About to begin my DMP

Bear04

Hi
I have just been in contact with stepchange about going on a DMP as I have got myself into the payday loan and short term loan vicious circle and my level of debt along with a large downturn in work means I basically cannot pay these any more.
My partner knows nothing about this which brings me to my question. Am I going to be able to keep this to myself and sort it out along with the help of stepchange or am I going to get bombarded constantly by phone calls at home from these loan companies??
I know that some people will tell me to discuss this with my partner (a problem shared and all that) but for reasons im not going to go into this is not an option for me.
Work is now beginning to pick up again and im sure that after a few months of beginning this DMP and with the overtime that's coming up as well I should be able to make inroads into these debts and get myself a bit of an emergency fund as well but I am just worried about the initial impact of going on the plan and what the payday loan companies will do.

sourcrates

Hi,


Payday loan companies are fickle beasts, they will more than likely sell on your debt at some point, if they are not happy with what your paying them.
In my experience, most are usually open to full and final offers, in the past, I know of people who have settled a few loans, after defaulting for 3/4 months, for the amount originally borrowed, with all interest and charges wiped, so could be an option for you maybe.


You may find you, or stepchange, will have to deal with some debt collection agencies, but this is quite normal, and they should still accept your offer of payment.


Blocking callers numbers helps, so does writing to the lender requesting all contact to be in writing only, however you cant guarantee all calls will stop.