
    • By Suseka97 26th Mar 17, 8:13 AM
    • 741 Posts
    • 852 Thanks
    Suseka97
    If you have defaults on your credit file, its likely you may be rejected for a current account, only way to know is to apply.

    A basic account is no different to a normal current account in many ways, obviously there is no borrowing facility, but most come with a chip an pin debt card, all do DD, SO, etc, and they are open to anyone, as long as your identity can be established, and you have no history of fraud, and no credit check is required.
    Originally posted by sourcrates
    Thanks Sourcrates - as you say I think I'll just do a bit of research on which account might be best and have a go online. In truth all I need is a pin card and DD/SO functionality - so if I can't get a normal, a basic will do. I was just concerned that I might get rejected for a basic too -but from other replies that sounds unlikely.

    Firstly, Suseka, massive congratulations on how successful you've been in paying off your debt so far. That's a lot to have paid back in a relatively short time and it must be wonderful to now be counting down to the end in months rather than years. Don't forget to come back when you are finally debt-free so we can celebrate with you.
    As for bank accounts I'm surprised anyone's said that people on DMPs can get turned down for a basic account. That's definitely news to me as I was under the impression that everyone was allowed a basic account. I'm sure there was some sort of Government intervention in the banking sector to ensure that no one should be excluded from basic banking facilities.
    The FlexBasic I have (and others on here do too) is excellent for a basic account and can be fixed up completely online very quickly. Lots of other banks available, just make sure it isn't a bank you have any debt with (or one of the other financial institutions under it's 'umbrella').
    Good Luck
    Originally posted by carbootcrazy
    Thanks Carbootcrazy: It's been tough and my monthly repayment is probably too high - but at the outset with SC they were quite tough in terms of what outgoings they allowed and because I was so new to it, I just went along. As I got into the stride of the DMP I just got used to it I guess and then just fixed my mind on the DFD. If I had my time again, and my advice to others would be, is not to get pushed into paying too high a repayment amount and allow yourself to live a little -even if the DFD is longer.

    Looking back at the main forum the threads where folks were saying that they were refused a basic account were quite dated (didn't spot that at first) so I imagine the legislation you mention has remedied that issue. I'll look at the Flexbasic and I might approach Nationwide where my mortgage is held and see where that takes me. I guess I was worried that at the outset of a DMP, when most folks change their account - they won't have the defaults etc that would show up on a credit search. Anyways, I've got to change so I might as well just apply and see what happens.

    I do pop on the forum from time to time -just to keep an eye on everyone and post if I think I can help -so I will definitely be back to celebrate with y'all when I reach my DFD
    • Suseka97
    • By Suseka97 26th Mar 17, 8:20 AM
    • 741 Posts
    • 852 Thanks
    Suseka97
    .......I'll look at the Flexbasic and I might approach Nationwide where my mortgage is held and see where that takes me
    Originally posted by Suseka97
    Oops, just realised Flexbasic is a Nationwide account - doh! Guess that's what I'll be doing then
    • carbootcrazy
    • By carbootcrazy 26th Mar 17, 9:17 AM
    • 6,007 Posts
    • 37,349 Thanks
    carbootcrazy
    Oops, just realised Flexbasic is a Nationwide account - doh! Guess that's what I'll be doing then
    Originally posted by Suseka97
    Not sure whether it's a good idea to have a bank account with your mortgage provider. I know a mortgage is a debt but presumably it's not part of your DMP so the situation may be different. I don't have a mortgage to worry about, thank goodness, it was very small anyway(oh, the good old days) and has been paid off years ago.
    Original Debt: 56804 (@02/13). Now: 1862.. Just one creditor to go

    Make 2019 in 2019 (#68) 452.71/2019

    Treats Fund 2019: 411.78
    • carbootcrazy
    • By carbootcrazy 26th Mar 17, 9:23 AM
    • 6,007 Posts
    • 37,349 Thanks
    carbootcrazy
    Thanks beingdebtfree, much appreciated. Has anyone had a recent yearly budget review, did they require any proof of income? it's very difficult to find out if it is part of the annual review. Huge thanks to everyone for the advice.
    Originally posted by zay475

    Please don't worry about it. In my 4 reviews, whether online or by phone, I was never asked to send any proof. They did ask me though if my income had gone up at all. I'm on pensions and there is a tiny (laughable) yearly increase which they would know was happening. I just 'compensated' for it by upping my outgoings (which were genuine anyway) and my monthly payment stayed pretty much the same.


    Just do what's right for you. Good Luck
    Last edited by carbootcrazy; 26-03-2017 at 9:28 AM.
    Original Debt: 56804 (@02/13). Now: 1862.. Just one creditor to go

    Make 2019 in 2019 (#68) 452.71/2019

    Treats Fund 2019: 411.78
    • carbootcrazy
    • By carbootcrazy 26th Mar 17, 9:27 AM
    • 6,007 Posts
    • 37,349 Thanks
    carbootcrazy
    Wescot have taken over Lloyds and BOS credit cards and got a letter saying they will stick to the agreement with stepchange and the repayments... has any one had any dealings with them? Thanks
    Originally posted by Tiggerlou
    Hi Tiggerlou

    I received letters only yesterday from Lloyds and Westcot about Westcot taking over the management of my Lloyds credit card account.

    Please don't worry about this as Westcot have been managing one of my other debts for about 2 years and everything has run like clockwork with them
    Original Debt: 56804 (@02/13). Now: 1862.. Just one creditor to go

    Make 2019 in 2019 (#68) 452.71/2019

    Treats Fund 2019: 411.78
    • sourcrates
    • By sourcrates 26th Mar 17, 11:34 AM
    • 17,694 Posts
    • 16,637 Thanks
    sourcrates
    Old thread now getting a bit large, so have started a new one, which can be found here :

    http://forums.moneysavingexpert.com/showthread.php?t=5623951
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".

    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views expressed are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,096Posts Today

6,247Users online

Martin's Twitter