Welcome to the new Debt Questions forum. Feel free to say Hi and tell us a little about yourself.

Moderators: TalbotWoods, JaneClack

Bypurple70
#263783 Hi, am new to this site, have been trying to manage my finances for yrs now, but never really getting anywhere. So i contacted Payplan and sent the form off today, and have set up a new bank account. would love to hear from anyone as to what happens now, as my minds been thinking allsorts.x
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ByJaneClack
#263803 Well I'll let the others come in and tell you but welcome to the site! :D .

When you say contacted Payplan, is this the initial contact or have you already done the financial statement and starting the debt management plan?
Bypurple70
#263823 Hi, ive sent off the letter of authority today. what i meant to ask was , i get paid on the 15th which is nxt wk, if the bank get to find out about the dmp will they take this money? x
Bynigpet
#263853 The first thing you should do is open another bank account. If you have no adverse credit yet you could go to any bank you don't have a connection with to open one, the alternatives are Co-op cashminder or Barclays basic. If you think there's any chance your existing bank may offset (steal!) your wages to pay off other debts then act ASAP.
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ByJaneClack
#263883 The bank and any debts associated with it will have been put on "hold mail" so that they are not aware until your money is safely deposited elsewhere. This would have been explained to you when the case was transferred to Payplan as it is part of the list of things that you should be informed of! And you should have been sent a list of basic bank accounts so that you could choose an appropriate one to open.
Bypurple70
#263903 Hi, ive opened a new account with llyods tsb, they are in the process of switching my D.D over i contacted my employer to tell them about the change, they said the earliest they could do it was for the 15th july as junes payment has already been sent and will be in my account on the 15th june.x
Bynomlas
#263943 Are you sure you have no debts with the Lloyd/TSB group? Also included is Bank of Scotland and Halifax. I dont want to worry you but if you have you should find a Bank with no connection to any of your Creditors. Regards. -- nomlas
Byspaniel
#265043 Hi

Welcome. I have been with Payplan since February of this year and have found them amazing and so supportive. Wish I had contacted them sooner, it would have saved a lot of sleepless nights and stress. Problem is I didn't want to accept I was in debt and once I did I was so embarrassed. After I sent the letter of authority off to Payplan it seemed to go really quiet, I was expecting lots of nuisance calls from our creditors. Received a couple but once I explained we were on a DMP with Payplan the caller said they would wait to hear from them. Had the usual computer generated letters but just filed them. I have two contacts at Payplan and if I have any concerns I just email them and I always receive a response very quickly. My husband and I feel a huge weight has been lifted off our shoulders. We will be dead before the DMP is paid off. If my husband can find a better paid job them we will consider an IVA. We now have to live within our means which some months which can be difficult if something unexpected happens (broken tooth, car bill, vets bill etc). If we had lived within our means instead of on credit then we would not be in the position we are in today but hindsight is a wonderful thing.

Re bank account. We opened a Co-op cashminder account which is working out okay. On the card it says Visa Debit but it is also an Electron (not that it tells you anywhere). Some places no longer accept Electron e.g. M&S on-line (not that I can afford to order from M&S these days :( ). I also opened a Cashplus "credit card" which is great. I tend to transfer my weekly allowance for food and petrol on to it so I can keep a note of what I am spending.

Keep posting and let us know how you are getting on.

Spaniel
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