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Payday loan lenders

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  • sourcrates
    sourcrates Posts: 31,639 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper

    Sourcrates, do you think a DMP or an IVA would be the options best for me? And may I ask, why you advise writing to them as opposed to calling them? I've been advised by someone to ignore the debt collectors, but they keep calling me and sending letters, so ignoring them seems a little difficult to do since they keep chasing me.

    You say they are unlikely to take to court, however the most recent letter advised that failure to pay the debt or come to an agreement will result in court action, is that just to frighten me and is it all part of bullying tactics to scare me into paying?



    Depends, how much is your total debt ?


    The letters you are getting are standard template scare tactics letters, but that's not to say they wouldn't take you to court, again it depends how much your total debt is !!
    Only ever write to them, never phone, as things can be said that can not be proved.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Sourcrates my total debt is around the 6 to 7k mark. I think that is too low for an IVA and so my only option is a DMP?
    If I go into a DMP should I contact the creditors and tell them I am not making payment, but I am in the process of setting up a debt management plan and if you could kindly wait for the company to contact you, do you think that is ok or should I just ignore them and leave all for the DMP company?
  • sourcrates
    sourcrates Posts: 31,639 Ambassador
    Part of the Furniture 10,000 Posts I've been Money Tipped! Name Dropper
    Sourcrates my total debt is around the 6 to 7k mark. I think that is too low for an IVA and so my only option is a DMP?
    If I go into a DMP should I contact the creditors and tell them I am not making payment, but I am in the process of setting up a debt management plan and if you could kindly wait for the company to contact you, do you think that is ok or should I just ignore them and leave all for the DMP company?



    Yes, it is too low for an IVA, and a DMP will probably be your best option, you have a choice, here, firstly, do not go with a fee charging company, you need to get advise from one of the free debt charities such as stepchange, they will be able to advise you better, you can of course do it yourself, but you will find that original creditors are unwilling sometimes to accept lower payments, it can be more beneficial to you, to wait until the accounts have been passed on to debt collectors, then interest and charges will stop, and you can negotiate payments fair to everyone, I know debt can be very worrying when you are receiving letters and calls like this, but in reality they make a lot of noise but do little else, myself I treated it like a game, trying to outwit them, whilst I appreciate its a serious matter, you need to lighten your mood, and that's how I did it, good luck with it.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Why not to use the debt relief order?
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