I am setting up a DMP. What is the safest way to transfer money ?

[Michaeldpr99]

I am setting up a DMP using this site, my question is, what are the best and safest ways to send payments to the creditors?
I do not have a cheque book,postal orders cost extra, what alternatives are there?

[sjbyron]

Hi
by standing order bank transfer, the majority will give you there banking details and it puts you in control. I wouldnt recommend direct debit as it puts them in control

Best of luck

[Hyperdrive]

I don`t have a personal bank account any more. I have a OrangeCash prepaid debit card which carries no fees (as long as you top-up at their shops)

[sjbyron]

Ok have you considered a prepaid card that allows standing orders that also has low fees such as Clearcash or CredECard-contis solutions

[Skippy]

Can you open a basic bank account to allow you to pay by standing order?

[MelanieGiles]

Are you going to manage the payments yourself Michael, or are you using ther services of a debt management company?

[Michaeldpr99]

Hi Folks.
Thank you for you responses so far, always good to see people taking the time to help others out.
I am managing my DMP payments my self and my basic bank account has the facility to set up standing orders so that would probably be the best route to go.
I am about to send out the letter advising the creditors what I can afford to pay, should I get their bank deials first so that I can tie up a payment with the letter or send the letter out first?

[Kelly O]

I agree that standing orders may be your best option as you will have control over the payments.

You can send out the letter now and state what date you will make the 1st payment to them and then set up the standing order.

Good luck with your DMP and let us know how you get on

[Michaeldpr99]

Hi Kelly, Thanks for the input much appreciated.
I have sent the letters out and within five minutes I have the first response agreeing to the payments..good so far, will keep you posted.

Hope you all have a great weekend as mine feels just that little bit less stressful!

Mike

[Shining]

All the best with your DMP from me too.

[Michaeldpr99]

Hi Folks, I'm back again!
If one of the creditors suggests a paying in book, as these payments incur cost at the post office and as already show via my financial statement I cannot afford a greater payment, can I reduce the amount to that creditor by the cost incurred in making that payment using the method they are trying to force on me?
Mikey

[Foggy]

Hi Mikey, you could reduce, but only if that creditor agrees -- pushing too far might make them spit the dummy right out and refuse to co-operate.

There should be no reason a standing order from your account would not be acceptable, after all it will go to the same account the payslip would have sent it to!

[Michaeldpr99]

Hi Folks.
One of my creditors has refused the offer I made to them of approx £26 per month and wants £127 per month instead unless I use, for example step change, in which case they will consider an offer.
Where do I go from here?
2 of the 4 creditors have agreed terms
1 has refused the offer
1 keeps saying they have not received the emails when I have the notifications that they have (and they are phoning me 10 times a day to try and get me to pay via my bank card)
I am happy setting up standing orders for the two who have agreed, how best to send money I can afford to the other two in the interim?
Sorry to keep asking loads of questions, I will shut up eventually!
Mikey

[Foggy]

In the interim I would suggest nominal payments to the refusniks by standing order also, that way you have control and also records.

[Michaeldpr99]

Hi Foggy, Thank you for the quick rsponse.
I would be happy to, but how do I get the detail from them to set it up?
Is is best to just say that until some form of agreement is reach that I would like to make payments in line with my offer and please provide the bank details to allow me to set this up? does this usually work?
Mikey