Moobelle and Payplan

[moobelle]

Dear all

 

I have finally taken the step and have become accepted by payplan today who are recommending a debt management programme with me paying £395 per month until I find another job. (Lost highly paid job have approx 55k debt - trying to avoid bankruptcy as hope will get another good job - this is all about just getting through the interim period until I am re-employed)

 

They want me to open basic bank account with nationwide and cancel all dd's on my NW account (NW are one of my creditors).

 

Questions are

1) How long does it take bank to process cancelling dd's - I have in my head it takes ten working days and my next payments will be collected on 28th - so am I too late???

2) Do I declare to Natiowide why I need account - ie DMP ?

3) Will my creditors start harrassing me bewteeen me cancelling the DD's amd Payplan being in touch?

4) Can I dictate the date of monthly payment to Payplan? Or if I sgree to it tomorrow do I suddenly owe them £395 for first set of payments via their DMP?

 

Sorry for all questions - just have in my head the light at the end of what has been a very long dark tunnel and I need to make a decision I beleive tomorrow in order to stop next set of payments going out....

 

Any help will be fabulous.

 

Moobelle

[moobelle]

Also - sorry brain is fried - if my creditors accept the payment plan (subject to revision when re-employed) will they mark defaults on my account and how long does this normally take?

Creditors are

NW

MBNA

Barclaycard

HFC

Cap One

Halifax

Welcome

Northern Rock

Egg

Tesco

 

Payplan told me no-one can force me to pay what I don't have if they refuse the offer and so would just continue with payplan paying them. Also presumably it takes a while to register default by which time may have new job.....

 

As always help is much appreciated.

[moobelle]

Have just been re-reading info on Payplan and experiences on here and people seem wary of them saying they don't always negotiate for freezing of interest - shouold I be doing this myself then? I thought was more credible to do offers via debt charity funded by these banks insetad of little old me?

 

Confused - worried and running out of time.

 

Moobelle

[moobelle]

anyone any answers????? even one would help....

[ajax95]

No guarantees, but the best I can suggest is if you have a direct contact at Payplan is speak to them and see what they say...

 

Even if they won't negotiate to bring down the interest at least you'll have a (slightly) better idea of what you're up against

[geministar2007]

moobelle,

 

i am with payplan on a DMP and currently trying to get Nawest to stop charging me interest on my overdraft, currently charging me £38 a month and they are gettin such a small sum off me that i am not gettin the chance to clear the debt.... anyway, i have wrote to Natwest twice asking them to freeze interest they have said they do no offer this service?! Payplan are now writing to them again to ask them to cease interest.

 

I have a good experience with payplan been on a DMP since Feb.

 

Good luck