Everyday Loans and Pound to Pocket

Marcus3344

Hi all

Many thanks to those who responded to my last post.

Currently collateral my debt list, on it I will have the usual banks, store cards and credit cards.
However I also have 11k everyday Loan and a 1k pound to pocket loan.
Through you vast experiences, what are these companies like to deal with when trying to enter a DMP?

Marcus

sourcrates

Hi,

They will deal with you like any other customer.

You make your offer of payment based on your disposable income, so correct budgeting is very Importent.

Creditors are duty bound to deal with you fairly, no matter who you are, and not demand more than is affordable to you.

StopIt

The PDL industry is usually very impatient with people on a DMP.


So expect a swift default and selling the debt to a DCA.


They will then likely accept DMP payments without question, as they'll have many DMP customers on their books already.


To be fair, on a DMP, dealing with the original creditors isn't really preferable, as it reduces the chances of settling the debts later at a reduced rate and lowers the chances of being defaulted outright.


On a DMP your credit file will be trashed, getting a quick default means that you'll have 6 years from that date until your credit files are cleaning. Any AP markers, late payments etc take 6 years from any eventual default, or worse, 6 years from a settled account date if they never default you to leave your files.