Help dmp

xmickeyx

Hi everyone I am hoping to go with dmp with cccs in the next few weeks was wondering what happens if my creditors dont accept this as i have a few pay day loans and not sure if they will accept this or not???
also if these arent paid and are passed to debt agencies will this affect my credit file as non of them are on it??

thanks

Tixy

Hi mickey

Actually there has been a similar thread this morning - and this post by Fermi sums it up well.
http://forums.moneysavingexpert.com/showpost.html?p=30740143&postcount=13

Being on a DMP will always affect your credit rating - all your creditors are likely to default you. Assuming the payday loans are covered by a credit agreement they will be able to report them on your credit file and the associated defaults.

By the way - I think people are most often scared of whether the payday loan companies will accept a DMP (more so than the other creditors) but from reading posts on here many of them will accept them quite easily (although depending on your full situaiton of course).

geelamch

Had the same situation recently with payday loans x 4.
They were the easiest to deal with of all creditors through my dmp and not one of them were rude or did they ask me for money.
In fact they seemed quite happy that i was willing to pay and not avoid them
all the best to you