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Pay day loans....
each_peach_pear_plum
Posts: 109 Forumite
Does anyone know if pay day loans can be included in a DMP?
eppp
eppp
VSP: #64
0
Comments
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Yes they can, from what I've read on here they're fairly easy to deal with if the DMP is a proper one.Unless I say otherwise 'you' means the general you not you specifically.0
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Yep, you can bring in PayDay loans.
DMP is informal, so really you can bring in almost any debt. Its best to declare all your debts on your SOA to the debt charity and they can help you. https://forums.moneysavingexpert.com/discussion/2077631Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0 -
Sorry to ask a stupid question but I got myself into a pickle with some payday loans a while ago (8 to be exact cos they are so easy to get and I am so stupid for applying)
Anyway I have been lucky in the fact I have managed to pay 5 of them off but with them remaining 3 it feels like I am never going to be rid of them.
So what my question is is if you tell the provider you want to set up a repayment plan so that the payments are manageable, you dont always have to roll them over and ideally with the repayment plan in place you will have them completely paid off does the provider see this as you defaulting on agreement and advise the Credit Reference agencies accordingly?0 -
Many people take out payday loans because they do not actually understand them. They see it as a short term loan. Problem is if you need a short term loan you pay through the nose for it and probably means you have no budgeted for the expense. Making it you have not budgeted for the repayment of it either.
So long as you keep a payday loan every small, and pay it back in full on time, the interest isn't that bad. Say £5 on £100. Its high but manageable. The problem is if they have to take out a loan to cover the previous loan at a higher rate of interest. Take out £105, pay back £150. Can't do £150 and it goes up. £150 pay back £220.
Not to be too judgemental but use of payday loans, nearly everyone that comes on here admits it is down to poor planning, both on repayment but also that they didn't budget in the first place to prevent having/"wanting" to take one out.Although no trees were harmed during the creation of this post, a large number of electrons were greatly inconvenienced.
There are two ways of constructing a software design: One way is to make it so simple that there are obviously no deficiencies, and the other way is to make it so complicated that there are no obvious deficiencies0
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