Debt Management Plan - Advice

benjwg

Hi..

So I have a few payday loan debts totaling more than what I can pay back.

I foolishly, so to speak, have been robbing peter to pay paul... Peter being a lender and paul being another lender...

I want to set up a DMP but one of the loans I have taken out I have not yet made any payments towards.

Is it possible that this will be declined or not accepted due to this reason? would the creditor have reason to not enter into a payment plan? would the DMP company not try if I havent made a payment?

Thanks for any help + advice.

happy_bunny_2

The fact you haven't made a payment is not relevant I would say.

Have you called someone like step change to ask if they think a DMP is the right way to go?

benjwg

happy_bunny wrote: »

The fact you haven't made a payment is not relevant I would say.

Have you called someone like step change to ask if they think a DMP is the right way to go?

Thanks Bunny.

I would think the same too but a bit unsure.

I am certain, without speaking to stepchange that a DMP is the best thing for me. I have no where near enough debt to consider something more serious but have too much to deal with alone.

I have set up Repayment Plans with some creditors but cannot seem to get the lenders low enough so agree to something I cant afford.

I should probably seek more advice but do believe I am making the best move.

Leaving office now, will check back later... thx

happy_bunny_2

I would give them a call, or a different charity, just to be sure as its a big step.

Good luck

HB