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• We have loans with Hellifax and we did an online request for a payment holiday just as were setting up the DMP - so salaries went into the bank but loans didn't take any funds and we could start our emergency fund. When you log into Lloyds is there an option for a payment holiday on your loan account? If there is, and if it's like Hellifax, then you just press the request payment holiday button and it's instant. But you need to do it more than 48 hours in advance of the next due date of the loan payment.
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• I'm in a similar position. After two weeks I've finally got our new bank account open and cards/pin etc. I'm too late to get my wages paid into the new account. I have a loan with my current bank due to come out at the beginning of March. I'm going to cancel the dd instruction using online banking and hope that all my other dds will go out as normal and that I can move the remaining money before the bank does anything with my account. I'll be sending the forms off to step change this week and they suggested we make the first payment to them in May. My current bank won't know about the dmp for a few weeks yet.
  I think you should defer the dmp too. I don't think I could cope with setting it up before May. I need some space.
  I can transfer money to my new bank using online banking, does anyone know if this is risky? Could my bank recall the transfer when they find out about the dmp?
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• If you wanted to build an emergency fund I suggest you start your DMP a couple of months later and just send letters and Ј1 token payment to your creditors.
  I made this mistake and wish I did the above as I now have no money to fall back on.
• Can you not just make a token payment of Ј1 to each creditor for March and April and the start the dmp in May?
• Just log into your current account and delete every DD - we did, even the ones for the loans to the bank the current account is with. Just move the salary sharpish - even if you have to walk in and withdraw the cash over the counter. Make token payments of Ј1 for the month of March and the DMP can start April, that way all of March's salary can go toward essential bills (mortgage etc) and the balance can be used for living expenses and emergency fund set up.
  Edited: we even cancelled DDs for mortgage, insurances etc. etc. we left no DDs in place on the old current account. Pending new DDs being set up for essential bills I phoned and paid over the phone or got them to give me details to pay over the counter at the bank (if you can find a bank with a counter still in it!)
  You could always transfer your salary online to a relatives account until your new account is set up
• Thanks for the advice, but could moderators please delete this thread? Thanks
• I was in the same mindset as you until very recently after looking at step change and reading here. I've never missed payments and spent every month moving money from credit cards, loans and my bank accounts just to make sure all our dds were covered. I made myself physically sick with worry, didn't sleep and developed severe neck pain all through stress. I couldn't even imagine missing a payment with any creditor let alone my bank. Step change put it into perspective and now I realise that I need to take control of the money we have and not let it get sucked away every month.
  My other realisation was when I asked our bank for a small increase to our overdraft (Ј50) to cover a direct debit for 3 days. They refused. I realised then that I was just another number and if the computer said no, then you were nothing to them.
  It's just computers that see your missed payment. Please don't be hard on yourself. Take control of YOUR money and you'll feel the pressure lifting. Good luck x
• Thank you. Much appreciated. I'm going to ring up stepchange tomorrow evening and go from there. My problem is I'm in a very fragile state of mental health at the moment (I am bipolar) and don't have any support so not really feeling as capable as I could be at dealing with horrible phone calls from creditors because of missing payments (well deserved or otherwise). I don't appreciate the accusation that I'll fail before I start but I am grateful for all other advice.